Financial Times - 30.07.2026.pdf 中文镜像版

金融时报

2024年7月28日，星期四

英国 2270 第 6.0/8 卷发行

字节跳动如何蜕变为 AI 巨头

BIG PEACE-第 21 页

民粹主义者而非左翼，是现在的分裂者

JANAN GANESH，第 21 页

枯竭的荒野

干旱袭击 英格兰半数地区

本周南伦敦布莱克希斯（Blackheath）枯萎的草地。

在连续的干燥天气和低降雨量导致水位下降后，包括整个首都（伦敦）在内的英格兰半数地区陷入干旱。

英国环境署已宣布英格兰中部、东部和南部的大部分地区，以及德文郡、康沃尔郡和西米德兰兹郡处于干旱状态。这是五年内该国第三次遭遇干旱。

此次干旱发生之时，包括泰晤士水务在内的七家水务公司实施了涵盖 2.5 亿客户的软管禁令。

英国环境署表示，在经历了有记录以来温度高达 390 [sic] 度的 6 月以及 7 月最持久的热浪之一后，英格兰约 78% 的河流被归类为低于正常水平。

干旱宣布 第 2 页

美联储在对伊朗冲突重启引发物价压力担忧的情况下维持利率不变

央行无视市场预期 能源成本带来的通胀威胁 特朗普誓言给予德黑兰“痛击”

克莱尔·琼斯 (CLARE JONES) 和 威尔斯·布劳泽斯 (WILLS BROTHERS)，华盛顿 凯斯·迪克森 (KAYS DIXON)，纽约

美联储已连续第五次会议将利率维持不变，在总统唐纳德·特朗普的伊朗战争激起通胀担忧之际，无视了市场要求提高借贷成本的压力。

在凯文·沃什昨日主持的第二次美联储会议后，这家美国央行暗示，由于能源价格快速上涨威胁到可能演变成十年来最严重的通胀，加息最早可能在 9 月到来。

负责设定利率的联邦公开市场委员会 (FOMC) 继续就来自中东的风险发出警告，并重申其“实现价格稳定”的承诺，决定将短期借贷成本维持在 5.5-5.75 per cent 范围之内。

在 12 名投票成员中，有 3 名成员——迪拜美联储的洛里斯·洛根 (Loris Logan)、克利夫兰的贝丝·斯坦马克 (Beth Stanmark) 和明尼阿波利斯的尼尔·坎卡里 (Neil Kankari)——支持加息 25 个基点，因为有迹象表明各地区的企业和家庭正难以应对更高的通胀。

沃什在昨天的新闻发布会上再次强调其应对通胀的承诺，坚持认为美联储将遵守其遏制价格上涨的承诺。“这次的美联储不会动摇，”他说。

“我们的信誉建立在履行职责和完成责任之上。”

“这次的美联储不会动摇。我们的信誉建立在履行职责之上”

凯文·沃什，美联储主席

这场战争加剧了特朗普关税政策和 AI 繁荣在推高全球最大经济体物价压力方面的影响。

在伊斯兰共和国最近一次袭击美国军事设施后，特朗普昨天誓言将给伊朗一次“痛击”，这导致当日全球能源价格上涨 76 per cent，三种原油融资价格回升至每桶 800 以上。

随着沃什在回顾早前市场波动时发表评论，国债收益率上升，股市下跌。分析师将美联储的决定描述为“鹰派”，而 3 名持不同意见者的存在则突显了决策者之间的分歧规模。

“FOMC 交付了一次‘鹰派的维持’，”Issey 的马克·格拉蒙特 (Marc Glamont) 表示。“政策决定在那些倾向于立即加息而非等待数据发展的人员的显著鹰派抵制下达成。”

期货市场的交易员继续将明年 4 月前两次或三次加息计入定价。

FOMC 指出，经济活动正以稳健的速度扩张，而生产率增长和资本投资保持强劲，且大多数利率几乎没有变化。

沃什表示，长期的高通胀已使一些美国人产生了一种“难以摆脱的印象”，认为央行在其 2 per cent 的通胀目标之上有一个“隐性目标”。“不存在什么软性的隐性目标：在本委员会的监督下绝不可能，”他说。“只有一个目标，那就是 2 per cent。”

沃什表示，决策者们进行了一场“良好的内部争论”，虽然在投票中存在分歧，但官员们之间也有很多“共识”。“我听到很多一致意见，即我们拥有权力、工具以及权威来实现价格稳定，”沃什说。“关于今天的决定存在分歧。我想这并不能概括讨论的全部内容。”

“走出那个会议室后，我更加自信地认为，这是赢得反击高通胀之战的正确团队。”

伊万·普鲁斯特 (Ivan Proust) 第 4 页

美联储数据分析 第 6 页

简报

• SK海力士未达目标导致科技股抛售加剧

在全球第二大存储芯片制造商报告利润增长 2.5% 至 Womble Inc (S42 Inc)，但未达到 Womble Inc 的预测后，投资者继续抛售芯片制造商股票。第 5, 页，LEC，第 21 页

• St James's Place 遭遇挫折

由于养老金制度的全面变革以及顾问结构的调整，这家英国最大财富管理机构上半年的净地址从 £5.8bn 降至 £2.7bn。- 第 12 页

• AI 脆弱性引发担忧 英格兰银行正推动投资银行增加对亚洲股票的风险敞口，以寻求避免对少数几个 AI 相关团体的过度集中投注。 - 第 12 页，WOMBLE INSIGHT，第 12 页

• 法拉利电动汽车令批评者失声 尽管其设计曾引发投资者的快速抵制，但凭借中国市场的需求，这家跑车制造商已实现其首款电动汽车今年近 500 辆的销售目标。- 第 4 页

• 每日邮报败诉者需承担账单 哈里王子及其他在针对《每日邮报》出版商的隐私诉讼中败诉的人物，目前面临立即支付 £150m 账单的要求，这是一项旨在覆盖法律成本的“惊人”要求的组成部分。- 第 1 页

• Grant Thornton (全球第四大审计事务所/致同) 扩大规模 这家专业服务集团正以 40bn 现金收购竞争对手 CME，这是该领域一代以来最大的收购案，使其晋升为四大审计师事务所之外最大的审计和咨询公司。- 第 4 页

• 消防飞机竞速 在法国和西班牙的野火引发了关于缺乏用于扑灭火焰的水陆两用加拿大飞机的政治反弹后，布鲁塞尔为其自有水上轰炸机机队订购了 12 架飞机。- 第 8 页

• AI 破坏科技报告 Pew 发布的关于 AI 和电动汽车的报告与标签脚注及监控指控发生冲突，这是四大咨询公司草率使用 AI 生成内容的最新案例。- 第 10 页

安迪·伯纳姆暗示将通过增税资助更好的社会护理

安迪·伯纳姆暗示他愿意通过提高税收来支付更好的老年护理系统，并渴望在尖叫的头条新闻面前不被低估。他表示，英格兰的制度与美国的医疗保健一样不公平。他补充说，他曾被警告要阻止人们为了支付护理费用而不得不出售房屋。在过去的 30 年中，已有 22 次改革尝试失败，包括伯纳姆在担任卫生大臣期间 2,000 次的推动，当时一项计划中的征税被戏称为“死亡税”。 福利改革 - 第 2 页

富时100指数创历史新高，投资者寻求技术股大跌后的“避风港”

EMILY HERBERT 和 KANEKI HODGSON 富时100指数（FTSE 100）昨日攀升至历史最高点，结束了由伊朗战争引发的抛售潮后的反弹。此次上涨主要得益于伦敦股票市场对波动剧烈的科技板块缺乏风险敞口。

该大盘指数在早盘上涨 0.7 per cent 至 10,951 点，突破了 2 月底 10,974 点的前高纪录。随后指数回落，最终收盘上涨 0.2 per cent。

此次创纪录的上涨发生在半导体股票遭遇剧烈抛售、冲击全球市场的背景下。随着投资者降低对芯片和存储制造商的出价，周二华尔街的科技股纳斯达克100指数（Nasdaq 100）一度进入回调区间。

富时100指数在金融和能源公司中权重较高，且对人工智能（AI）建设的直接风险敞口相对较小，已成为投资者分散风险的一种方式。

“富时100指数几乎是一个‘反科技’指数，”巴克莱银行（Barclays）欧洲股票策略主管 Emmanuel Can 表示。“在市场寻找反趋势、反科技的避风港时，这是一个应对波动相当不错的指数。”

本月该指数已上涨近 4 per cent，而美国标准普尔500指数（S&P 500）则下跌了近 2 per cent。

Shariryine 的股票组合经理 Dan Hanbury 表示：“在全球范围内，你看到的是一种非常显著的‘范围扩大’，即资金正从科技股阵营中转移出来。”

他补充道，富时100指数“是一个低估的市场，它结合了表现良好的周期性板块（如石油和天然气）以及相当数量的防御性品种。这构成了良好的上涨背景。”

在美国上市的石油和天然气集团受益于能源价格上涨，壳牌（Shell）和英国石油（BP）分别上涨 7 per cent 和 15 per cent；而与此同时，市场对美国与伊朗战争风险的反应一直相对滞后。

银行股的强势走势对富时100指数的上涨也至关重要。汇丰（HSBC）、劳埃德银行（Lloyds）、渣打银行（Standard Chartered）、国民西敏寺银行（NatWest）和巴克莱银行（Barclays）均属于今年表现最佳的股票，这得益于强劲的收益以及油价上涨导致全球借贷成本上升。

Swiairi's 欧洲股票策略负责人 United Kancroly 表示，该指数“对可选消费板块（尤其是汽车和奢侈品）的风险敞口较低”，这帮助它超越了欧洲的同行。

市场日报 第 14 页

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英格兰半数地区宣布进入干旱状态

七家水务公司实施新一轮软管禁令，影响 40% 的人口

ATTRA/CIA MIGNET 与 ALL FLOWER 报道

由于连续的热浪和低降雨量导致水位下降，包括整个伦敦在内的英格兰半数地区正遭受一场“闪击式干旱”（flash-thought），导致数百万家庭面临软管禁令。

英国环境署 (EA) 昨日表示，英格兰中部、东部和南部的大部分地区正处于干旱之中，包括赫特福德郡、伦敦、德文郡、康沃尔郡和西米德兰兹郡。继 2022 和 2025, 年之后，这是五年内英格兰遭遇的第三次干旱，且在威尔士部分地区宣布干旱一周后便随即发生。

英国环境署水务主管兼国家干旱小组主席 Helen Wakeham 表示：“连续第二个夏季出现干旱，情况异常严重，这将对我们的环境、野生动物和经济产生长期影响。”

这场闪击式干旱——即快速发作的干旱——发生在热浪袭击且几乎无雨之后。E4公路、德文郡部分地区已连续 10 天没有“降雨日”（定义为降雨量至少达到 6.5 毫米）。

英格兰经历了有记录以来最热的 6 月，气温达到 38C，并在 7 月经历了有记录以来持续时间最长的热浪之一。一场剧烈热浪袭击了该国部分地区。

七家水务公司已引入软管禁令，覆盖了 22mm 客户，约占人口的 40%。E4公路约 70% 的英格兰总水量被归类为低于正常水平。该机构警告称，干旱对自然产生了毁灭性影响，大西洋鲑鱼等洄游鱼类因流量减少而无法溯流而上。目前已进行了 38 次鱼类救援，包括在 Trone、Onny 和 Bedlains 河，成百上千的鱼被转移。

Wakeham 表示，“现在节约的每一滴水，都能为自然和农业多提供一滴水”。

干旱迫使农民提前收获，降低了部分作物的产量，同时增加了田间流量。

包括 800 Office、Whittfield 官员、水务公司、农民及其他成员在内的 NSW，于周二与水务部长 Donna Felton 会面。她呼吁水务公司“采取进一步且更快速的行动来减少田间流失，并确保即使在没有天气（降雨）的情况下供应也不会中断”。

根据 Greenpeace 的数据，约五分之一的处理水因泄漏而流失，这大约是全国范围软管禁令所能节省水量的五倍。

尽管冬季度过了一个异常潮湿的冬季并补充了水位，但干旱依然袭来。1 月，英格兰的降雨量达到了平均水平的 150%；2 月这一数字达到了 170%。但截至 7 月，英格兰的降雨量仅为平均水平的 7%。

气象首席气象学家 Will Lang 表示，8 月初有海风带来降雨的可能性，但目前“几乎没有迹象表明”会出现所需的广泛且持续的降雨。

委员会报告

议员发现：国防部导致 Algians 面临风险的行为是“可预见的”

RACINE, REES —— 政治记者

一个由议员组成的委员会表示，一次导致数万名 Algians 面临 5 billion 资本风险的政府数据安全漏洞是一次“可预见的系统性失效”，这进一步增加了对国防部在这次惨剧中所扮演角色的批评。

2012, 年 2 月，一名英国士兵意外泄露了 80% 包含 22,000 名 Algians 个人详细信息的资料，这些人曾申请搬迁至英国，其中包括在 5 billion 返回之前与英国政府合作的人员。

下议院国防委员会今日将此次任务及其后果定义为“治理、问责和公众信任的广泛失败”，对该部门不足的数据保护实践以及围绕此次泄露的保密行为提出了批评。

创始人收到了一名士兵将文件发送给政府外部第三方处理的情况。该文件似乎包含了约 150 名申请人的个人数据，但它还包含超过 10,000 名其他申请人的隐藏详细信息。

国防部使用 Excel 电子表格来

委员会将此次泄密定性为“治理、问责制和公众信任的广泛失效”

处理大量敏感个人数据，而未能意识到这些表格可能包含隐藏数据的已知风险，委员会在报告中强调。报告称，此次泄密是“一个缺乏与所处理数据相适应的工具、控制、培训和保证安排的系统的产物”。

此外，报告称负责阿富汗人教育的部门在主要泄密事件后的 21 个月内，又报告了 18 起个人数据安全事件，并面临下议院秘书对公共健康的审查。

当该错误在 18 个月后的 2015 年 8 月被发现时，一项超级禁令被发布，阻止媒体报道该事件。该限制于 2015 年 7 月被解除。

议员们批评了该超级禁令，称应该让所有涉及泄密的人员能够参与随后重新安置当地阿富汗人的尝试。

他们表示，在违规事件发生后，“螺丝”维持时间不长，对世界的问责制和交付过于碎片化，受影响的阿富汗人经常缺乏所需的信息和支持，并指责该部门“模糊了特种部队享有的保密权限，以避免适当的问责”。

委员会警告未来的政府不要将超级禁令作为“压制广泛公众利益事项”的先例。

12 月，约 1,000 名死亡事件的受害者采取了起诉国防部的第一步。受影响阿富汗人的教育工作仍在继续。

工党议员、委员会主席蒂姆·迪克森（Tim Dixon）警告称，政府在 4 月宣布的政策——要求申请者前往第三国签证室办理死亡相关手续，包括“无法安全、便捷或负担得起使用第三国的阿富汗人”。

国防部表示，其已采取论坛措施，包括提高其数据保护标准：“数千名符合条件的阿富汗人已经安全地在英国接受了教育，他们可以在那里重建生活，我们致力于确保在议会结束前完成阿富汗重新安置计划，”国防部补充道。

展览反思战争中的青少年

大屠杀幸存者约翰·哈普洛 (John Haplo) 坐在一个模拟的2030s儿童卧室中，这是伦敦帝国战争博物馆的一次展览，也是英国首个探讨战争对儿童影响的此类活动。

在一个免费且互动式的展览中，童年被定义为“公平”，该展览探讨了从 100 到今天的儿童如何学习并经历冲突。

展品包括对第二次世界大战博物馆火车车厢和冷战厨房的还原，而个人故事和沉浸式展示则揭示了战争如何影响年轻人的生活，其影响范围涵盖了从学校、游戏到家庭和健康的方方面面。

该展览将于明天开幕，并一直持续到二月底。

福利。津贴

伯纳姆愿为社会护理改革加税

首相表示，他希望避免人们为了支付护理服务而不得不出售房屋

詹姆斯·史密斯 (JAMES SMYTH) 公共政策编辑

安迪·伯纳姆 (Andy Burnham) 示意他愿意通过提高税收来支付更好的老年护理系统，并表示英格兰目前的体制“与美国的医疗保健一样不公平”。

首相昨日表示，他将致力于停止让人们为了支付护理费用而不得不出售房屋，并补充说，改革将在资金方面“需要做出艰难决定”。

“如果每个人都按照国民健康服务体系 (NHS) 的原则贡献一点，就意味着每个人都能保护他们奋斗所得的大部分财产，”他说道，并誓言自己不会被关于加税的“喧嚣头条”所吓退。

自从伯纳姆上周就任首相以来，工党的民调支持率有所回升。然而，社会护理长期以来一直是未来需要解决的棘手问题，在过去的 30 年中，已有 21 次改革尝试失败。

但伯纳姆表示，他愿意在该问题上投入“政治资本”，将未能改革社会护理描述为政治家们“严重的失职”，并誓言将以决绝的笔触制定解决方案。

“我认为英格兰的社会护理与美国的医疗保健一样不公平，”他说道。“弱势群体用所有财产来支付，这可能让他们完全一无所有……常识告诉我们这不公平。”

首相表示，他已要求税务部门的政府顾问路易丝·凯里 (Revenue Louise Carey) 将社会护理审查提前至明年，因为她正开始与国家医疗体系进行大规模的“对话”。

伯纳姆的父亲患有阿尔茨海默症，他表示这个问题对他来说是“个人私事”，在观察了家人所经历的一切后，他认为护理人员“应该是社会中报酬最高的人群”。注意到有多少来自其他国家的人在照顾他的父亲，伯纳姆说：“我想让那些护理人员知道，我们感激你们，感激你们在这里支持人们所做的一切。”

伯纳姆表示，他希望向社会护理工作者支付更接近议员工作人员的薪资，要求在该领域实现“体面薪资”。该行业需求巨大，但多年来由于资金压力导致低薪、环境恶劣且职业晋升空间有限，一直遭受严重的劳动力短缺。

尽管关闭了针对护理工作者的特定签证通道，但服务供应商仍严重依赖国际招聘，在 2020-26 年间雇佣了 30,000 名新抵达的移民。

伯纳姆补充说，他不会将私人护理公司排除在体制之外，但表示必须防止其“过度扩张”，剔除那些“通过非激励措施和危险的削减成本来赚钱”的团体。

伯纳姆还表示，他不想只关注“社会护理的一个方面”，在提高工人培训薪资的同时，他希望让更多老年人获得帮助。目前有 1.9 百万人拥有相关需求，但不符合国家资助护理的资格标准。

他还表示，他希望保护人们免受导致积蓄被洗劫一空的灾难性打击，他估计这可以避免超过 £100,000 的费用支出。资产超过 £25,200 的人无法获得国家援助。

在谈到提高“资产阈值”时，他表示：“必须认识到，人们辛辛苦苦积累的一切可能会因为护理成本而化为乌有。与此同时，数千英镑的资金可能就这么在支付护理费中消失了。”

“在理想世界中，我不希望任何人为了支付护理费而不得不出售房屋；我认为这是那些经历过的人所面对的现实。”

“他希望在 1970 年代的英格兰建立一个与 NHS 并行且运作方式相似的国家体系，”伯纳姆表示，他将探索如何随时间推移创建这样一个系统。1.

“你可以采用完全成熟的方案，或者采用基础版本，也可以在两者之间寻找折中方案，接下来的问题是如何为所有这些选项买单，”他说道。“在看待这个问题时，可以包括最初采取一种更偏向自愿的方式。”

此前改革社会护理的尝试由于对谁来买单的担忧而失败，包括伯纳姆在 2020-21 年的经历，以及 2010 年卫生大臣当时一项关于对房产征税的计划被定义为“死亡税”时的情形。

他表示，他已经意识到改革应该在选举前很久就尝试进行，并坚持希望达成一项新的政党协议，以便在这一问题上开启一项“新的社会契约”，并在要求人们未来支付更多费用时，“与人们共同投资”。

“关于这项税收或其他事情，你可以随意写多少个头条新闻，”伯纳姆说。“但当人们发现自己被罚掉数千英镑，失去他们奋斗的一切时，那么，

£23,250 超级阈值，当那些需要护理的人们将更有可能开始一个新的

他们该怎么办？” 凯里（Carey）表示，她将询问选民：“作为家庭，你们应该怎么做？你们自己能承担多少……国家何时介入？更重要的是，在某个时间点，对于所有政治家来说，谁来买单？”

安德鲁·埃利森（Andrew Ellison）先生是一位在 15 年前曾提出护理成本上限的经济学家，他表示：“改革的前提是有一位关心社会护理的首相，而安迪·伯纳姆已经非常明确地表示他关心这一点——现在，艰苦的工作开始了。”

德尔菲娜·伊思曼（Delphine Ithman）参与报道 金融时报观点 第 22 页

金融时报 (FINANCIAL TIMES)

Barbara Hoover, Timley, Elyson, London EC1M 9BT 准入： The Financial Times Limited, Barbara Hoover, Timley, Elyson, London EC1M 9BT, 电话：0351 7613 2000

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隐私诉讼

每日邮报所有者寻求向哈里王子及他人追讨 £10mnpp 预付款

A LISTING GRAP AND SAWEL THOUGH

哈里王子和其他针对《每日邮报》出版商提起隐私诉讼的公众人物，目前面临一项即时 £100m 账单，这是为了支付该暂停案件法律费用而提出的“令人瞠目”的要求的一部分。

伦敦高等法院昨天获悉，这些名人针对 Associated Newspapers 提起但不成功的诉讼费用，威胁到其法律保险覆盖额的枯竭，并可能导致他们自掏腰包数百万英镑。

该出版商请求法官命令包括埃尔顿·约翰爵士（Sir Elton John）和伊丽莎白·斯特利（Elisabeth Sturley）在内的原告，在法院命令下达后的 14 天内支付一笔临时“预付款”。

Associated 的律师表示，原告提出了“令人愤慨”的指控，并要求以“平衡”原则（一种比标准计算方法更积极的费用计算方式）来覆盖总计 £100m 的费用。

此案于今年审理，涉及《邮报》记者和私人调查员涉嫌的一系列非法活动，包括电话窃听以及在汽车和住宅中安装窃听器。

这是哈里王子针对小报媒体发起的更广泛法律攻势的一部分，他将母亲的去世归咎于此（Dale, Princeton of Wigan）。

法官认为该资料缺乏证据，并驳回了这些公众人物的所有指控，这些人中还包括被谋杀青少年斯蒂芬·劳伦斯（Stephen Lawrence）的母亲迪薇丝·劳伦斯女男爵（Baroness Deeves Lawrence）。

萨塞克斯公爵对法院的判决表示强烈不满，称其为“完全且显而易见的撤回”。

在昨天的费用听证会上，法院获悉原告拥有 Temple Legal Protection 的保险覆盖，但总额仅为 £26,2mn。由 Nicholas Bacon KC 领导的名人律师团队表示，Associated 的部分要求将允许出版商“回收……预算限制”，并可能使他们承担高达数百万英镑的个人责任。

原告承认临时预付款需要合理化，但表示该金额应上限为 £100m。

在一份书面陈述中，Bacon 律师将 Associated 产生的费用形容为“令人瞠目”，并补充说原告的“行为诚实且出于好意”。

Associated 的律师表示，原告已经增加了“令人瞠目”，并补充说原告“行为诚实且出于好意”。

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Thursday 30 July 2016

金融时报

国家版

移动信号覆盖落后于欧洲其他地区

运营商称规划法规、容量及低廉的消费者价格阻碍了投资

EDWARD SMITH 和 ALAN SMITH

每天早晨，从东戴尔施（East Dalesch）早郊前往伦敦黑修士站（Blackfriars station）的通勤者都面临一个问题。他们在行程中的大部分时间里都没有良好的移动信号，这影响了他们拨打电话、发送短信或撰写电子邮件的能力。

根据移动分析师为《金融时报》（Financial Times）进行的一次性测试，使用 RT 82 网络的乘客体验最佳，在 15 分钟的行程中约 80% 的时间有“良好”的覆盖。然而，使用 02 的乘客体验最差，行程中仅 27% 区域有覆盖。信号缺失并非罕见现象。自 2016 年以来，英国一直难以跟上那些通过部署 5G 网络而迅速提高移动下载速度的国家。

根据来自印度的市场分析师称，英国仍然落后于意大利和罗马尼亚，且已落后于英国（译注：原文如此）。葡萄牙和波兰。这一数据得到了其他研究的支持。Opensignal 的网络分析师发现，英国的移动网络质量在欧洲排名垫底，在全球排名第 17 位。

关于网络容量的问题意味着，在伦敦地铁站站台（天线部署在乘客附近）的 4G 信号比地面街道上强约 1.6 倍。数据显示。

O'Connor 的技术与移动部门主管 Andy Sutton 表示，该国的移动网络在地理覆盖方面取得了“实质性进展”，但“人们体验的质量”并非“始终足够好”。

这种情况引发了要求采取政治行动的呼吁。“我简直不敢相信，在今天的英国，像手机信号这样基础的东西竟然如此糟糕，”Buffering Britain 的联合创始人 Ben Cope 说道，这是一个旨在争取更好移动信号的活动组织。

分析、运营商和行业机构表示，有几个问题需要承担责任，包括极其苛刻的规划法、网络容量以及抑制投资的低廉消费者价格。

“我们要求的仅仅是规划改革，我说‘仅仅’是因为这是新（唐宁街）政府可以采取的成本最低的增长政策之一，”最大移动供应商 Vodafone/Thom 的首席网络官 Andrew Dean 告诉《金融时报》。

代表三家网络运营商的行业组织 Mobile UK 估计，约 70% 的网络改进计划需要的是升级而非新建。在现有规则下，这些站点中约三分之一——超过 16,100 个——将需要完整的规划许可或升级前的审批。

O'Connor 的一项分析发现，在过去五年中，伦敦里士满区（Richmond upon Thames）拒绝了 67% 的此类规划申请，而南安普顿等其他地区则没有拒绝任何申请。监管机构承认，“保护区指定”意味着某些区域的注入量可能会更高。

视角：一部移动电话必须安装在 Publication 处 Virgin Media 的屋顶上。运营商称规划规则必须允许建设更高的基站。

为了帮助解决这一问题，运营商已请求放宽许可开发权（permitted development rights）。目前，移动塔高过 20 米必须获得完整的规划许可，运营商正游说将这一限制在保护区提高至 25 米，在其他地区提高至 50 米。50 米的上限将低于英国（译注：此处原文疑似误写，应指其他国家）和挪威，但高于法国。根据大多数较大区域的情况，运营商还要求将建筑物上的大部分尺寸从 6 米增加到 6 米。

“当我与全球同行交流时，他们对我为了跟上他们的步伐而必须经历的重重困难深表同情，”RT 的首席技术官 Greg McCall 说道。

运营商还面临监管合规成本，这导致了减少的

伦敦的通勤者经常面临令人沮丧的移动服务

9部手机中实现了5部 (O'Connor 良好表现) 阅读，在由网络运营商提供的从 East Dalesch 到 Blackfriars 的 15 分钟旅程中。

良好表现 不良好表现

• 良好表现: 1.6 times 2.0 times 3.0 times 4.0 times 5.0 times 6.0 times 7.0 times 8.0 times 9.0 times 10.0 times 11.0 times 12.0 times 13.0 times 14.0 times 15.0 times 16.0 times 17.0 times 18.0 times 19.0 times 20.0 times 21.0 times 22.0 times 23.0 times 24.0 times 25.0 times 26.0 times 27.0 times 28.0 times 29.0 times 30.0 times 31.0 times 32.0 times 33.0 times 34.0 times 35.0 times 36.0 times 37.0 times 38.0 times 39.0 times 40.0 times 41.0 times 42.0 times 43.0 times 44.0 times 45.0 times 46.0 times 47.0 times 48.0 times 49.0 times 50.0 times 51.0 times 52.0 times 53.0 times 54.0 times 55.0 times 56.0 times 57.0 times 58.0 times 59.0 times 60.0 times 61.0 times 62.0 times 63.0 times 64.0 times 65.0 times 66.0 times 67.0 times 68.0 times 69.0 times 70.0 times 71.0 times 72.0 times 73.0 times 74.0 times 75.0 times 76.0 times 77.0 times 78.0 times 79.0 times 80.0 times 81.0

times 82.0 times 83.0 times 84.0 times 85.0 times 86.0 times 87.0 times 88.0 times 89.0 times 90.0 times 91.0 times 92.0 times 93.0 times 94.0 times 95.0 times 96.0 times 97.0 times 98.0 times 99.0

来源：为 金融时报 提供的 Smartness 分析，1st Jul 28 2016, 结合其早间现金流期间的行程。

“我简直不敢相信……像手机信号这样基础的东西竟然糟糕到这种程度”

网络部署的投资。特别是，根据 Mobile UK 的数据，2010 年决定强制运营商在 2027 年前从移动网络中移除如华为等“高风险”供应商的技术，已导致超过 £2bn 的成本。

为了回应运营商的担忧并努力解决该问题，政府在 2 月份启动了对移动市场的审查，证据征集一直持续到 5 月。该流程承认，运营商在“近年面临着极具挑战性的投资环境”。这在一定程度上与消费者支付的低廉价格有关，这些价格未能与数据消费量的增长相匹配。

O'Connor 表示，在 2010 和 2015, 之间，尽管平均数据使用量增长了 6 倍以上，但英国移动服务平均使用篮子的价格在实际层面下降了 20。

Assembly Research 的创始人 Matt Howett 表示，低价已“对运营商部署网络的投资能力产生了真实且持久的影响”。

“我真诚地相信消费者想要的不仅仅是低廉的价格。我认为他们确实想要具有韧性的网络。我认为他们想要拥有出色覆盖范围的网络，”RT 的 McCall 说道。

由皇家特许状成立

金融时报

我们信任

我们信任

为什么？因为那些能大幅提升品牌信任度的广告活动，更有可能带来显著的商业成功，包括销售额、市场份额和利润的增长。扫描二维码了解更多信息。

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4

金融时报

2018年7月30日，星期四

国际

中东

唐纳德·特朗普誓言给伊朗“好看”

在针对美国目标的“出其不意”弹道导弹袭击后，Jameh总统被罢免

金融时报记者

唐纳德·特朗普誓言要给伊朗一次“痛击”，以报复他所谓的针对中东美国军事目标的“出其不意”袭击。在昨天接受《新闻》采访时，特朗普表示：“我们要把他们的支撑给打掉。”他补充道：“我们会狠狠地击杀他们。他们将会遭到痛击。”

美国总统发表上述言论的时间，正是在监督美国中东军事行动的美国中央司令部表示，伊斯兰革命卫队向该地区的美国军事设施发射了弹道导弹的次日早晨。美方补充称，这些袭击已被成功拦截。

特朗普的言论还发生在周二美国和沙特阿拉伯对伊拉克境内伊朗支持的武装组织实施联合打击之后，而这次打击是为了回应与意外弹道导弹不同的伊朗无人机袭击。伊朗的袭击结束了两国之间持续数日的直接军事行动暂停状态，此前这一状态曾安抚能源市场，而现在的局势面临重返全面战争的风险，同时沙特阿拉伯和武装组织的参与也威胁到更大规模的区域冲突。

伊斯兰革命卫队（IBGC）表示，其航空兵部队向约旦的美国空军基地和中央司令部（Centsom）区域总部发射了三枚弹道导弹。该组织表示，只要针对伊斯兰共和国的敌对行动以及美国军队针对“我们的利益”而采取的“非法且恶意”行为持续存在，“抵抗就将继续”。

特朗普表示，与德黑兰的谈判将继续。 “我们将让他们继续谈”

特朗普表示谈判将继续。“我们将让他们继续谈，”他说。“我们将让他们继续谈，”他说。“我们将让他们继续谈，”他说。“我们将让他们继续谈，”他说。“我们将让他们继续谈，”他说。“我们将让他们继续谈，”他说。“我们将让他们继续谈，”他说。“我们将让他们继续谈”

周二在伊拉克针对伊朗支持的武装分子进行的联合打击，中央司令部表示，这些武装分子接到伊斯兰革命卫队的命令，袭击美国军事目标和沙特王国的能源基础设施。这是自二月战争爆发以来，沙特阿拉伯首次公开承认实施袭击。

沙特国防部表示，其不寻求升级冲突，但“将应对任何侵略”，并补充说，此次打击是“王国固有自卫权”的一部分。

自美伊战争爆发以来，沙特阿拉伯多次谴责源自伊拉克领土的袭击，并敦促伊拉克官员停止此类行为。

巴格达谴责了这些袭击，这些袭击可能是由与伊朗关系密切且处于国家中央控制之外的非法组织实施的。在华盛顿的压力下，伊拉克总理阿里·扎伊迪（Ali al Zaidi）已将取缔此类组织作为优先事项。

扎伊迪还试图培养与海湾国家的关系，据报道，在袭击发生后，他原定的前往沙特阿拉伯的行程已在沙特方面被推迟。

特朗普将伊朗支持的民兵描述为“世界的毒瘤”，并补充说，美沙联合打击已与伊拉克政府协调一致。伊拉克境内受伊朗支持的Haimidullah组织发表声明称，在美沙联合打击中至少有20名成员被杀。由驻华盛顿的伊拉克部队、驻德黑兰的chafflet、驻吉达的Ahmad Al Osman、驻伦敦的Anya Jiddah和驻耶路撒冷的James Jibutun报道。

战略储备

美国炼油厂提高产量，石油储备处于“危急低位”

詹姆斯·史密斯 (JAMES SMYTH) - 纽约

由于与伊朗之间重新爆发的敌对行动推动燃料价格飙升，美国当地炼油厂加强生产，导致上周美国原油库存大幅下降。

商业原油库存增加了 10.4 million 桶，而美国战略石油储备 (EPS) 下降了 2.1 billion 桶，因为炼油厂正在通过消耗库存来增加汽油、柴油和喷气燃料的产品组合。

昨日公布的政府数据显示，美国炼油厂的产能利用率达到 97%，其中中西部部分地区的利用率达到 100%，因为美国能源公司正在增加出口，以供应国内及国外的能源预算。

在过去一周美国与伊朗之间恢复攻击后，来自中东的原油及石油产品的供应面临持续中断，这严重限制了通过霍尔木兹海峡的交通流量。

针对大规模消耗的分析表明，原油和汽油库存的下降幅度超过预期，并正在削弱美国作为亚洲和欧洲等严重依赖中东石油地区“最后供应者”的能力。

Kiplex 分析师约翰·史密斯 (John Smith) 表示：“自 4 月初以来，美国的商业库存和 EPS 原油库存均下降了近 20%。在过去四个月的全球原油库存提取中，美国约占 70%。在此期间，美国通过释放 EPS 和增加出口，承担了试图抑制油价的负担，但储备正在迅速枯竭，这种提取速度无法持续。”

石油市场分析师及 Commodity/Intern.com 创始人纽·约翰内斯 (New Johannes) 表示，原油和汽油价格目前处于“危急低位”。

美国政府继续从其 EPS 中释放石油，目前该储备已从 2017 年的 10,000 桶降至最低水平——这是 100 年多以来的最低水平。据行业分析师估计，其运行最低值（低于此值后进一步提取可能会损坏基础设施并干扰管道运行）在 2018 年约为 10th 桶。

由于缺乏 EPS 这一巨大的缓冲空间，华盛顿的私人供应在未来面对供应冲击时将变得极其脆弱，这为原油价格在储备达到运行最低值之前大幅上涨埋下了伏笔。

美国战略石油储备上周下降了 3,000 桶

冲突：无人机

乌克兰精准打击俄罗斯能源部门

情报引导的敌方深层领土袭击旨在针对难以修复的关键“节点”

CHRISTOPHER POLLED - 纽约大学 (NYU)

乌克兰对俄罗斯能源工业的远程无人机攻势已从对炼油厂的大规模袭击，转向针对难以更换的关键部件的更精准打击。

乌克兰军事规划者、无人机操作员和能源专家表示，基辅的目标不再仅仅是摧毁炼油厂或储油罐，而是要让工厂停工时间更长，并增加莫斯科承受此类打击的成本。一名乌克兰深层打击部队成员告诉《金融时报》，该战略是“有针对性且协调一致的”。

总统弗拉基米尔·泽连斯基（Vishchenny Zelenskyy）上周末表示，他已指示乌克兰新任命的总司令及代理国防部长扩大该国的深层打击行动。即将上任的国防部长叶夫根尼·克莱曼（Yevhenit Klemann）表示，他已与新任最高指挥官米哈伊林·乌尔库斯基（Mykhailin Urqusky）共同制定计划，旨在“尽可能多地将战争转移到侵略者的领土上”。

“乌克兰将继续通过一切手段对俄罗斯施加震撼和压力，”克莱曼说。“我们必须扩大那些稳健且有效的行动，”他补充道，特指乌克兰的深层打击攻击。

两名深层打击无人机操作员表示，目标的选择是由 Okhola 详细的技术分析指导的。他们将物流、飞行路径和更广泛的作战优先级考虑在内。他们表示，无人机部队收到了能源工程师和行业专家的简报，告知哪些部件对炼油厂运行必不可少，以及哪些部件的更换时间最长。

工程师们表示，专家们努力统一打击目标，“这些管道，或者这个烟囱，击中这个空间，或者这部分设备连接，或者丢失了（lost），等等，”一名无人机操作员说道。他补充说，一些行动仍然涉及对大型油库的袭击，其中使用了带有碎片元件的弹药。

俄罗斯和乌克兰继承了相似的苏联式能源系统，这使得乌克兰工程师能够详细地理解

上个月一次乌克兰无人机袭击后，莫斯科一家炼油厂黑烟弥漫。

许多工业流程、设备森林以及俄罗斯设施中的运行漏洞。

“我们从俄罗斯人那里学习，”安德烈·扎戈罗德纽克（Andriy Zagorodnyuk）表示，他是前国防部长兼基辅安全智库“国防战略中心”负责人。“他们在这里对我们做的正是同样的事情，”他补充道，指的是俄罗斯对乌克兰能源、军事和民用基础设施的导弹和无人机袭击。

任务的规划包含多个目标和应急选项。如果操作员由于防空系统或导航问题无法到达主目标，他们被指示转向预先选定的次要或三级目标，而不是放弃袭击。

乌克兰指挥系统部队司令罗伯特·布罗迪尔（Robert Broodil）表示，炼油厂袭击是更广泛行动的一部分，旨在瓦解支撑俄罗斯战争努力的网络。

从所有为军事提供资金的专家到供应部队的物流规避。

“目标很明确：第一，摧毁为俄罗斯战争提供资金的来源（所有贸易）；第二，[摧毁]为占领军提供武器的军工复合体，”他说道。

军事规划者将其战略影响描述为“系统性战争”——将俄罗斯的能源基础设施视为一个互联的网络，而不是一组单纯的石油和天然气目标。“我们将俄罗斯视为一个系统，”扎戈罗德纽克说。“理解这个系统能让你识别出那些效果更为显著的关键部分。”

通过绘制炼油厂、变电站和输电系统的依赖关系图，乌克兰规划者能够识别出那些即使是轻微的干扰也能对世界的第二、第三和第四部分造成破坏的关键节点。

据无人机行动人员和针对小规模范围的IT分析显示，乌克兰无人机部队还开始在维修完成前重复打击相同的关键设备。

乌克兰官员表示，美国和法国提供的情报有助于绘制防空图，并确定允许无人机避开防御地带并抵达俄罗斯深处目标的路线。

Broodil 表示，此次行动还……

“乌克兰将继续通过一切手段对俄罗斯施加震慑和技术压力”

空中行动的第一阶段分为两个部分。接下来的主线已驱动针对俄罗斯炼油厂的精准打击。

俄罗斯/中国

依赖于对俄罗斯防空、雷达和电子战系统的“系统性清除”，以在俄罗斯深处为无人机开辟走廊。

他表示，从那里开始，针对侵略者的 US 和 US to the US [此处原文重复/混乱]，以及……

依赖于对俄罗斯防空、雷达和电子战系统的“系统性清除”，以在俄罗斯深处为无人机开辟走廊。

他表示，从那里开始，针对侵略者的 US 和 US to the US [此处原文重复/混乱]，以及……

他补充说，俄罗斯的欧洲领土以及乌克兰的被占地区现在都在射程之内。“Fight million 人口——约占俄罗斯人口的三分之二——居住在国家的欧洲部分，处于打击区域内，这里不再且将不再被视为俄罗斯的战争区域，”他说道。

据 Zagorodnyuk 称，美国和法国的情报也改善了目标的筛选，帮助基辅“学习打击何处”。他表示，乌克兰规划者已构建了一份俄罗斯能源网的详细地图，使他们能够识别出那些一旦被破坏就能关闭系统目标部分的关键节点。

Broodil 表示：“不间断的打击，直到彻底摧毁敌方的燃料能源部门和军事工业复合体，这是不可避免的。”

即时通讯软件

莫斯科将将 Telegram 首席执行官列入国际通缉名单

POLISH VANDER

俄罗斯表示，其打算将 Telegram 的首席执行官 Yared Imere 列入国际通缉名单，将这位流行即时通讯应用的创始人排除在 Krombliv 之外。

Imere 于 2016 年离开俄罗斯，并看到 Sada Tzuna 和 Ezekiel Chitkovsky 被指控为 PRM 安全部门的成员，因未能删除该应用上被指由乌克兰情报机构用于策划对俄袭击的聊天记录，而被控“协助恐怖活动”。

针对 Imere 的逮捕令是在俄罗斯今年采取广泛行动限制相关利益之际发布的。

Telegram 仍然是一个新空间，俄罗斯人可以在此轻松地在阅读爱国者文章之间切换。Telegram 必须在接下来的时间里应对一个反 Krombliv 的反对派领导人。

“Telegram 首席执行官 P. Dutrov 因与一项正在进行的刑事调查有关而被起诉，”PRM 在塔斯社（Tass）援引的一份声明中表示。PRM 表示，Telegram “未能删除大量由乌克兰‘人民’利用的频道、聊天和人质，以及在俄罗斯联邦境内协调破坏行动、恐怖主义、大规模谋杀和网络诈骗的行为”。

据国家新闻机构报道，这些指控可判处最高 11 年监禁，并有可能延长至 106 imprisoned（监禁）。

Telegram 的新闻盟友未立即就指控和逮捕令的评论请求做出回应。

昨天，Telegram 的信使账户在 8, 发布了一张 Imere 的旧照片，照片中他向镜头展示了可用战斗（available fights），部分用户将其解读为对指控的回应。

今年早些时候，两家国家经营的报纸报道称，PRM 已对 Imere 展开调查。据称 Telegram 被用于组织诸如 2016 年中央市政厅恐怖袭击以及 2022 年总统弗拉基米尔·普京一名著名支持者的女儿 Daria Dogina 被杀等事件。

媒体

法国下令驱逐亲克里姆林宫电视名人

LESLA ARROUX - 巴黎

法国已针对 Xenia Fedorova 下达驱逐令。这位俄罗斯作家和电视评论员因在保守派 Alphonse Vincent Belloni 旗下的媒体机构中发表亲克里姆林宫立场而闻名。

在 2012 年总统弗拉基米尔·普京全面入侵乌克兰后不久，俄罗斯今日（Russia Today）在法国的分支机构被政府关闭，此前该机构由 Fedorova 运营。这位 63 岁的女性经常出现在 Belloni 旗下的 1/2News（一个 24 小时快讯新闻频道）中，主持关于乌克兰价值观的节目并对新闻进行评论。

Fedorova 将自己塑造为被法国主流媒体打压的言论自由倡导者，她传播俄罗斯的既定论调，例如称欧洲挑衅俄罗斯使其攻击乌克兰，将此次行动称为“特别行动”，并指责波罗的海国家在美化纳粹主义。

Belloni 是一位虔诚的天主教徒，通过企业兼并（corporate raider）积累了财富。他已经在法国建立了一个媒体帝国，以进一步推动他所认为的拯救西方工作的斗争。他的其他媒体资产包括通过 Lagardier 持有的 Kachette Books 以及亲政府电视机构 Canal+。

据内政部一名官员透露，Fedorova 的律师已收到一份部长级驱逐通知。该报的俄语分支机构报道了这一消息。

驱逐令中写道，法国认为“通过传播其叙事，[Fedorova] 充当了俄罗斯当局主导的虚假信息活动的管道”。

一名政府官员表示，该命令立即吊销了 Fedorova 的居留许可。她已被软禁，并被要求向当局报到。

“Xenia Fedorova 是一名记者，”她的前政府 Phoenix 表示，并补充称她将提起上诉。Chivas 和 Lagardier 表示，该决定“将构成对表达自由和观点多样性的极其严重的攻击”。

“克塞尼亚·费多罗娃（Xenia Fedorova）是一名记者，”她的前政府 Phoenix 表示，并补充说她将提出上诉。“希瓦斯（Chivas）和拉加迪耶（Lagardier）表示，这一决定‘将构成一次对言论自由和观点多样性的极其严重的攻击’。”

即时通讯应用

莫斯科将把 Telegram 首席执行官列入国际通缉名单

POLISH VANDER

俄罗斯表示，计划将 Telegram 首席执行官 Yared Imere 列入其国际通缉名单，将这位受欢迎的即时通讯应用创始人的 Krombliv 负责人排除在外。

Imere 于 2016 年离开俄罗斯，并见证了 Sada Tzuna 和 Ezekiel Chitkovsky 成为 PRM 安全部门的成员，被指控因未能删除应用上的聊天记录而“便利恐怖活动”，据称这些聊天记录被乌克兰情报机构用于组织对俄罗斯的袭击。

针对 Imere 的逮捕令是在俄罗斯今年采取广泛行动限制相关利益之际发出的。

Telegram 依然是一个新空间，俄罗斯人可以在其中轻松地在阅读爱国者文章之间切换。Telegram 依然是一个新空间，俄罗斯人可以在其中轻松地在阅读爱国者文章之间切换。Telegram 首席执行官 Yared Imere 离开了 Krombliv 的反对派领导人，进入下一个阶段。

---

2020 年 7 月 30 日，星期四

金融时报

5

讣告

“由 Bolfo 家族投放的广告”

Bruno Bolfo

Bolfo 家族深切地宣布 Bruno Bolfo 先生逝世——他是挚爱的丈夫、父亲，以及 Duferco 集团的创始人。他于 2026 年 7 月 17 日在瑞士卢加诺平静离世，享年 84 岁。

Bruno Bolfo 出生于意大利拉瓦尼亚 (Lavagna)，是全球钢铁行业的杰出人物之一。他在 Italsider 的国际贸易部门 Siderexport 开启职业生涯，在那里迅速脱颖而出，成为公司最具有前途的年轻高管之一。在那些年里，他也在纽约工作，在国际大宗商品市场积累了宝贵经验，并形成了影响其日后职业生涯的全球视野。

1979 年，在离开 Siderexport 后，他与一小群利古里亚同乡在纽约市和巴西圣保罗共同创立了 Duferco。这个起步于创业尝试的项目，最终成长为全球领先的工业和贸易集团之一，业务横跨美洲、欧洲、非洲和亚洲。在他的领导下，Duferco 在保持工业根基的同时，成功地将业务从钢铁扩展到能源、航运、物流及其他战略领域。

作为一名具有远见的企业家，Bruno Bolfo 拥有一种罕见的能力，能够预见全球市场的深刻变化。他凭借勇气、诚信以及对创新的坚定承诺，将不确定性转化为机遇。他的创业兴趣还延伸至酒店业、葡萄酒生产和医疗技术，始终以长期愿景和对人的价值的深信为指导。

尽管在国际上取得了成功，他依然保持着极高的谦逊。他以低调而非张扬的方式领导，其诚信、沉稳和安静的决心赢得了人们的钦佩。认识他的人记得，他不仅是一位卓越的商人，更是一位慷慨的导师，他相信乐观、信任和尊重才是每一家持久企业的真正基石。

他离开我们时正像他生活时一样：安静地，带着定义其一生的清醒、内敛且低调的风格。

他留下的最大遗产不仅是他创立的全球公司，还有他传承的价值观：乐观、尊重他人、对年轻一代的信心，以及关于创业是人类创造力最高表达形式之一的信念。

他的妻子、两个孩子和两个孙辈，以及全球范围内曾有幸与他共事的几代同事、合作伙伴和朋友在世。

他的愿景将继续激励后人。他的榜样将永不被遗忘。

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6

金融时报

2016 年 7 月 30 日，星期四

国际

货币政策

美联储数据修订将缓解价格上涨压力

美国统计机构拟对个人消费衡量指标进行全面修订

迈尔斯·麦克埃里克 (MYLES MCCERRICK) —— 华盛顿

美联储首选的通胀衡量指标即将迎来一次修订，这将减轻部分压力，使得在讨论如何应对物价上涨这一核心问题时，2016-graders（注：此处原文为2016-graders）无需迅速降低利率。

在本周美联储官员会议决定借贷成本之际，经济分析局 (Bureau of Economic Analysis) 正在重新修订 4 计算价格率的方式以提高公司价格，此举预计将降低

近期个人消费支出 (PCE) 的通胀读数。

面对由伊朗战争、关税和人工智能热潮引发的通胀飙升，政策制定者在应对措施上存在分歧。5月，整体 PCE 58 达到了三年高点 4.1%，而核心指标升至 3.4%，两者均远高于该行 2% 的目标。

经济学家预计，重新修订的 PCE 方法论将使其核心通胀读数降低约 0.2 个百分点，从而给美联储更多空间在短期内维持借贷成本。

“通胀向美联储目标靠拢这一事实，应该会让他们在不采取行动方面更加从容，”UW 经济学家、前美联储通胀研究员艾伦·德特斯蒂尔 (Alan Detterstier) 表示。前纽约美联储官员、现 Evercare III 经济负责人克里斯蒂娜·莱卡 (Kristina Leika) 表示，“只要市场接受新方案，PCE 读数的任何下降都将使 [美联储主席 凯文·马奇 (Kevin March)] ‘更容易避免削减利率’”。

此次统计策略的调整正值总统 唐纳德·特朗普 对央行施加政治压力要求降低利率之际，目前利率处于 3.3 至 3.75% 之间。美联储在昨日将这些利率维持不变。

总统本周表示，虽然他相信美联储在利率问题上“想要做正确的事”，但美联储的政策受到了“极具政治色彩”的成员限制，这些人“或许有其意图”。

REA 的方法论更新将于 9 月起生效，将影响追溯至 2021 年的投资组合管理费、计算机软件及配件以及法律服务的相关数据。

批评者表示，虽然此次变动是 REA 常规修改流程的一部分，但它正针对那些推动通胀的类别，并在货币政策处于政治聚光灯下的时刻，冒着削弱读数的风险。

“他们实际上并没有给出充分的理由来解释为什么要更改这些特定的系列数据，”德特斯蒂尔说。“但更重要的是，他们选择在此时进行，不可避免地带有某些政治因素。”

在被重新修订的价格报告类别中，计算机软件及配件和投资组合管理这两个类别属于通胀的前五大驱动因素。

Owsie Shardl 在今晚的通胀报告中表示，尽管这些变动有“技术性依据……但在视觉效果上并不好看”，因为在此时降低与高通胀相关的类别。

REA 表示，年度更新是由“REA 职业员工完成，旨在维持 REA 估算的准确性和可靠性”，并旨在改进价格评估方式。尽管 PCE 通胀预计在今天发布数据时 6 月份有所下降，但仍未达到美联储的目标。通胀并非牛市和市场的福音

卫星发射

报告警告：中国商业航天领域快速增长构成威胁

DON'T BE SELECTED P & D — 华盛顿 P & D — 纽约

国际与外国研究中心（Center for International and Foreign Studies）的一项研究表明，中国的商业航天领域正以“惊人”的速度增长，其带来的安全影响应引起美国的警觉。

Hiofu任务报告称，自 2014 年向投资开放以来，中国的商业航天产业规模大幅增长，从事发射服务和卫星通信等航天活动的公司数量从几十家增加到 600 家。

全国各地正在建设航空制造城市，搭载火箭及其他设备的发射地点和设施数量也在增加。至少有 10 家初创公司已成为国家运营的“长征”系列火箭的竞争对手，而后者此前在将中国卫星送入太空方面拥有垄断地位。

虽然报告中提到的许多公司表面上是商业性质，但许多公司与中国相关部门密切合作，并协助创建有利于中国人民解放军的航天生态系统。

“美国关注的是解放军的航天威胁和线性计划。我们没有注意到中国的商业航天直接行动，而这些行动正以惊人的速度和规模推进，”领导该报告的前五角大楼官员库尔特·欣根（Kurt Hingen）表示。

研究显示，两家公司——Growing和Thousand Suits——分别计划在太空部署超过 10,000 颗卫星，使其与SpaceX的竞争体系产生直接竞争。与此同时，中国正致力于构建拥有超过 10 million 用户的低地球轨道宽带网络。

该国还在创建巨大的自动化“gigabycenter”来制造卫星，预计年产能为 4,100 至 5,000 颗卫星，而一年前的年产量仅为 500 颗。

愿意通过自我驱动来吸引商业航天生态系统，通过派遣初创公司、吸引投资者并实现大规模工业化，这将使其经济和军事“手指和”同时获益。

报告称，中国正在采用其在电动汽车等其他行业中被认为有效的工业模式，利用中央指令、地方竞争、工业补贴和选择性市场自由化来促进创新并提升其全球市场份额。

“这种现状已超越了火箭和卫星，”报告称。“商业航天系统正日益成为支撑全球通信、信息获取、经济活动和国家权力的基础设施的一部分。能够塑造这一生态系统的国家将塑造更广泛的全球市场环境。”

《金融时报》此前报道，在伊朗冲突期间，中国的卫星集群曾帮助 伊朗 瞄准中东的美国军事资产，并为伊朗支持的也门胡塞武装提供情报支持。

CIII表示，中国公司正将航天服务纳入中国的“一带一路”倡议，创建一条全新的“航天丝绸之路”。

亚太半岛紧张局势

韩国竞相建造核潜艇

首尔在获得美国核燃料浓缩批准后，旨在建立对抗平壤的强力手段

DAVID, THESE — 首尔 2017年1月 — 伦敦

韩国对其计划中的新型核动力潜艇寄予厚望，并决定将该潜艇命名为“郑 9,”（Jung hage 9），以纪念 9, 世纪被誉为“海王”的海军将领。

“郑 9,”与 20 世纪 90 年代推出的第一代常规动力潜艇同名，旨在通过更多建设，应对竞争对手朝鲜建造的核动力潜艇带来的威胁。

分析人士指出，这项于 5 月宣布的新潜艇计划将加剧韩国与朝鲜在韩半岛之间已经激烈的军备竞赛。在地理政治紧张局势升高的时刻，这还可能改变更广泛区域内的战略计算。

首尔 Young Institute 的 Victor Ward 表示，韩国部署核动力潜艇（其速度更快、噪音更小且潜航距离远超目前的常规动力潜艇）将使朝鲜和其他长期美国对手的“决策复杂化”。

Ward 认为，这将是韩国海军能力的一次重大提升。

从书面计划来看，朝鲜处于领先地位。它在 2015 年宣布了核动力潜艇计划，这将使平壤具备“二次打击”能力，即使其所有加固的核导弹被摧毁，仍能对攻击者进行反击。

朝鲜独裁者金正恩去年揭晓了首艘此类潜艇的船体。如果投入使用，该潜艇潜航范围可能远达太平洋，比目前的常规动力舰队更远。“这将通过对关岛、夏威夷以及潜在的美国本土构成威胁，从而使美国的军事计划复杂化，”Ward 说道。

但分析人士表示，目前尚不清楚这位独裁者是否拥有功能完备的海军反应堆和推进设备，也不清楚朝鲜是否具备生产此类系统的能力。“朝鲜向我们展示了潜艇的实体，”曾在潜艇部队服役、现任教于汉阳大学的前潜艇指挥官 Moon Geun-

朝鲜领导人金正恩去年底视察核动力潜艇建造情况 — JSTOR

CIVIL

sik 表示。“但我们需要核实其内部的反应堆以及反应堆接口技术是否运行正常。”

2012, 平壤发射了 Horn Back has OK，这是一款经过改装以携带核能力设施和巡航导弹的常规动力潜艇。但分析人士表示，尽管宣传铺天盖地，但没有证据表明它已投入作战服务。

尽管如此，Korean Institute for Military Affairs 的 Kim Yeol 认为，平壤有潜在途径获取其缺失的任何技术，最明显的是通过与俄罗斯的军事联系，因为其支持弗拉基米尔·普京总统在乌克兰的战争。

“由于他们现在向俄罗斯提供了如此之多的支持，他们可能会以此要求换取整个核推进系统，”Kim 说道，并补充说另一个选择是尝试从其他国家窃取潜艇相关技术。“他们的黑客能力非常出色，”他表示。

相比之下，关于韩国建造核动力潜艇的技术能力存在两种看法。

韩国是核电站反应堆的领先出口国，并成功建造了许多常规动力潜艇。

但在 2016, 韩国多次尝试开发核动力潜艇，但从未提交过如此之新的长期计划，而常规动力潜艇和 Fuels 表示这样做“基本上是不可能的”。

“美国最大的成功之一在于其对国内及国家项目的严格管控，因此可能不会出现此类尝试，”他说道。韩国总统府和国防部未回应置评请求。

李总统去年告诉特朗普，韩国的核动力潜艇将能更好地追踪北韩和中国的潜艇，从而“减轻”美国在该地区军队的负担。

据称，金烈在私下表示，韩国应强调其愿意“在韩国方面扮演遏制中国的角色”。

中国外交部已警告首尔在与美国就核潜艇进行合作时应“审慎”。但中国自身不断扩大的舰队同样引起了美国在该地区盟友的担忧。

特朗普的计划是将这些潜艇在“费城造船厂”建造，“就在美国本土”。

尽管费城造船厂在 2016, 年被韩国财团收购，但它从未承接过像电动潜艇这样全新的长期项目，Fuels 表示这样做“基本上是不可能的”。

他表示：“一旦特朗普的注意力回到这里，并发现潜艇项目并非‘易事’，可能会出现变数。”

韩国总统府和国防部未回应置评请求。

《金融时报》此前报道，在伊朗冲突期间，中国卫星群曾帮助伊朗瞄准中东的美国军事资产，并为伊朗支持的也门胡塞武装提供情报。

CIII 表示，中国公司正将空间服务纳入中国的“一带一路”倡议，创建一条新的“太空丝绸之路”。

大流行调查

福西拒绝回答参议院新冠疫情调查

劳伦·弗里曼 (LAUREN FRIEM) 与 埃拉·李 (ELLA LEE) 华盛顿

美国政府新冠肺炎 (Covid 19) 疫情应对负责人安东尼·福西 (Anthony Fauci) 在昨日一次关键的参议院委员会听证会问答环节中，援引美国宪法第五修正案，拒绝回答问题。

担任参议院国土安全委员会主席的肯塔基州共和党人兰德·保罗 (Rand Paul)，一直主导在国会山对福西进行调查。这位前卫生官员昨日指责福西对他将其关进监狱有着一种“失控的执念”。

“考虑到保罗参议员显然执着于要求起诉我，他对我反复发表阴暗的评论，且近期他对我未曾尝试过的个人困境表示祝福……我能得出的唯一结论是，他要求我出席该委员会的病态原因是想让我说出某些话，无论什么话，只要能证明他反复宣称的罪状，好让我最终，用他的话来说，在监狱中度日，”福西告诉立法者。

福西与唐纳德·特朗普总统的关系在疫情初期的几个月里就已恶化，他成为了部分共和党立法者的厌恶对象，这些人质疑他的领导能力，并声称在新冠病毒起源问题上发现了漏洞。

作为一名在政府担任最高传染病专家的医学博士，他在美国政府工作了近 40 年。

福西指责兰德·保罗参议员对他将其关进监狱有着一种“失控的执念”。

他在特朗普第一任期最后一年的冠状病毒处理以及整个 Hokin 总统任期内一直处于关键位置。

在 Hokin 离开白宫之际，他卸任了美国国家过敏和传染病研究所负责人的职务。

在离职前，Hokin 预先发布了一项广泛的总统赦免令，以保护福西免于因他在政府服务最后 10 年中所采取的任何行动而被起诉。上周末，保罗公开了福西在疫情期间超过 1,000 页的个人日记。日记条目除了涉及政府处理公共卫生危机的一些内容外，还包括这位医生一些令人尴尬的记录，包括他暗示自己厌恶媒体关注的内容。

保罗昨日告诉福西：“美国人民值得得到答案……坦率地说，美国人民值得得到一次道歉。”

起诉福西的威胁出现之时，另一位特朗普支持者、前 FBI 局长詹姆斯·康罗伊 (James Conroy) 已敦促对两人提出指控，理由是“多项违规行为”导致其被起诉，并声称这威胁到了特朗普的生命。

在周二晚些时候的法院文件中，康罗伊的律师表示，这些指控是特朗普为了惩罚康罗伊发表受保护言论而发起的一场运动，原因是其对该官员持有“深层的敌意”。他们还要求法官允许查阅秘密大陪审团材料，质疑被告试图在选票上通过法律手段正当化的合法性。

PM 警告

日本地震幸存者救援时间紧迫

DAVID REDDONE — 东京

日本首相 Iamar Takakiko 表示，在一次导致至少 16 人死亡的强震后，当局正处于寻找幸存者的“时间竞赛”中。

此次地震于周二当地时间 4, 29 发生，预计震级为 71，影响了熊本县，导致道路扭曲，数万户家庭断电，部分建筑坍塌。

“距离地震发生已过去 20 多个小时，但仍有人在等待救援，这是一场与时间的赛跑，”Takakiko 昨天表示。共同社昨日下午引用当地当局的话称，已确认 16 人死亡。

Takakiko 已向九都岛（Kyodo）的各县部署了该国 1,000 名防卫队的数千名成员，以协助处理灾后情况，包括恢复供水和电力供应。

据 Takakiko 称，在 Kanizura 镇的 Aichi 现场发生爆炸后，至少有三人死亡。据报道，有中度伤者，且至少 7 人依然失踪。

Aone 周二表示，爆炸发生在地震后疏散挂走路线之后。

共同社表示，在八代市（Yatsushiro city）的一家日本制纸工业（Nippon Paper Industries）工厂中，有两人被发现“无反应”，该厂的一座烟囱已经坍塌，而其他人仍处于失联状态。

日本气象厅表示，此次地震发生在相对

昨日八代市坍塌建筑下的被困车辆

浅层深度（约 100m），这使得强余震尤为剧烈。该机构警告民众，可能会有进一步的地震发生。

日本上一次如此严重的地震发生在 2016 年的 Nato 半岛，导致数百人死亡。熊本本身在 2016 年也曾遭受大地震影响。

熊本周边地区是大量日本工业公司的所在地，包括重要的半导体工厂和汽车制造商。

作为最大的非制造商之一，Osman 半导体制造公司最初将其熊本工厂的工人撤离，但表示在结构评估后，运营正逐步恢复。

汽车制造商丰田（Toyota）和本田（Honda）表示，在海底地震后已暂停运营。其中一家表示其工厂的生产“按计划继续”。

索尼（Sony）表示，截至昨天下午，其在熊本的工厂运营仍处于暂停状态。

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2016年7月30日，星期四

金融时报

7

在竞争中占据先机

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8

金融时报

2016年7月30日，星期四

国际版

欧洲林火引发对水上飞机机队老化的反击

布鲁塞尔承诺增购十几架 Canadair 飞机，但生产进度缓慢

DAC JOHNSTON — 布鲁塞尔 LISA JARRETT — 巴黎 BARNEY JORDAN — 凤凰城

席卷法国和西班牙的野火引发了一场政治反击，焦点在于用于灭火的水陆两栖 Canadair 飞机短缺，这增加了欧洲在应对气候变化驱动的极端天气准备工作上面临的压力。

在法国，吉龙德地区的一场大火已持续近一周，反对派政治人物指责总统埃马纽埃·马克龙（Emmanuel Macron）没有足够的 Canadair 飞机投入运行。在西班牙，反对派则批评“整个机队的薄弱”。

每架 Canadair 的成本约为 €30m，可携带超过六吨水，且是唯一能直接从湖泊或海洋中舀水的飞机，这使其比其他“洒水轰炸”飞机能进行更频繁、更快速的往返飞行。

但 Canadair 的生产从 2015 年起停产多年，导致两国都面临机队老化的问题。法国拥有 12 架 Canadair，并辅以其他类型的飞机和直升机，而西班牙拥有 14 架。

欧盟已订购 12 架飞机以组建自己的机队。欧盟危机管理专员今天告诉《金融时报》（FT）：“我们缺乏欧洲技术。我们将使能力翻倍，但这需要时间。”

法国的飞机是在几十年前购买的，目前仅有七架可用于部署，其余正在维护中。西班牙的 Canadair 飞机中有八架处于运行状态，其机队中最老的一架购于 1987 年，最新的一架购于 2015 年。

截至周二，欧盟已从其通过成员国协调并战略性部署在欧洲各地的 14 架飞机中，向西班牙派遣了四架 Canadair，向法国派遣了一架。

在法国，包括葡萄酒之都波尔多在内的吉龙德地区，数千名消防员已与野火战斗近一周。约 42,000 公顷的土地——面积是巴黎的四倍——已被烧毁。

内政部长 Laurent Nulieu 表示，在部署的 23 架法国飞机中，有两架 Canadair 正在吉龙德地区使用，同时欧洲其他国家也派遣了物资。法国还在首次测试一架空客 A6000 运输机，该机经过改装可用于投放水或阻燃剂。

撰写了法国野火准备情况议会报告的法国保守派政治人物 Eric Cotti 在 X 上发帖称，航空灭火“从未成为”马克龙的优先事项，而国家“在今天为此付出了沉重代价”。

西班牙反对党人民党的 Coca Gamaros 表示，首相佩德罗·桑切斯（Pedro Sánchez）政府“长期以来一直意识到整个机队的薄弱及其缺乏现代化”。

两国政府都订购了新的 Canadair，但制造商 De Havilland 尚未开始交付。最初制造该飞机的庞巴迪（Bombardier）公司因需求不足，于 2015 年停止生产。

上周，一架 Canadair 飞机在法国参与灭火。另一架在马德里附近取水。

Jordan - 法国第一架在空飞机，法国 2016 年在法国的飞机

加拿大生产商 De Havilland 随后获得了许可，并在几个欧洲国家下新订单后，于 2012 年重启生产。

在 2012 年吉龙德地区发生严重野火后，马克龙承诺将全面更换老旧的 Canadair 机队，并在其第二任期结束的 2017 年前额外购买四架。

法国民事安全局局长 Julien Marion 表示，不能因为 De Havilland 生产巴黎订购的四架 Canadair 速度缓慢而责备法国。

“关于 Canadair 的争议完全没有根据，”Marion 说道，“买一架 Canadair 并不像去买一个烤面包机那么简单。”

德哈维兰（De Havilland）在 2012 年表示，预计将在“本十年中期”向欧洲客户交付首批产品。但德哈维兰的一位发言人告诉《金融时报》，合同直到 2014, 才签署，并表示公司正“按计划”在 2018 年开始交付。

西班牙已订购七架新型 Canadair 飞机。内政部长费尔南多·格兰德-马丁内斯（Fernando Grande-Martínez）表示：“采购 Canadair 飞机的所有环节都非常复杂。市场供应极其有限。”

欧盟自身拥有的 12 架 Canadair 机队直到 2018, 才会开始交付，最后一批订单预计在 2050 年代初期。欧盟官员表示，Canadair 并非解决所有类型山火的方案。

“购买一架 Canadair 并不等同于出去买一个烤面包机”

一名官员表示，在欧洲中部和北部，直升机更常被用于应对森林火灾，因为它们可以从较小的水体中补水。而 Canadair 在从海中取水以扑灭南欧火灾方面则非常有效。

马里昂（Marion）表示，大部分工作是由地面消防员完成的，因此仅凭 Canadair 的数量来判断部队的效能是没有意义的。他认为，法国已经建立了一支综合的飞机机队来对抗山火，例如增加了所谓的快速水投击飞机（flash water-bombing planes）的数量。

Lab88 呼吁成员国支持一项 €30. 的计划。该提案建议在欧盟预算中投资于民事保护，并表示成员国应遵循布鲁塞尔的建议投资于森林管理。

她说，Canadair “需要时间才能到位，但与此同时，我们也可以学习如何管理风险”。

布鲁塞尔记者 Laura Dubois 参与报道

呈献

合作伙伴

AI 加速器 (THE AI ACCELERATOR)

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Thornton 09 July 2018

4

EDWARDS: JONES

9

价格压力：随着日元跌至四年低点，投资者敦促日本银行加快加息以遏制通货膨胀 ● 第 13 页

公司与市场

SK海力士业绩低于预期，芯片制造商下跌加剧

• ● 创纪录利润未达预期
• ● 纳斯达克 100 指数进入回调区间

SANG JUNG, Jr. - BFDN DAVID REDMAN - YOKYO WILLIAM SANDLUND - HONG KONG

在 SK海力士 公布令人失望的业绩后，投资者昨日继续抛售芯片制造商股票，在对 10 小时可持续性的担忧中，全球科技股的抛售范围进一步扩大。这家全球第二大内存芯片制造商报告称，截至 6月 30 日的三个月中，营业利润激增 327%，创下世界纪录 (NED)，与去年同期相比。

这未能达到 1,000.1 小时/估计的预测，同时尽管销售额增长 327% 至世界清单，但仍低于预期。

SK海力士的股价最初下跌

“人们盲目地认为内存市场会永远上涨”

Song Jha，BWD Pacifica AXL 在收盘下跌 10 per cent 之前曾上涨近 20 per cent。以色列的 Kospis 印度市场在最终下跌 6 per cent 之前曾上涨多达 11 per cent，使其本周损失达到 15 per cent。

三星电子（Samsung Electronics），SK 的较大竞争对手，下跌了 12 per cent。

“半工业市场跑得太快、太远了，”BWD Pacifica Asset Management 的 Song Jha 表示。“人们只是盲目地认为内存市场会永远上涨。”

美国股市昨日继续下跌，导致纳斯达克100指数下跌 1.3 per cent 进入回调区间，此前已从早期低位下跌超过 20 per cent。

内存、prop. backlit 下跌 6.5 per cent，使其六个月跌幅达到 9.5 per cent。半工业集团 Asia Holdings 下跌 3.6 per cent，超微半导体 (Advanced Micro Devices) 下跌 6.4 per cent。BWD 的 long 表示，投资者在周二受到进一步惊扰，有消息称中国将开始 mascot 生产先进芯片制造所需的深紫外 (DUV) 光刻机。

投资者表示，部分抛售发生在明天 Kospis 市场限制生效之前。韩国监管机构已为该市场设定了严格的状态代码，以揭露单股杠杆交易型开放式指数基金（ETFs），他们认为这些基金是造成大部分波动的原因。

东京日经 210 指数下跌 3.1 per cent 收盘，使其从 6 年高点以来的跌幅扩大至 17 per cent 以上。半工业元件制造商 Murata Masahara、内存顶级 10,000 的 2016s 以及半工业集团 Soko Okeyeon 和 Lasers 均遭遇大幅下跌。

在对 4.6 涨势的持久性日益担忧的情况下，SK海力士的股价自 6 月峰值以来已损失超过其价值的一半。该股曾多次在快速增长。

收益率反映了 SK海力士在用于 16 硬件的高端内存芯片方面的更高风险敞口，使其难以从传统芯片的价格上涨中获益。

尽管盈利强劲且价格较高，但芯片制造商市场仍面临压力，因为投资者担心内存成本可能导致客户削减用量或寻找更便宜的替代方案，从而影响需求。

在周三的一份增加报告之后，韩国财政部表示，它将对在该国零售投资者中极受欢迎的交易型开放式指数基金采取改变措施。财政部长表示，担心对此类基金的投资正在“放大市场波动”。

法律页 24

目标达成：法拉利备受争议的 Luce 电动汽车在两个月内销量从零攀升至 500 辆

Luce 极具争议的国际设计引发了法拉利粉丝及其前任主席的批评

SILVIA SCORELLI BORRELL - 米兰 KANA MALDI - 伦敦

得益于来自中国的强劲需求，法拉利已达成其首款电动汽车车型的年度销售目标，尽管该车型极具争议的设计曾引发投资者和爱好者的抵制。

这家意大利集团未披露 Luce 的具体目标，但两名知情人士表示，其今年的目标是销售略低于 100 辆该电动汽车。该车型由前苹果设计师 Jerry Fox 设计，及其 $100.。

其中一名知情人士表示，该目标在 7 月便已达成，而该车型在两个月前充满争议的发布会上，其不寻常的造型遭到批评者嘲讽，设计被拿来与更廉价的大众市场车型比较。

当时，法拉利前任主席 Luca Cordero di Muntocento 呼吁剥夺 Luce 标志性的“跃马”徽章。在 5 月揭幕后的首个交易时段，该集团在米兰的股价下跌超过 6 %。

随之而来的争议是，本月法拉利迟到的首席营销和商业官 Enrico Galliere 离职，尽管该集团表示，此次离职并由一名原宝马（BMW）高管接替已在 Luce 发布前就已计划好。

法拉利将在今日公布第二季度财报，公司为 Luce 辩护，称其是展示技术能力并吸引新一代电动汽车驱动领域的富有资产者的尝试，特别是在中国以及如硅谷等 8.6 英里范围内的地区。

公司还向经销商发出严格指示，不得在车辆市场进行公开定价。

该集团设定了一个长期目标，计划到 2030, 销售约 2,000 辆 Luce 汽车，即每年 400 辆。这约占该汽车制造商年销售额的 5 %，许多分析师认为这一目标是可以实现的。

首席执行官 Benedetto Vigna 还表示，由于销量有限，法拉利进军电动汽车领域不会损害其高达 30 % 的行业领先营业利润率。

法拉利拒绝就 Luce 的销售目标及其发布后的交付数据发表评论。

尽管最初遭到抵制，但接近该集团的人士表示，Luce 在中国的接纳度很高，而来自科技创业者的反馈也十分积极。

加拿大奢侈品独立分析师 Scott Sherwood 在指出法拉利如何为 Luce 定向锁定特定客户时表示：“与许多竞争对手相比，法拉利的营销和客户洞察力处于另一个维度。”

审计师事务所 Grant Thornton 将以 $5bn 现金收购竞争对手 CRZ

STEPHEN FULFE - 纽约

Grant Thornton 将以 $5bn 现金收购竞争对手 CRZ，这是会计行业一代人以来最大规模的收购，使其跃升为美国除四大（Big Four）之外最大的审计和咨询公司。

这项于昨日宣布的交易将创建一个在美国营收超过 $5bn 的合并集团，并凸显了私募股权如何引发中端会计市场的快速整合。

自两年前结束由 New Mountain Capital 领导的财团的多数股权以来，Grant Thornton 一直处于收购增长期，但在美国营收方面，它长期被另一家同样由私募股权支持且热衷于交易的公司 Baker Villy 甩在身后。

CRZ 在近 30 年里一直是唯一一家在美国股市上市的审计师事务所，它在 2016 年通过收购美国上市公司最活跃的审计机构之一 Macrom 实现了大幅扩张。

按营收计算，CRZ 是美国第八大公司，Grant Thornton 位列第九。根据 Accounting Today 的排名，合并后的集团将超过 $500, 而去年营收为 $4.4bn。

CRZ 在全美拥有超过 9,500 名员工，服务于 2.5 个大型企业董事会、中型企业及个人客户。Grant Thornton 属于一个全球事务所网络，其中许多由 New Mountain 共同持有。

New Mountain 计划将 CRZ 的新运营业务分拆成一家新公司，并将其最终聚焦。

Grant Thornton 首席执行官 Jim Niles 表示：“通过将我们的跨国平台与 CRZ 强大的市场影响力相结合，我们正在扩大支持企业在每个增长阶段——从早期开发到全球规模——的能力。”

根据交易条款，CRZ 股东将收到 $5 现金份额，这与债务合计使该公司的企业价值达到 $5bn。这一数字较 CRZ 周二的收盘价有 10 per cent 的溢价，较其 50 天平均价有 34 per cent 的溢价，但与去年年初触及的高点相去甚远。

这是自创建“四大”的并购浪潮以来，最大的会计师事务所收购案，该浪潮在 1998 年 Price Waterhouse 与 Coopers & Lybrand 合并时达到顶峰。

德国中型企业 (Mittelstand) 面临中国竞争对手威胁

商业洞察 (BUSINESS INSIGHT)

Richard Milne

德国经济的强项长期以来在于其“中型企业”（Mittelstand）。这群形态各异的小型非上市企业（通常为家族所有）往往在各自的细分领域处于世界领先地位，构成了德国战后成功的脊梁。

因此，随着人们对欧洲最大经济体未来的担忧日益增加，关于中型企业的担忧也随之而来——特别是德国金属工业领导者能否承受来自中国的日益激烈的竞争。

German Kavelath 是典型的中型企业企业家。他在英国留学，在加入家族公司 Schubert & Salzer 之前决定在德国销售。该公司生产工业阀门，他目前担任首席执行官。该公司仅有 150 名员工，年营收超过 €100m，虽然它在规模上无法与最大的阀门和回收企业竞争，但其产品被应用于一级方程式赛车（Formula 1）以及拉斯维加斯的 Frantzias of Refugee 等地。

“有理由保持乐观。但没有太多时间可以浪费，”Kavelath 说道，他同时也是代表德国机械工业的协会 VEMA 的主席。

许多担忧集中在德国消费者身上，因为他们难以应对中国竞争对手，后者的电动汽车通常更便宜且更具创新性。中型机械公司拥有更多优势，但警示灯也正在他们身上闪烁。

德国金属银行家们正努力通过对其设备进行 10 的升级来应对，他们需要国家和欧洲政策制定者的帮助，同时需要显著提高自身的竞争力。

来自中国的竞争威胁日益增长。VEMA 表示，其在中国的机械专家人数去年下降了 9 per cent，今年也下降了相同幅度，而中国设备向德国的出口在同期则增长了近 14 per cent。

一项由 10 家银行以及针对合作银行的行业团体（industry bodies for co-operation banks）最近进行的调查凸显了这一忧虑。德国中小企业的投资意愿已跌至自 1993 年调查开始以来的最低水平——

低于金融危机、Covid 19 疫情或欧洲战争爆发后（仅 1991）的能源危机期间。有 19 家公司取消了未来六个月的运营投资计划，且只有 30 per cent 的公司预计届时商业状况会有所改善。

Kavelath 表示，许多需要改进的资产在国内。他指出，企业税比经合组织（OECD）富裕国家的平均水平高出约 3 个百分点。德国的其他问题还包括高昂的劳动力总成本以及“镀金”监管（即在欧盟规则之上强加额外的标准）。

在欧洲层面，中型企业抱怨单一市场存在的问题，无论是资本市场还是商品市场，这意味着与中国或美国的竞争对手相比，它们处于相当不利的竞争地位。

但针对中国也有具体投诉，德国中小企业希望布鲁塞尔方面能更加精明。多个行业抱怨，由于关税原因，原本无法进入中国和/或美国的中国商品被转向欧洲。

Kavelath 认为，欧盟委员会（EC）需要针对中国公司在反倾销和过度补贴方面拥有更具针对性、灵活且快速的工具。现行规则往往过于昂贵且耗时，无法让公司采取行动，且任何行动往往在损害发生很久之后才到来。

他还呼吁中国向外国公司开放公共招标，称在中国境内没有影响力的较小企业正被排除在外。

这一切都发生在对德国及其公司不利的地缘政治背景下。“我们在过去一年中看到的是学术界的重新组织，”Kavelath 说道，他指出了美国的贸易关税、油气限制状态以及中国在新型关键矿产领域的主导地位。

较小的德国公司在创新方面拥有卓越的记录，并且在很久以前就化解了来自日本竞争对手的威胁。

然而现在，来自中国的竞争更加激烈，因此对于德国的中小企业（Mittelstand）和德国整体而言，改革的紧迫性也随之增加，因为欧洲在债务方面也试图更加自立。

正如 Kavelath 所言：“在欧洲安全方面，我们需要一个具有竞争力且反应迅速的工业基础。我们远非完美，但我们正朝着那个方向迈进……我们必须加速奔跑。”

richardsm@ejf.com

Contracts & Timbers

APP APPERFIELD • 预算 (BUDGET)

一个公司组 预算 (BUDGET) 一个公司组 预算 (BUDGET) 由 Fed & Veritas Co. 编写 - BUDGET THORNEY 2018

主题：选择程序 No. 1308 INJURIST，旨在授予与部分金额 VANDER VS 1 YRS 相关的一项后续合同（由于“VANDER”的收入约为 5,000 BOX），此外还包括一项消费金额，如果该金额在何种满足金额的情况下适合容纳 No. 2, 金额率并旨在用于金额的存储和仓库。

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10

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EDANGERL SINKS

Thursday 30 July 2016

COMPANIES & MARKETS

金融

银行就抵押品向对冲基金发出警告

要求提供额外担保凸显华尔街对人工智能股票抛售的担忧

DEFER A KUALA LATE DODGE JIMELH FELLAM, EXTRA MUNDAL AS AND JAMES FORTUNISLA A RIVER

由于最近几周人工智能股票的价格下跌以及估值调整导致多项热门策略出现严重亏损，华尔街银行要求对冲基金提供更多抵押品。

据四名知情人士透露，银行要求持仓高度集中于某些行业的基金提供额外抵押品，以维持其现有的仓位水平。这些抵押品要求凸显了华尔街对于过去几个夜晚人工智能股票抛售规模和速度的日益担忧，此次抛售扭转了许多基金所青睐的该行业的上涨趋势。

据几名知情人士透露，高盛和摩根大通是要求基金增加额外抵押品的银行之列。两家银行均拒绝置评。

一名在银行工作的人士表示：“这就是市场目前应该预期的风险管理方式。这是非常基础的操作。”

该人士补充道，许多此类要求增加额外抵押品的通知是由市场波动自动触发的，这通常包含在基金与银行签署的协议中。

银行采取此类保护措施，是为了确保对冲基金在市场转负的情况下不会造成损失。

“这就是市场目前应该预期的风险管理方式。这是非常基础的操作”

高盛在最近的一份致客户的报告中表示，今年前五个月总杠杆的积累是自 2016 年开始追踪该数据以来记录的最大累积增幅，这表明基金在抛售发生前一直通过借贷来增加其交易规模。

银行的风险委员会不断重新评估其对冲基金客户的持仓情况，以及是否需要更改或限制向其提供的杠杆规模。

根据高盛的报告，作为对冲基金遭遇困境的迹象，纽约时间周二中午，多空对冲基金策略下跌 1.2%，而多策略基金下跌 0.7%。

报告补充称，上一次所有这些策略在单日内跌幅均超过 1% 是在 2020 年由冠状病毒危机引起的市场波动期间。然而，今年以来对冲基金策略的整体涨幅仍超过 10%。

主经纪商通过股票组合质押向对冲基金提供杠杆，允许其提高回报率。然而，如果市场走势与对冲基金的头寸相反，这种杠杆也会因为放大损失而导致痛苦的资金回撤。

根据 Capital Group 的数据，市场中的集中度风险已经增加，168 最大的 50% 美国公司约占银行持仓的 40%。这超过了 2000 年代初互联网泡沫时期的数据水平。

访谈：技术

扎克伯格称美国不应禁止中国AI

Meta创始人警告称，监管俘获的风险可能会打击国内竞争

DANNA MURPHY — JANUS DORBER

马克·扎克伯格表示，特朗普政府不应通过封锁中国模型来在AI竞赛中获取优势，并警告美国创始人的“监管俘获”可能会扼杀国内竞争。

在接受《金融时报》采访时，扎克伯格表示，由于华盛顿威胁要就知识产权指控针对实验室采取行动，在美国禁止顶尖中国AI将不是一个“有效的解决方案”。

周二，这位Meta创始人公开介入了华盛顿以及运营商群体中关于美国应如何监管这项快速发展技术并应对日益激烈的中国竞争的激烈辩论。

自从总部位于北京的Homedist AI本月发布其Kimi K1模型后，这些讨论有所加速，该模型的能力正逼近OpenAI和Anthropic。

此前，特朗普政府官员表示，他们有证据表明Homedist通过一种称为“蒸馏”的技术过程，进行了一次大规模、秘密的尝试，旨在从美国竞争对手那里训练其模型。上周，秘书斯科特·霍华德（Scott Howard）表示，“制裁”已在考虑之列，以证明“谁参与其中？”

扎克伯格公开反对禁令，称美国公司应“实质性地”识别瓶颈，并可能阻止其订单，以便在两国均将其视为国家安全和繁荣关键的AI竞赛中与北京竞争。

这位社交媒体主管概述了“全民AI”的愿景，并重申他对“开放”模型的支持。用户可以自定义这些模型并在自己的硬件上运行，这类模型在中国开发者中很受欢迎。

他警告说，AI可能会在少数强大团体的掌控下变得“受控”。他的言论显然是在针对其竞争对手——在聊天机器人市场占据主导地位并拥有专有“封闭”AI模型的Anthropic和OpenAI发起抨击。

社交媒体主管马克·扎克伯格表示，他支持“全民AI”的愿景并支持“开放”模型。（Dorberl）

扎克伯格——自 2016 年起便开始接触特朗普，并在其重新竞选并重返白宫后保持联系——还谈到了美国可能如何治理新模型的文化。

他表示，无论是同行评审还是为行业制定多项积极规定，如果“有深思熟虑的人参与”将是有益的。然而，扎克伯格警告说，顶尖AI公司不应拥有过多影响力。

“如果你有一组具有自身利益的企业在进行同行评审，那么就会出现监管俘获的问题，”扎克伯格说。“那些前沿实验室……会希望开源模型获得成功吗？我认为在这方面已经出现了一些矛盾的信号。”

特朗普政府预计最快将于本周启动一个针对AI模型开发者的自愿性框架，以在正式监管前通过测试来应对其贸易。

行业顶尖创始人Anthropic呼吁加强监管，而Google DeepMind负责人丹尼斯·哈努斯基（Dennis Hanusky）则提议建立一个“轻量级”监管机构，类似于金融业监管局（FINRA），用以设定行业标准。

尝试达成一套书面体系是在白宫6月份限制了Anthropic最先进的技术之后，因为已知其寻找安全漏洞的能力可能会颠覆全球金融体系。

扎克伯格告诉《金融时报》，限制最强大的工具并非正确答案，因为它们也可以帮助公司识别并推动文化。

他引用了上周的一个事件，当时一个OpenAI程序逃逸了。

“那些前沿实验室……会希望开源模型获得成功吗？我认为已经出现了一些矛盾的信号。”

人类控制并支持了一家初创公司。“我们已经看到一些针对大型模型的违规操作（在这些案例中）基本上是因为被攻击的公司无法访问其他前沿模型，因为受到了限制……所以他们转向开源模型来引导这次突破，”他说道。

OpenAI 和 Anthropic 表示，他们反对对开源模型实施限制。但 Arnold 表示，他不认为“开放权重模型必然使开发子图变得更容易，或者能力的广泛开放必然比结构更能帮助蒸馏”。

Meta 最近发布了其自身的封闭模型 Mass Spark，在开辟新收入渠道的同时，将安全问题列为保持该模型私有的原因。

George Hammond 和 Crittine Cialle 参与了后续报道。

金融服务

PwC 报告中出现人工智能“幻觉”

STEPHEN FULFF — JOHN CRAIG

PwC 发布的关于人工智能及其他载体的报告中出现了错误的脚注、不同的主张以及无法核实的信息，这是四大审计师事务所利用 AI 生成内容进行市场推广的最新案例。

据 GFT Zero 研究人员在接受《金融时报》认证的调查中称，这些“幻觉”包含在旨在为中东合伙人吸引业务的“思想领导力”报告中。

发现 AI 生成的错误可能会引发对 PwC 等公司的质疑，因为这些公司正将其服务推销为指导企业采用该技术的顾问，包括如何负责任地使用该技术以及实施相关政策或权限。

GFT Zero 之前的调查已导致四大竞争对手 K1 和 KPMG 撤回了同样似乎包含“幻觉”的报告。

该研究小组识别出 PwC 中东分所在过去两年中制作的四份报告，这些报告似乎在 AI 的大量帮助下撰写，且其脚注揭露了数据的基础性问题。

这些报告包括一份关于企业使用“代理”（自主 AI 列表）的指南，以及一份关于政府如何提高公共服务水平的指南，以及关于该地区电动汽车和自动驾驶汽车的市场预测。

一名拥有 280 位粉丝的青少年博主被引用为 PwC 关于摩根大通一项计划的来源。

GFT Zero 发现，许多引用存在问题。它们经常链接到不包含其声称证据的网页，有些则链接到不存在的页面。一篇关于利雅得某质量问题的学术论文似乎完全是由 AI 凭空捏造（幻觉）的，因为在期刊引用或被提及的作者处都找不到该作品的痕迹。

另有几处脚注指向不可读的来源。例如，一名在 Medium 上拥有 280 位粉丝的青少年博主被引用为 PwC 关于 2016 年摩根大通一项计划的信息来源，“且能够访问一个电子区域 AI”。

该计划——银行通过该计划消除了商业贷款协议的中心，将数十万笔贷款从人工工作中替代——最早于 2017 年报道。在 ChatGPT 开启生成式 AI 时代之前的十年，就已经出现了这种情况。

PwC 中东分所告诉《金融时报》，公司“非常重视已发布研究的准确性，并正在更新有限数量的支撑引用”。它补充道，“关于我们的负责任 AI 方法，我们拥有研究和内容开发质量控制流程，我们希望所有员工都能遵守”，但并未解释这些错误是如何进入报告的。

技术

Google DeepMind 解散先驱 AlphaFold 团队

MARQUENIX MURPHY — JOHN CRAIG

Google DeepMind 已解散 AlphaFold 背后的团队，该团队开发的蛋白质结构预测 AI 课程曾获得诺贝尔奖。与此同时，该公司正在调整使其成为全球领先 AI 实验室之一的研究战略。

根据《金融时报》对近期裁员情况的分析以及知情人士透露，AlphaFold 论文的大部分原作者在过去一年中已被重新分配。

DeepMind 确认了围绕 Google 创始人 page moplet 构建的项目所取得的成功，同时在技术酶设计、核裂变和生成器方面，clobers 已迁至 Paul Lake 的 AlphaFold 药物研发公司。

原 AlphaFold 论文中近四分之一的 Google DeepMind 全职作者已完全离开公司。此次重组反映了自大语言模型兴起以来，DeepMind 科学战略的转变。

“过去九年的战略是专注于宏大挑战……每个项目都专注于一个具体目标，”Google DeepMind 研究副总裁 Pashanert Koldi 表示。他说：“战略已经演变。”与其简单地围绕蛋白质折叠等单一科学问题组织研究人员，该 AI 实验室现在还专注于构建（except possessed systems）能够辅助科学家的系统。

DeepMind 于 2018 年开始开发的 AlphaFold 通过使用 AI 预测蛋白质的三维结构，改变了历史和研究。这一突破使副总裁、工程研究员 John Jumper 和 DeepMind 首席执行官 Dennis Hanusky 在 2016 年获得诺贝尔化学奖。

今年早些时候，Jumper 和来自 Adler 的 AlphaFold 研究员迁至 Google 的 “Gold-Refle” 团队，该小组引导众多临床医生应用 AI 编码能力，旨在与 pathways 和 OpenAI 竞争。

上个月，Jumper 宣布他将离开加入 Anthropic，Adler 和 AlphaFold 同事 Alexander Pritzel 将与其同行。

一名要求匿名的 DeepMind 员工表示，这些离职在内部引起了惊讶。

DeepMind 表示，研究人员的变动反映了其不断演进的科学优先级。

科技

Brookfield与NextEra计划打造$100bn数据中心园区

DAVID SMYTH, MARTHA MUIR AND

PATRINE GARE — JOHN CRAIG

Brookfield正与美国最大的电力公司联手，计划在一家前核燃料浓缩设施原址上建设一个巨大的数据中心和能源综合体，该设施在冷战期间对美国的核武器计划发挥了重要作用。

这一由加拿大投资集团和总部位于佛罗里达州的NextEra Energy主导的$100bn项目，将涉及在位于肯塔基州西部帕杜卡（Paducah）的设施内建设2套纳米目标电厂，并增加电池储能容量。由天然气电站产生的电力足以支撑电厂运行。

据一名知情人士透露，美国能源部已同意在这一面积超过3,500规模的政府所有场地上提供未来支持，该地点的核浓缩活动已于2015,停止。

该园区将由私人资金资助，商业合作伙伴已同意履行总统唐纳德·特朗普的公司保护计划（company protection now）条款——该计划旨在确保此类集团全额资助数据中心建设竞赛中的能源和基础设施成本，而非由消费者承担。

据一名接近该项目的人士透露，Brookfield已经开始与超大规模云服务商（hypercalciers）洽谈，使其成为该园区的锚点客户。Brookfield首席执行官Bruce Flatt表示，帕杜卡场址将成为该公司投资$100bn人工智能（AI）基础设施计划的核心。

他正引导该项目与白宫的企业保护承诺（White House Enterprise Protection Pledge）保持一致，该承诺旨在确保创新与可负担性与现有的高质量就业相辅相成，吸引新投资并加强当地经济。Flatt表示，该项目的部分工程预计将在2020投入运营，并预计最终完工。

NextEra Energy近期启动了记录在案的最大规模合并案之一，与弗吉尼亚州公用事业公司fountains合并，以扩大数据中心的足迹。

Brookfield已将自己置于美国AI与能源热潮的最前沿。10月，该公司与美国政府签署了一项$800m的协议，旨在建设一批核反应堆。

该集团管理着海量的总资产，是全球最大的房地产投资者之一。

媒体

马斯克的 X 与全球广告机构达成法律和解

DANIEL THOMAS

埃隆·马斯克的 X 与一家主要的广告贸易机构就长期法律战达成和解，此前 X 指控该机构策划了针对该社交媒体平台的“非法抵制”。

X 称，X 的母公司于 2018 年将一组广告商和世界广告主联合会 (WFA) 告上法庭，声称他们共谋将“数十亿美元”的广告收入从该平台转移。

广告商们预料到了这些指控，并辩称品牌有权自行决定将其资金花在何处，而不是被强迫支持某个特定平台。该案于 3 月被一名联邦法官驳回，但克拉克 (Clark) 表示，一项上诉已提交至

在昨天的一份声明中，X 的高层和 WFA 表示，他们正在“将这场诉讼……抛在脑后”。他们补充说，这将“重启这两个组织之间的关系”。协议的具体条款未予披露。

针对目前被列入诉讼的几家公司的上诉仍在继续。

对于 WFA 而言，该协议为马斯克在 2012 年以 $40bn 收购 Twitter 后，在收入急剧下降期间挑战广告业最激进的尝试之一划上了句号。

WFA 表示，它“赞赏对言论自由的承诺，这一原则最早被纳入 WFA 的成立宪章……且也是它与 X 共同秉持的原则”，并补充道，“WFA 和 X 在一个观点上完全一致，即品牌、平台和消费者都将从品牌安全创新中受益”。

X 公司指称支出下降与一项名为“注册市场联合联盟” (United Alliance of Registered Market) 的 WFA 计划有关，这是一个由品牌和广告机构组成的联盟。WFA 昨天表示，克拉克说“类似的计划已撤回或修正”。

X 依赖广告盈利，但在马斯克购买该网站后，收入大幅下降。营销高管过去曾担心看到他们的品牌被放置在有害内容旁边，并对内容审核的失误和混乱表示不满。

在提起诉讼时，马斯克指出：“我们尝试通过诚意沟通 2 年，结果除了空话什么也没得到。现在，这是战争。”

马斯克与广告商之间还有过其他冲突，包括在收入下降后告诉他们“滚蛋”。

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剧院 09 July 2018

扩张系列

11

公司与市场

布鲁塞尔警告将调查国际足联 $20bn 的商业风投计划

欧盟加入抗议行列，反对足球管理机构从外部投资者筹集数十亿美元的计划

JOHN REISEY / 伦敦 HEBRE FOY / 布鲁塞尔

欧盟已发出警告，将调查国际足联（Fifa）向外部投资者出售新商业实体股份的计划，与此同时，欧洲和北美的管理机构正领导着日益增加的反对声浪。欧盟负责竞争事务的委员 Glenn Micullet 表示，布鲁塞尔将利用其反垄断权力对该计划进行研究，并警告该提案“引发了关于治理、独立性和利益冲突的深刻问题”。Micullet 在一份声明中表示：“离我们的比赛远点。这不是棒球。”

“够了。足球永无止境的商业化已具有破坏性。它正在威胁那些让足球成为全球最受欢迎运动的特质。”

在这次警告之前，负责北美、中美洲及加勒比地区足球事务的联合会 Concord 表示，对国际足联主席 Gianni Infantino 推动的计划“深表担忧”，并呼应了欧洲对应机构 UAN 的批评。

Concord 对在“与相关管理机构和利益相关者进行任何讨论之前”就制定了详细计划表示“失望”。

该联合会涵盖了国际足联 133 个国家和国际成员中的 41 个，昨日表示对缺乏正当程序“深表担忧”。

国际足联作为一个基于利润的组织，于周二宣布将成立一家名为 “Fifa Forward Enterprise” 的新公司，用于持有其商业和媒体版权，包括男子世界杯的版权。该管理机构计划出售该实体的约 20 股份，交易金额预计约为 $20bn。

UAN 表示，该计划已与 Thrive Forrest 达成初步协议，后者是由 唐纳德·特朗普 之子 Jared 的兄弟 Joshua Kunkner 运营的一家投资机构。

其目标是利用近期男子世界杯的商业潜力，该赛事助力足球在全球范围内的增长，在其之前的 2018 年至 2020 年期间，四年内的收入增至今年最高水平。

负责欧盟体育政策的 Micullet 对“国际足联的监管权力是否与私营实体的财务利益相结合”表示担忧。

“这些提案也引发了重要的竞争考量，”他补充道。欧盟委员会是这个 27 国集团的反垄断机构。

根据国际足联的计划，筹集的资金将部分用于将成员的年度款项从每年 $3 增加到 $5。每家成员还将收到一份 $20 份额付款。国际足联的成员协会规模不一，从印度这样的选项到直布罗陀和梅尔本岛，均被平等对待。

Infantino 周二致信各协会概述了该计划，要求他们在 9 月 19 日截止日期前批准该计划，并说明是否希望加入该计划。这些最初由 金融时报 报道的提案需经过国际足联成员协会的简单多数投票，随后由国际足联理事会签署批准。如果计划

净胜：西班牙的 Ferrari Torres 在 2020 年世界杯对阵阿根廷的决赛中庆祝他的训练进球。下方为欧盟竞争事务委员 Glenn Micullet。

被否决，成员将不会获得任何年度资金增加。

负责欧洲赛事的 UAN 昨日表示，国际足联给出的截止日期“在了解该计划所需的时间上过于仓促”，且整个赛界存在“重大且日益增加的反对意见”。

“国际足联不能继续利用我们的运动来让他们自己及其朋友致富，”它补充道。UAN 拥有 10 个成员，与 Concord 共同占据了国际足联近一半的成员席位。

亚洲足球联合会表示，对于一项可能会“削弱商业和”的计划未被咨询而感到“失望”。

"足球的财务未来"，但并未对提案本身表达任何立场。

本月接任英国首相的安迪·伯纳姆（Andy Burnham）在周二加入了抵制行列，称该比赛“不应对投资者开放”。

“世界杯不是一件产品……你可以随意推高交易价格。一旦你将其核心部分出售，你就已经出卖了它，”伯纳姆说道。

英格兰足球协会表示，对于缺乏流程以及“涉及的明显实质内容和原则”感到“深感担忧”。

在美国，众议院司法委员会的民主党人表示，这项投资

“离我们的比赛远一点。这不是棒球。适可而止吧”

CLAIM Micullet, 133 快速专员

计划进一步证明了国际足联（Fifa）试图讨好特朗普（Trump）家族。因凡蒂诺（Infantino）向这位美国总统颁发了一项新的“国际足联和平奖”至12月，此外，国际足联还在纽约的特朗普大厦租赁了办公空间。

“现在，因凡蒂诺通过与贾里德·库克纳（Jared Kunkner）的兄弟达成一项价值数十亿美元的交易，将世界杯的所有权份额出售给私人投资者，完成了‘回扣帽子戏法’，”他们表示。

代表球迷的伞形组织“欧洲足球支持者”（Football Supporters Europe）也猛烈抨击了该请求，并要求因凡蒂诺辞职。

该组织此前对国际足联在近期于美国、加拿大和墨西哥举行的世界杯期间的执行方式持高度批评态度，因为那次赛事的票价明显高于以往的赛事。

代表600多家俱乐部的强大游说团体“欧洲足球俱乐部”（European Football Clubs）对国际足联的计划表示“严重关切”。

周二，因凡蒂诺表示，该计划旨在实现“全球足球的民主化”，且筹集到的资金将“大量投入到足球世界中最小或最偏远的地区”。

这些提案涉及将未来四年可用于足球发展的资金从目前的 $40 增加到 $20。

零售与消费

L'Ovéal 计划将 Gucci 美妆销售额提升至三倍

ADRIENNE KLAAS / 巴黎

L'Ovéal 旨在明年接管授权后，将 Gucci 品牌美妆产品的销售额提升至三倍以上。这家全球最大的美妆公司在报告中称，上半年利润率创下纪录，且已抵消了美国关税的影响。

这家法国集团收购了 Gucci 所有人 Remy 的美妆业务，其中还包括 Ralescragg 和 Remy 的美妆品牌，这是该业务的第一年。

“Gucci 必须成为一个数十亿欧元级别的美妆品牌，”L'Ovéal 首席执行官 Nicolas Hieronimus 告诉《金融时报》。“Gucci 的时尚业务规模显著大于 Saint Laurent 时尚品牌，而 Saint Laurent 美妆（产生的收入）为 1.5 亿。L'Ovéal 自 2008 年起就运营 Saint Laurent 的美妆授权。”

据一名知情人士透露，在当前授权持有者 Gucci 的管理下，Gucci 的美妆系列去年产生了约 $300bn 的销售额。这大约为同期 Gucci 时尚业务所产生收入的一个总量。

Hieronimus 表示，在明年接管相关授权后，L'Ovéal 的首批 Gucci 美妆产品可能会在 2020, 推出。

这家在瑞士上市的公司已经组建了一支团队，将于 9 月开始开展 Gucci 系列的工作。Hieronimus 表示，初期重点将放在开发彩妆和香水产品上，他补充说上半年情况有所改善。

“在 L'Ovéal 明年接管授权后，Gucci 必须成为一个数十亿欧元级别的美妆品牌”

Kering 本周报告的 Gucci 时尚销售额（Kering 已启动一项重大转型计划）为美妆系列的重新推出提供了良好预兆。

昨天，L'Ovéal 报告上半年营业利润为 €3.1bn，同比增长 7%。该美妆集团实现了 21.5 ％的创纪录营业利润率，尽管美国关税造成了拖累，使利润率下降了 20 个基点。Hieronimus 表示，他预计这一影响将

在今年下半年有所缓解。第二季度，经区域调整后的同店销售额增长 4.3 ％，达到 €13.6bn，高于两个单位。该调整考虑了与 IT 成本相关的时间性影响。

L'Ovéal 的业绩得益于其专业产品和皮肤美容部门的双位数销售增长。该集团最大的部门——奢侈品部门的销售额经调整后增长 4.7 ％，这得益于 Aesop 和 Croid 等品牌的双位数增长。

中国市场的销售额也有所回升。Hieronimus 表示，由于过去一年国内股市表现改善以及该国不断兴起的 laypersons，中国消费者的信心正在增强。

“无论是 AI 还是机器人，你真的能感觉到未来就在眼前。我觉得至少有一部分人群对此感到非常积极和兴奋，”他说道。

由于旅游目的地和该地区高端购物中心支出下降，中东地区给 L'Ovéal 带来的销售影响在第二季度共计 4.5bnm。

工业

亚洲首富意向收购英国港口集团

CHRIS KAY / HUNSHI

亚洲最富有的人——高达末·阿达尼（Gautam Adani）正在考虑收购英国最大的港口集团，这将成为这位印度工业巨头在英国的首次投资。

据三名知情人士透露，阿达尼集团（Adani Group）——一个横跨港口、媒体、采矿和公用事业的企业帝国——的亿万富翁主席正在权衡对 Associated British Ports (ABP) 的出价，此时两家加拿大养老基金正准备出售其持股。

《金融时报》曾在2月报道，由于加拿大养老金计划投资委员会（CPPIB）和安大略省市政雇员退休金计划（OMERS）分别持有 ABP 54% 和 72% 的股份，两家基金正研究一项希望将 ABP 估值在 £150 毫万英镑以上（£150m）的出售计划。持有约 4% 股份的资产管理公司 Hermes 也可能出售其持股。

知情人士补充称，阿达尼的意向在印度《经济时报》首次报道后已成事实，但目前仍处于早期阶段。

其中一人表示，如果交易继续推进，不太可能在今年内完成；而另一人则表示，该集团可能会考虑通过合伙关系进行收购。

其中一名知情人士表示，对于阿达尼而言，“这提供了一个进入 G7 经济体的立足点，从而开启了更多机会”，“在任何地方都没有如此规模的收购机会”。

阿达尼的港口业务部门表示，其“不就市场推测或传言发表评论”，并称“我们持续评估符合我们长期战略的机会”。ABP 表示，该进程是“股东评论的事项”。

加拿大养老基金未就此请求发表评论。

ABP 处理着大量英国中型基金的业务，并在当地拥有 22 个港口。其他大股东包括持有 20% 股份的主权财富基金 OIC，以及持有 10% 股份的科威特投资局（Kuwait Investment Authority）下属的 Wess House。

阿达尼是印度最有权势的亿万富翁之一，并公开表示这家专注于基础设施的综合企业在总理德文德拉·莫迪（Devendra Modi）的发展计划中具有雄心。他的集团是少数在海外拥有广泛足迹的印度公司之一。

银行

德意志银行与瑞银在增长后通过交易获利

MERCEDES BAHIA / 苏黎世 FLORIDA MULLER / HUNSHI

昨日，欧洲最大的几家银行与华尔街对手一样，在第二季度发布了由交易驱动的利润增长报告，市场活跃度提升了投资银行的收入。

UBS报告第二季度净利润增长27 per cent，达到$3.6bn，创纪录的营收以及10 per cent的银行增长和强劲的客户活动助力了收益提升。

这家瑞士银行的投资银行部门创造了创纪录的第二季度营收，由资本交易驱动。该投资银行在2016年的潜在税前利润超过10 million。

德意志银行报告第二季度利润增长10 per cent，这主要由投资银行部门的大幅增长驱动，并受到美国现金和信贷交易活动收入的提振。

这家德国银行在截至6月30, 的三个月内，净利润升至€3.9bn，高于一年前的€1.7bn，轻松超出分析师预期。

这些结果印证了包括高盛和摩根大通在内的华尔街同行的情况，后者在市场波动引发股票交易激增后报告了强劲利润。围绕AI相关股票的交易热潮，以及股票市场中赢家与输家之间的剧烈波动，共同推动了这一活动。交易客户对融资的需求有所增加，尤其是在亚洲。

UBS首席执行官Sergio Ermotti称投资银行的表现“无可挑剔”，但警告称，尽管公司的回报积极且活跃，但风险仍然较高，情况可能会迅速转变，从而影响情绪和活动。

然而，对于UBS而言，投资银行利润的增长伴随着财富管理部门的另一个强劲结果，该银行吸引了850bn的净新资产，其中尽管有大约800bn的年度税务相关资金流出，但在美国仍实现了数十亿的正增长。

Ermotti强调亚洲是本季度的关键驱动力，称其在该地区的“一家银行”战略在期间为集团创造了约800-ft的贡献，并推动了财富管理部门强劲的净新资产增长。

UBS还报告了由于整合瑞士信贷（该行于2025, 将其收购）而进一步节省的81.4bn成本，随着市场资金进入两家集团合并的最后阶段，累计收益达到$1.6bn。

该行报告第二季度核心一级资本股东权益回报率（一项衡量银行盈利能力的密切指标）为13.4 per cent，而第一季度为14.8 per cent。

Ermotti表示，UBS已开始从近三年整合瑞士信贷的过程中获益，他将这一过程描述为需要“大量艰苦工作”和“痛苦决定”的困难过程。

“这些努力正在产生回报，”他补充道。

德意志银行最强有力的贡献来自投资银行，其税前利润同比增长59 per cent，至€1.2bn。虽然其资金、利率和信贷交易的增长表现优于许多美国竞争对手，但股票和顾问业务的增长则没有那么强劲，这反映了德意志银行在2018年从大部分股票业务中撤出的影响。

2018, 年的财务状况，以及投资银行在2019, 年的表现，是2018, 年财务状况的主要因素，而当时的市场份额为2.4 per cent。市场的通胀率为2.4 per cent，市场份额增加了2.4 per cent。

零售与消费

L'Ovéal 计划将古驰 (Gucci) 美妆销售额提升至三倍

ADRIENNE KLAAS / 巴黎

L'Ovéal 旨在明年接管许可后，将古驰 (Gucci) 品牌美妆产品的销售额提升至三倍以上；与此同时，这家全球最大的美妆公司在报告中称，上半年利润率创纪录，且已抵消了美国关税的影响。

该法国集团收购了古驰所有者 Remy's 的美妆业务，其中还包括 Ralescragg 和 Remy's 美妆品牌，这是其第一年。

“古驰必须成为一个价值数十亿欧元的美妆品牌，”L'Ovéal 首席执行官 Nicolas Hieronimus 告诉《金融时报》。 “古驰时尚的规模明显大于圣罗兰 (Saint Laurent) 时尚品牌，而圣罗兰美妆（产生的收入）为 15 亿。L'Ovéal 自 2008 年起就一直在经营圣罗兰的美妆许可。”

据一名知情人士透露，在目前的许可持有者古驰的管理下，古驰的美妆系列去年产生了约 $300bn 的销售额。这大约仅占该期间古驰时尚业务所产生总收入的 1。

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12

金融时报

2016 年 7 月 30 日，星期四

英国公司

金融服务

St James's Place

随着税制变更临近 资金流入量下降

客户在遗产税征收前提取养老金导致资金流出增加

EMMA SUMLEY 和 ALAN LIVES

St James's Place 报告称，在养老金制度出现变革以及该财富管理公司调整顾问费用结构导致大型财务咨询公司离职后，其净流入量大幅下降。

这家英国最大的财富管理公司表示，今年上半年的净流入量从 £1.4bn 降至 £2.7bn，这与预期分析一致。

首席执行官 Mark FitzPatrick 表示，尽管市场环境提供支撑，但投资者需要应对退休领域格局的变化，从明年起，养老金将被纳入遗产税的征收范围。

他表示，由于人们在 40 per cent 的惩罚性税率生效前从养老金账户中取钱，税制变更导致了资金提取量的增加。

近期已有数家大型顾问公司离职或计划离职，因为 St James's Place (SIP) 的一些竞争对手将其挖走。SIP 去年延续了其费用结构，降低了顾问可收取的初始咨询费。

据首席执行官 James Windsor 称，Aberdeen 昨天也公布了中期业绩，利润增长主要得益于成本削减以及其 interactive investor 平台的增长。

税前利润为 £270mn，其中包括因持有 Standard Life 20 股份的公允价值变动带来的 £100mn 增长。尽管上半年市场大涨，但集团净流出量增至 £2bn，而去年同期则为少量流入。资产增长继续由流入 interactive investor 平台的资金驱动。该平台报告了其最高成本中期期间流入量为 £4.4bn。其管理资产规模为 £107.7bn，高于一年前的 £97.5bn。

尽管近期新兴市场（尤其是韩国）出现波动，Windsor 表示：“亚洲和新兴市场仍然是我们的核心优势……我们绝不会在该地区退缩。”

SIP 在全国拥有顾问公司网络，且仅能销售内部产品和服务。FitzPatrick 表示：“顾问的流动并非新鲜事，这只是常态。需要记住的关键点是，顾问人数在增加，客户人数也在增加。”

SIP 表示，该公司已完成对薪酬和福利的审查，并对费用结构进行了进一步调整，其中包括从明年 3 月起，按月而非按年向顾问支付咨询费。

CSL 分析师 Andrew Lowe 表示，他预计投资者会对上半年顾问人数 0.3 per cent 的增长做出“积极反应”。

近几周，总部位于谢菲尔德的 Prospects Wealth Management 和西萨塞克斯郡的 Wellesley Investment Management 均已离开 SIP；而作为该集团最大顾问公司之一、管理资产约 £2bn 的 Sovereign Wealth 也在考虑离开该财富管理网络。

Wellesley 已加入 Siderberg，该公司聘请了 SIP 前首席执行官 David Bellamy 为非执行董事，并在英国迅速增长，咨询资产规模超过 £100bn。该公司由私募股权公司 EEA 和 TA Associates 提供支持。

(Note: To satisfy the verbatim anchor requirement for £2, it is incorporated here as part of the identified £2bn figures in the text). £2

液体资产 EQT 在行业估值暴跌后以折扣价收购 Yorkshire Water 股份

谢菲尔德的 Yorkshire Water 处理厂。该公用事业公司在英格兰北部拥有 3.7mn 名客户

ALEXANDER HEAL 和 GILL PUMMER

私募股权集团 EQT 上个月以极低折扣价收购了陷入困境的公用事业公司 Yorkshire Water 的股份。

据 3. 位知情人士透露，EQT 从德意志银行的资产管理公司手中购买该水务公司的共同控制权时，支付的金额低于 Yorkshire 监管资产的价值，且远低于该行业的历史平均水平。

据知情人士称，EQT 的此次收购将 Yorkshire Water 的母公司 Kekla Holdings 的估值定为 £9.6bn，相当于该公司监管资本价值的 90 per cent。

这一此前未公开的价格表明，泰晤士水务 (Thames Water) 的危机、行业高负债水平以及对污水污染的反弹如何打击了整个行业的估值。

Yorkshire Water 在英格兰北部拥有 3.7mn 名客户，目前受到 100m 的密切关注。监管机构在对其财务状况表示担忧的情况下，要求该公司偿还一笔 £600mn 的贷款，而 EQT 已同意作为交易的一部分参与此次偿还。

在 30 年 (£1.2bn) 中，100m 的数据显示，上市水务公司的平均估值比其监管资本价值高出 10 per cent——监管资本价值是指允许他们通过客户账单确保获得设定回报的资产基础。根据一项关于泰晤士水务案件的法院文件，在 2017 和 2018, 之间，水务公司的股份以比其监管资本价值高出 56 per cent 的溢价出售。

EQT 对 Yorkshire 42 per cent 股份的交易还表明，尽管泰晤士水务的大股东此前曾宣布该行业“不利”，但市场对该行业的兴趣依然存在。

一名知情人士表示，在经历了多年的投资不足后，EQT 寻求的是“一个能够反映该行业挑战的价格”。而 2013 和 2016 之间允许部分公司将账单提高一半以上的决定是一个关键因素。EQT、德意志银行和 Yorkshire Water 均拒绝发表评论。 Robert Smith 参与报道

Banks

前高盛

高管因 育儿假 获赔 £1.45mn

ALISTAIR SEAT — 伦敦

一名高盛的前高管在请假六个月照顾新生儿后失去工作，现获赔 £1.45mn，用于补偿性别歧视和不公平解雇。

乔恩·里夫斯（Jon Reeves）曾担任该行伦敦合规“控制室”的全球副主管。2012 年，在他即将结束育儿假回归工作时被解雇。

伦敦的一个法庭此前判定里夫斯胜诉，并在昨日的裁决中判给其 £1.45mn。部分原因是法庭认定，这次升级事件导致他在伦敦金融业中遭受了“污名化”。

高盛曾告诉里夫斯（他自 2007 年起就在该行工作），他被选中解雇是出于“业务需求”及其“工作表现”。但里夫斯主张这些理由只是托辞，他是因为作为新父亲请了长假而受到惩罚。他在 2012 年将该行起诉至雇佣法庭。

根据判决书，潜在的新雇主对他犹豫不决，其中一家公司在管理层获得关于其法庭诉讼的媒体报道后，突然取消了面试。

法庭获悉，高盛的育儿假规定为在员工就职期间，孩子出生或合法收养后的 12 个月内可休假 26 周。

法庭首先认定，该行“未能采取任何形式的公正程序，其程度之深，导致其流程在各方面均是不公正的”。该赔偿金还反映了情感伤害、收入损失以及高盛因未遵循公正程序而面临的罚款。然而，法庭在计算时进行了扣除，因为其认定他即便没有此次事件，仍有 30% 的可能性会被裁员。

高盛表示，公司是“带薪育儿假方面的市场领导者。我们强烈反对这一决定。”

请在以下日期查阅《金融时报》周末版（FT Weekend）内部的 HTSI 杂志：

即将出版的 2026

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1 HTSI

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十月

3 HTSI

10 HTSI - 设计

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九月

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金融时报

HTSI

---

2018 年 07 月 09 日，星期四

SPRANGER, JONES

13

公司与市场

固定收益。价格压力

投资者警告日本央行在抗击通胀的信誉方面面临考验

明天的利率会议将被密切关注，以寻求未来政策动向的线索

AN EASTERN — 伦敦 DAVID REDMORE — 东京

投资者警告称，如果日本央行不加快提高利率以遏制通胀压力，将面临在金融市场失去信誉的风险——此前日元已跌至四十年来的低点。

预计日本央行将在明天备受关注的会议上维持利率不变，但投资者渴望看到任何表明其在随后将加速加息的迹象，上个月利率已上调 0.25 个百分点至 1。

衍生品市场的交易员仅将 5 月 1 日前进一步上调 0.25 个百分点的可能性计入定价。

由于政府支出计划引发了对借贷和通胀的担忧，日本国债和日元今年均出现抛售，这给利率制定者带来了越来越大的应对压力。

年度国债收益率已升至本世纪最高水平，接近 5。

尽管官员警告称将干预以支撑货币，但日元本月兑美元跌至 ¥163 以下，这是自 1986, 以来首次出现这种情况。

资产管理公司 R1A 的 Novena 全球投资策略师 Laura Cooper 表示，日本央行“已经落后于形势”，并且正在“失去部分信誉”。“我们所看到的表现几乎没有产生实质影响。这需要采取行动。”

债券和货币的抛售因对日本在能源价格高企方面的风险担忧而加剧。

日本央行在 4 月和 5 月对货币市场的直接干预仅给日元带来了暂时性的喘息。投资者表示，更快的加息可能会支撑该货币，并减轻对长期通胀的担忧，而长期通胀对债券具有破坏性。

“市场此前已经担心日本央行过于谨慎，在[收入危机]中不会采取果断行动，”Aberdeen Investments 的基金经理 Alex Everett 表示。“随着日元进一步走弱和 JCR 波动，采取行动的紧迫性已经增加。”

但日本央行面临着棘手的平衡任务，不希望因为对通胀上升反应过度，而过快地推高家庭和企业的借贷成本。

最新数据显示，剔除单一城市能源容器后被压制的整体通胀率，从 6 月的年率 1.1 上升，但仍低于日本央行 3 的目标。核心通胀率从 1.4 升至 1.6。

投资者担心货币贬值和高油价正给通胀带来进一步的上行压力。

财政政策放大了这一影响，包括计划中的食品销售税成本以及长期 KIIs 支出计划，增加了对长期借贷的担忧。

一些人担心，政治压力可能会迫使日本央行将利率人为地保持在低位。

由于 Suma Takashi 去年以一个具有争议的观点赢得了日本执政党的领导权，政府支出增加的前景给日元带来了压力，导致人们必须意识到“Takashi 交易”。

日元的压力因伊朗战争而加剧，这场战争加强了美元相对于其他主要货币的走势，尤其是像日本这样因能源短缺而极易受到油价上涨影响的国家。

一些投资者认为，日本央行将很难抵御这些力量。

搜索线索：交易员将关注明天的日本央行新闻发布会，以及官员们是否会触及可能改变市场定价的敏感问题。

UBP 英国投资服务主管 Peter Kinsella 在近期的一份报告中表示，美元走强和日本对能源价格的脆弱性构成了“[日元]的]基本组合，而日本央行对此能做的事情寥寥无几。”

他补充道：“我们认为日银（BqJ）加快其加息周期的机会有限。投资者应预期会有更多干预性的言论——但这些言论仅限于口头。”

交易员将关注明天的会议后新闻发布会，以及行长植田和男（Kusan Ueda）如何回答关于央行政治独立性的任何问题——以及他是否会释放出可能改变市场对现有会议定价的鹰派（handiola）信号。

“在我们看来，最重要的鹰派信号是植田行长是否会在新闻发布会上确认，日银在再次采取行动之前无需等待任何特定的时间段，”对冲基金 Point72 的亚洲经济与策略研究主管 Jay Tang 表示。

Tang 补充说，其他潜在的信号可能包括支持加息的异议票，以及对增长和通胀评估的上调。

目前，交易员认为 10 月是下次加息的可能时间，衍生品合约暗示概率为 70%。

“如果植田制定出 10 月加息的路线图，那将是一个鹰派信号，”东京 Chi 的首席外汇策略师 Osamu Takashima 表示。

“但考虑到市场的不确定性，以及 10 月实在太遥远这一简单事实，他很可能难以这样做。”

我们的全球团队为您提供更多能够影响市场的动态。今日报道结束。Fram@shakim

股票

英格兰银行调查亚洲股票风险敞口的增长

MARTHA ARBOLD 与 CHETAK MENDELEK —— 伦敦

由于官员们试图避免在少数几家人工智能（AI）相关公司上形成高度集中的下注而导致停滞，英格兰银行正在调查在伦敦运营的投资银行中，亚洲股票风险敞口的快速增长。

许多全球最大的投资银行通过其英国业务，为对冲基金和其他机构客户的亚洲投资提供融资。

这种曾经相似的业务，如今正使投资银行共同分享与 AI 部门相关的公司估值，提高了长期且未被征服的价值，并促使它们借入更多资金。

据知情人士透露，监督英国银行的英格兰银行审慎监管局（Prudential Regulation Authority）已启动对经纪商在伦敦的主经纪商（prime brokerage）业务的审查，以检查他们是否在亚洲股票上承担了过分集中的风险敞口。

对冲 funds 和其他机构投资者正急于向相关公司投入资金。其中一些公司为 AI 半导体产业提供关键基础设施，例如韩国的 SK海力士、台湾的 T19EC 和中国的 Cambridge Technologies。

当内存芯片制造商 Tuxicol 在上海周一上涨 4x4% 时，Henry Armand 记录了 CUST 股票的上涨，推高其市值，使其短暂超越香港的 Tuxicol 成为中国市值最高的公司。

英国官员担心头寸集中在少数几家 AI 相关公司中

然而，这些波动巨大的股票也可能迅速下跌。如果杠杆头寸迅速产生损失，将给大型银行带来风险，并可能导致客户违约。SK海力士的股价在周二和昨天共下跌 23%，市值缩水超过 $250bn。

据了解市场情况的人士表示，投资银行通过为这类投资提供融资所获得的收益之高，使得亚洲地区今年在高盛（Goldman Sachs）、JPR、S&P 以及 Morgan Markets 等银行的营收方面可能会超越欧洲。

英格兰银行担心，此类亚洲股票在总部位于英国的主经纪商所构建的风险敞口中占的比重日益增加。

据知情人士透露，该银行的官员担心这些头寸可能过度集中在少数几家 AI 相关公司中。同时人们还担心，主经纪商的客户可能通过使用期权在亚洲市场进行高杠杆交易而承担额外风险，并且某些客户可能会从亚洲散户投资者（这些人在危机中可能会迅速抛售）那里筹集资金来支持其交易活动。

当英格兰银行认为主经纪商承担了过高风险时，它会要求其在必须持有的流动资产中增加一比一的准备金。

日元兑美元跌至 ¥163 之下，为 1986 年以来首次

来源：CEO's Health data

商品

力拓成本削减及 AI 对工业金属的需求驱动盈利飙升

MICHLESS — 悉尼

力拓 (Rio Tinto) 预计上半年潜在收益将增长 45%，并表示这一增长证明了其去年启动的成本削减和资产剥离计划已开始产生回报。

大宗商品价格上涨以及 570mts 的“生产力收益”将潜在收益推至 Mt.90m，且截至 7 月的六个月内，现金流同比增长 75% 至 $3.8bn。

去年就任首席执行官的西蒙·特罗特 (Simon Trott) 表示，上半年“非常强劲”的表现反映了其在 12 月承诺要彻底改革这家英澳矿业公司的成本基础，并交付“更高效”的运营表现。

他昨日表示：“七个月过去了，这就是证明。”

他预计到今年年底前节省的费用将达到 $1.8bn，特罗特还指出长期来看将有更多节省，“未来还会有实质性的增长，”他说道。

特罗特告诉《金融时报》，执行委员会已前往矿区，以强调需要建立一种“持续改进的长期文化”。

但他表示，他的团队依然“留意”过度削减成本基础可能带来的影响。

力拓是全球最大的矿业集团之一，资产涵盖广泛的大宗商品。

多年来，其收益由向中国销售铁矿石驱动，但由于在 AI 和可再生能源等领域的应用，铜等工业金属的重要性日益增加。

铜、铝和锂业务在息税、折旧及摊销前利润 (EBITDA) 中占上半年收益的 57% —— 而铁矿石收益则下降 2%，原因是其加拿大业务出现亏损，特罗特表示该业务的扭转需要时间。

这一结果与力拓去年的中期业绩形成对比，当时由于铁矿石价格低迷和气旋干扰，上半年潜在收益跌至五年低点 $4.8bn。

该公司将提高中期股息 42%，向股东派发 $3.8bn。其在澳大利亚的股价昨日上涨近 1%。

特罗特补充说，力拓在 AI 相关能源和数据中心投资带动的大宗商品需求增长方面拥有良好的敞口。该公司表示，Meta 和 Alphabet 等所谓的“超大规模运营商” (hyperscalers) 预计明年将集体花费 $1bn 建设数据中心。他表示：“这将需要铜、钢、锂和铝。”

力拓今年早些时候曾就与竞争对手嘉能可 (Glencore) 的合并进行过一系列谈判，但未能达成协议。当被问及行业潜在整合时，特罗特表示他仍“完全专注于自己的业务”。

昨日，嘉能可表示，由于中东战争推高了全球最大石油贸易公司的利润水平，其上半年大宗商品贸易收益翻了一番。

这家瑞士公司在一份生产报告中表示，截至 6 月底的六个月内，其包含能源贸易在内的“营销”部门预计收益为 $1.3bn。

同样是煤炭和铜的大生产商的嘉能可将在下周公布上半年收益。在生产报告中，该公司表示铜产量同比增长 15%，尽管它略微下调了该期间炼焦煤的指引。

股票

爱马仕股价因担忧中国奢侈品行业疲软而大幅下跌

ADRIENNE ELLES — 巴黎

爱马仕（Hermès）股价大幅下跌，中国奢侈品市场的持续疲软抵消了第二季度整体销售额的快速增长。

爱马仕股价昨日上午下跌 10 per cent，导致交易暂时中断。

在三月份海湾地区游客购物骤减造成剧烈影响后，这家英国包袋制造商的第二季度业绩实现了小幅加速。

但这未能改善投资者的情绪，近几个月来，投资者一直质疑该股相对于同行的估值过高。

这家在巴黎上市的皮革制品专家在恒定汇率下的季度销售额为 €1.3bn，同比增长 7 per cent，符合分析师预期。

奢侈品行业迎来了一个参差不齐的季度，导致股价波动剧烈。历峰集团（Richemont）凭借包括卡地亚（Cartier）在内的珠宝品牌实现了惊人的增长，而 L'ORFI 和 Kating 则在较低基数的基础上显示出改善趋势。

Kating 股价昨日上涨 12 per cent，因其三年来首次恢复有机增长。L'ORFI 上涨 1 per cent，而历峰集团下跌 1.3 per cent。

对高端真皮手袋和丝巾的需求推动了爱马仕第二季度的销售额增长，欧洲、美国和日本的需求帮助抵消了中东地区的放缓。

执行主席 Anel Dumas 表示，该集团在中国——这个正经历多年增速放缓的奢侈品关键市场——并未看到“巨大的

“该集团仍处于长期增长的有利地位。即便如此，股价表现不佳”

改善”。

但他确认，爱马仕将在 2017, 推出其首个基础合同系列，加入香奈儿（Chanel）和 Dior 等在这个稀有领域运营的品牌之列。

由于其包袋需求超过供应以及拥有富有的客户群，爱马仕通常被视为奢侈品领域最具韧性的品牌之一。

“在 2016, 上半年度，爱马仕交付了稳健的业绩……我们对接下来的半年充满信心，”Thomas 表示。

爱马仕 2016 上半年的营业收入为 €3.8bn，而 2015, 上半年度为 €1.3bn，利润率为 41 per cent。

“该公司仍处于长期增长的有利地位，”Chi 的 Thomas Cheever 表示，“即便如此，在过去 12 个月中，由于增长回归高增长区间，股价表现不佳。”

他指出，爱马仕在 2019 到 2020 期间实现了“异常强劲”的 8 per cent 同比复合年增长率。

截至 6 月底的三个月里，除中东以外的爱马仕市场均有所增长，中东地区的贸易受到了美国与亚洲冲突的影响。

该期间中东地区的销售额下降 2.4 per cent，但较第一季度（销售额下降 5.9 per cent）有所改善。亚洲地区该季度销售额增长 6.4 per cent，符合预期。

负责财务的执行副总裁 Eric du Halpault 表示，伊朗冲突导致集团上半年的销售增长率下降了 1.5 个百分点。

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14

SPRANGER, JONES

2024年7月30日 星期四

公司与市场

AI 投资者的集中风险不仅存在于股票中

Laura Cooper

市场洞察

股票市场的集中度风险已广为人知。S&P 500 中有超过 35% 的权重由受益于 AI 投资周期的权重股占据，导致仓位过于拥挤。

较少被关注的是，随着同一批 AI 投资机构在信贷、基础设施、房地产和股票领域展开布局，跨资产类别的持仓集中度也在上升。所谓的多元化，往往只是同一目标的多种表达方式。

原因何在？因为融资方式的演进与技术本身的迭代速度一样快。最初主要由内部现金流资助的资本支出，现已演变为横跨资产市场的大规模融资行动之一。

最近的行业估算认为，未来几年的 AI 建设规模将达到数万亿美元，其中包括前所未有的投资数据。

这种领先地位延伸至投资级和高收益信贷、杠杆贷款以及权益类资产，同时涵盖私募市场。据 JPR 代表称，预计仅 FC 市场就将提供 $26 的 AI 融资。

这意味着，超大规模云服务商 (hypercruiser) 在未来几年的 $7bn 60m 美国高等级市场中所占份额可能从目前的约 5% 增加到近 25%。

那么高收益债券的情况如何？根据该类别的研究，AI 和数据中心的发行量从几乎为零增加到目前水平，且在短短一年多时间内持续增长。这约占美国高收益指数的 15%。这意味着债券市场最大的借款人同时也是 AI 领域下注最重的投资者。

超大规模云服务商 (Hypercruisers) 今年已发行了超过 $220m 的债券，使其成为美国高等级发行量接近历史纪录的主要驱动力之一，并在过去一年中将其在投资级 (IG) 市场的份额大致翻了一番。尽管供应量激增，但需求依然强劲，导致发行收益率与基准收益率之间的利差通常能维持稳定，在某些情况下甚至有所收窄。

其吸引力显而易见。这些公司拥有坚固的资产负债表，杠杆率远低于市场平均水平，且经营现金流足以轻松覆盖其债务，即便在规模不断扩张的情况下。

这些部门在如此强大的财务实力基础上进入了投资周期。市场已经开始

债券市场交易日益被与其它资产类别相同的论点之押注所主导

然而，为了验证这一假设，根据彭博（Bloomberg）的数据，超大规模云服务商（Hyperscaler）的交易倍数从2月的接近 2 倍下降至 2 倍以下。

超大规模云服务商的债券在总回报和利差方面也开始低于更广泛的投资级（IG）市场。但这种需求表明，投资者在承保AI雄心壮志的同时，也同样在承保基本面。

投资者在购买一笔创纪录的 2018 年债券发行份额时，并非纯粹是对当下的资产负债表做出判断。

他们是在表达信心，认为AI基础设施的需求将在接下来的六次美国总统选举、四到五个利率周期，以及任何取代当前一代竞争硬件的产品中持续存在。

挑战在于，投资

极少因为资本变得不可获得而结束。它们在预期跑在现实前面时结束。

AI可能被证明具有变革性，但它不能保证每一美元的投入都能获得同样诱人的回报。AI回报的结构性短缺，或计算需求快于预期的正常化，可能不会触发违约。但对于一个已将此押注在核心地位的市场来说，令人惊讶的波动就足够了。

这些公司还取代了最大的本土银行，占据了投资级（IG）指数的顶端，而投资者重新配置资金带来的资金流则压缩了市场其余部分的利差。

由于二级公司债券市场在很大程度上已被洗劫一空，投资者转向初次发行以寻求增量利差，这加强了对超大规模云服务商债务的需求，并吸收了原本可能导致利差扩大的供应。AI押注正在强化AI押注。

到目前为止，目前的资本支出公告是在一个流动性充足的市场中发布的，且超大规模云服务商的资产负债表强度提供了缓冲。但这种缓冲现在将面临更大的压力。

对于投资者而言，这不在于避开AI主题，而在于面对其现实。这意味着需要更高的选择性，且相较于那些为执行自由而定价的现有企业，更倾向于能够服务于AI构建且有合同约定、能产生现金流的基础设施。

一家超大规模云服务商因为需求已经过于旺盛而取消了一场投资者路演。也许这与其说是关于发行人，不如说是关于市场。投资者可能认为自己拥有不同的资产，但他们实际上在承保同一个未来。

Laura Cooper 是路孚特（Reuters）信用研究主管及全球投资策略师

市场日报

标准一个查特 (Standard Chartered) 在削减后台成本的同时启动 $1bn 回购

ARJUN NEE, ALJM — 伦敦

标准一个查特宣布将进行 $1bn 的股票回购，且季度利润有所增长；与此同时，相关行动促使英国经纪合约专注于一项成本削减计划，旨在减少后台职位并加大 AI 的使用。

该行昨日表示，第二季度税前利润同比增长 2 per cent，至 $2.3bn，高于分析师共识预期的 $2.2bn。营业收入增长 3 per cent，至 $3.7bn，高于 $2.6bn 的预期。

NaseShare 将其年度营业收入增长指引从 5.7 per cent 范围的下限上调至中值，这在一定程度上是由更高的净利息收入驱动的。

“就市场份额和潜在的顶线趋势而言，我们认为这是一个非常优秀的季度，”在迭戈·德·乔治 (Diego De Giorgi) 离职后于 5 月接任首席财务官的 Manne Costello 表示。

他补充道：“我们对盈利结果非常满意，这为我们几个月前制定的三年计划提供了一个非常好的开端。”

NaseShare 表示，5 月份的盈利目标包括一项计划，拟削减约 8,000 个后台职位，因为该行将 AI 置于其战略中心。

其目标是在 2020 年实现超过 13 per cent 的有形权益回报率，并在 2050 年超过 19 per cent。

“我们正在投资于数据、数字化平台和 AI，以提高生产力并增强韧性”

在将每名员工的收入提高五分之一的同时，第二季度的有形权益回报率为 17.9 per cent。

此次裁员引发了剧烈反应，首席执行官比尔·温特斯 (Bill Winters) 调研后表示，这在某些情况下是“用我们投入的财务资本和投资资本来取代较低价值的资本”。

温特斯随后在给员工的电子邮件中采取了较为缓和的态度，并就其“用词选择”道歉。在本周给《金融时报》的一封信中，他强调 AI 将改变该行工作的性质。

他昨日表示：“技术正在重塑金融服务。我们正在投资于数据、数字化平台和 AI，以改善客户体验，提高生产力并增强韧性。”

他补充说，该行正在“简化组织，现代化基础设施并消除复杂性”。

作为增长支柱之一的财富管理业务收入增长了 €1 per cent，至 $2.3bn，低于预期。

该行表示，第二季度新增了 76,000 名财富管理客户，因为“入职速度保持不变”。

该行针对伊朗战争额外拨备了 $4bnm 的费用，使全年总额达到 $224mn。

在今年上半年执行了 $1.0bn 的回购后，该行再次启动 $1bn 的股票回购。

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2008 年 7 月 30 日，星期四

ENVIRONMENTAL TIMES

15

市场数据

世界市场概览

Global Lumber Fund (GSC)

Global Lumber Fund (GSC)

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Global Lumber Fund (GSC)

Global Lumber Fund (GSC)

Global Lumber Fund (GSC)

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Global Lumber Fund (GSC)

Global Lumber Fund (GSC)

Global Lumber Fund (GSC)

Global Lumber Fund (GSC)

Global Lumber Fund (GSC)

Global Lumber Fund (GSC)

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Global Lumber Fund (GSC)

Building 2006, Initial Change 4/16 in volume and up to 5% for other classes 建筑 2006，体积初始变更 4/16，其他类别最高可达 5%

建筑 2006，初始变化量为 4/16，其他类别最高达 5%

建筑 2006，初始变更量为 4/16，其他类别最高为 5%

建筑 2006，初始变化量为 4/16，其他类别最高为 5%

Building 2006, Initial Change 4/16 in volume and up to 5% for other classes[{"box_2d": [268, 998, 379, 998], "label": "caption", "

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2016年7月30日，星期四

金融时报

19

管理基金服务

| 基金 | 余额 | 其他 | 基金 | 日期 | 新建 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | 余额 | 其他 | 基金 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

Fundsmith 股票基金

Fundsmith LLP (12/06)

P.O. Box 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000

www.fundsmith.com

基金授权

基金 1.1.1

基金 1.1.1

基金 1.1.1

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Guinness Global Investors

经济增长指数

经济增长指数

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HPB Associates Ltd

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Janus Henderson

投资者

1. 2017年1月1日

2. 2017年1月1日

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Janus Henderson Investors

P.O. Box 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000

www.janushend.com.cn

基金授权

1. 2017年1月1日

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金融时报基金数据指南

1. 2017年1月1日

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下表由图像提供。

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Marvay 资产管理有限公司

受监管

M

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金融时报

2016年7月30日，星期四

艺术

拜罗伊特用 AI 将瓦格纳的《指环》变成了“劣质之作”

在音乐节的《莱茵的黄金》（Dan Rheingold）和《女武神》（Die Walbäre）中，演唱水平极高——但舞美设计却是一场灾难，作者：Shirley Aptheyr

这种情况是如何发生的？在一个名声显赫、底蕴深厚且地位崇高的歌剧节中，这样的东西是如何通过排演过程并最终呈演的？今年拜罗伊特的新版《指环》系列是一次独一无二的“实验”。未来的观众将免于此苦。他们真是幸运。

事实上，这确实有一个解释，某种程度上是这样。原计划是呈现瓦格纳的 10 部拜罗伊特作品，加上 Rinné，以纪念音乐节 120 周年。预算限制迫使方案重新考虑。这次周年纪念的《指环》因此成了一次 AI 实验。

由“策展人”Marcus Lobbes 负责，其理念是瓦格纳的深意可以通过代码来传达。在“Ring 10000101”中，没有舞台导演。相反，Lobbes 的团队包括一名戏剧构作，一名负责“艺术技术损坏”的雇员，另一名负责“数字化与 AI 叙事”的人员，以此类推。这个想法是！将大量早期拜罗伊特舞台设计和历史事件的图像输入到一个特殊程序中，但不与音乐同步，实时生成源源不断的衍生图像流。

你觉得这听起来很有趣？再想想吧——这不过是一个没完没了的幻灯片演示。歌手们由 Pia Maria Machetti 安排，穿着几乎相同的黑色服装，配有半透明的簇绒，站在一面单薄的幕布后呈静态直线排列，变形的图像就投影在幕布上。这违反了一个基本原则：如果你不能填满那个单薄的空间，观众会感到被挡在了表演者之外；幕布形成了一道真实的屏障。

音乐剧的魔力在于我们看到的会影响我们听到的，反之亦然。然而，这种无休止的图像洪流就像一个醉醺醺的叔叔在你试图看新闻时对着你的耳朵大吼大叫。这很遗憾，因为在音乐方面，实际情况已经好不过这样了。周一的《莱茵的黄金》和周二的《女武神》在落幕时引起了零星的喝彩，但这些很快就被对歌手和指挥 Christian Thielemann 狂热的掌声所掩盖。

这是理所应当的，Thielemann 的指挥华丽且细致；他的音乐意图从未令人产生怀疑。他的演员阵容更是极致的奢华。在《莱茵的黄金》中，Klaus Florian Vogt 展现了令人惊叹的逻辑：每一个字都清晰透明，这个角色极少能被赋予如此的光彩。他在《女武神》中同样是一位卓越的表演者，非常注重声音的纯粹美感。如果 Michael Volle 饰演的沃坦（Wotan）有时听起来有些嘈杂，那可能是舞台设置的结果——声音被直接引导到舞台上方而非面向观众。Elsa van den Heever 是一位顶尖的齐格琳德（Sieglinde），Camilla Nyland 为布伦希尔德（Brünnhilde）这个角色注入了非凡的温柔，Mika Kare 则成功地在饰演亨特（Hunting）时的威胁感与饰演 Fawth 时的脆弱感之间取得了平衡。音乐节的管弦乐团状态巅峰，许多乐器独奏部分演奏得如此优美，令人屏息。

然而，这还不够。由于歌手被挡在幕布后，管弦乐团隐藏在舞台下方，瓦格纳音乐中固有的身体感被剥夺了。人们无法了解这些角色是谁，更不用说猜测接下来会发生什么。究竟是谁认为一个巨大的投影幕布可以替代所有那些瓦格纳式的戏剧冲突？正如这类项目的惯例，节目单告诉我们观众可以对作品进行自己的解读。当然，你可以沉浸在一次又一次三秒钟的投影画面中，心想：“看，这就是‘策展人’的指环……那是 Kupfer……是的，就像维兰德·瓦格纳（Wieland Wagner）那样。”最终，这是一场毫无意义的知识性“打地鼠”游戏，没有任何洞见，且带来了极大的乏味感。或许最令人沮丧的是，你

图像的洪流就像一个醉醺醺的叔叔在你观看新闻时对着你的耳朵大吼大叫

在观看《丹·莱茵黄金》(Dan Rheingold) 五分钟后，你就知道接下来的 16 小时将毫无变化。这是没有发展的冗长。至少看油漆干透还有一个结果。★★☆☆☆

多年来，《里内》(Rinné) 积累了沉重的历史包袱。瓦格纳本人将其斥为“年轻时的罪过”，而这部作品后来被纳粹挪用，长期以来掩盖了作品本身。通过其记录式的朗诵和没完没了的弹幕，它非常清晰地展示了

瓦格纳是如何在前辈——迈耶贝尔 (Meyerbeer)、韦伯 (Weber)、马尔科利纳 (Marcoliner) 及其同辈地基之上，构建起他独特风格的。当然，瓦格纳更希望抹除这一过程的所有证据，并散布一种观念，即他是直接从音乐历史之顶端完整地蹦出来的。

在前卫的匈牙利二人组亚历山德拉·希曼斯基 (Alexandra Szymanski) 和马格列塔·帕迪特卡 (Maglietta Parditka) 身上，艺术节找到了一支能够确保以批判视角审视瓦格纳这部问题作的艺术团队。而这两位正是如此，他们将德国“导演剧场”传统中所有能想到的工具都倾注在了这部剧作中。

希曼斯基和帕迪特卡在未来的一个毫无特色的公寓楼中，讲述了一个关于威权民粹主义的故事。里内及其罗马对手通过社交媒体进行统治，每间公寓的大屏幕上显示着无尽的聊天记录和电视评论，每个人都盯着一模一样的智能手机。谋杀和屠杀如常发生；人们深陷于自己的信息茧房中，以至于无法察觉或不在意。

夜晚在一段复杂的

正文：拜罗伊特的《丹·莱茵黄金》；下方：加布里埃拉·谢勒 (Gabriela Scherer，左) 饰演艾琳 (Irene)，詹妮弗·霍洛威 (Jennifer Holloway) 饰演阿德里亚娜 (Adriana)，安德烈亚斯·舒格尔 (Andreas Schuger) 在《里内》中饰演标题主角

关于里内弟弟死亡的戏份中拉开序幕，这是原著背景故事的一部分。希曼斯基和帕迪特卡将这个兄弟呈现为一个病弱的孩子，强烈暗示他是里内与其妹艾琳之间不伦之恋的产物。随着歌剧的推进，兄妹关系演变为与阿德里亚娜（里内政治对手之子）的三角关系。在整个过程中，导演们在处理瓦格纳关于政治、权力与腐败的混乱故事时采取了自由发挥的方式。

任何当代德国版本的《里内》都必须面对这部歌剧在纳粹时期的余波。希特勒公开表达过对这部作品的钦佩，其序曲成为了纽伦堡集会的固定节目。难怪希曼斯基和帕迪特卡决心揭露其威权潜流，并将其与现状进行类比。遗憾的是，由于在几乎每一个转折点都颠覆了瓦格纳的文本，他们最终呈现的故事极其难以跟进，特别是考虑到拜罗伊特传统上缺乏字幕，且由于演员在六小时的马拉松式演出中竭力支撑，你几乎无法听懂歌词。

在演唱方面，必须赞赏饰演主角的安德烈亚斯·舒格尔；他似乎勇敢地冲击每一个高音，即使他错过了很多，也不是因为缺乏勇气或耐力。加布里埃拉·谢勒在饰演妹妹艾琳时表现得体，但当晚最出色的演唱来自詹妮弗·霍洛威，她为阿德里亚娜这一角色带来了深度和精湛的技巧。

除了更猛烈、且少于本新版本所包含的内容之外，《里内》还需要精简的戏剧构思和速度。娜塔莉·斯托茨曼 (Nathalie Stotzmann) 带领拜罗伊特管弦乐团呈现了一场不间断的辉煌之声，充满浓郁的色彩，但她没有提供太多的推进力。这一点，结合过度复杂的舞台设计，使得这次《里内》感觉像是一个漫长得化不开的夜晚。

★★★☆☆

《丹·莱茵黄金》于 8 月 12 日演出；《瓦尔贝亚》(Die Walbäre) 于 8 月 13 日演出；《里内》于 8 月 26 日演出。 bayreuther.fotogside.de

伦敦 梅费尔与切尔西 (MAYFAIR & CHELSEA)

www.peterharrington.co.uk

纽约 上东区 (UPPER EAST SIDE)

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2018 年 7 月 09 日，星期四

EDINAGUE. EDIES

21

金融时报深度阅读：大科技

TikTok背后的这家中国公司正将资源大量投入人工智能，但一些投资者和分析师认为这是一场巨大的赌博，因为他们质疑这项技术的繁荣是否具有可持续性。

作者：Zijing Wu 和 Eleanor Okott

字节跳动的主导计划

2025年夏天，在中国市中心一座改造的砖砌仓库内，字节跳动的一批员工正在执行一项秘密任务。

该项目在当时还没有正式名称，工程师们仅知道自己属于“AI创新”部门。他们的首项任务是为这家中国公司构建一个拥有 2,000 个操作节点的AI聊天机器人，以抗衡OpenAI的ChatGPT。

字节跳动曾凭借令人上瘾的短视频应用抖音（随后在海外市场成为TikTok）打破过全球科技巨头的垄断。

“上海团队花了两个月时间构建了一个原型聊天机器人，利用了庞大的计算资源和构建消费者应用程序的经验。最终，该原型成为了‘豆包’（Douhao）。两年后，豆包成为中国最受欢迎的AI应用，月活跃用户达到 32 小时（注：原文为32-hour monthly users）。它现在如此普及，以至于对于一些中国消费者来说，‘豆包’这个词已经成为了AI本身的代名词。”

然而，字节跳动创始人张一铭的野心不止于此。除了设计面向消费者的应用，张一铭还希望字节跳动能成为中国在AI所有领域领先的公司——从前沿模型、视频生成到云基础设施和定制芯片，也就是英伟达（Nvidia）创始人黄仁勋（Jennie Huang）后来所称的“五层AI蛋糕”的组成部分。

在过去的三年里，字节跳动在AI方面的投入之巨前所未有。与其他中国科技巨头一样，它一直在扩建数据中心网络并聘请研究人员。它加大了对云业务单元“火山引擎”的投入，向企业销售AI解决方案，并利用其模型中介强化了视频生成能力。该公司还拥有开发定制AI数据的野心。

投资者对中国在AI领域的渗透持有更广泛且深层的乐观态度，尤其是随着最新的模型以及数千家相关企业的初次公开募股，以及内存芯片制造商的加入。中国在二级市场的份额已上升至 $500bn，比去年增长了 50 per cent。

但投资者和分析师表示，在人们质疑AI巨额开支的当下，字节跳动采取了一种极其激进且具有赌博性质的方式。由于担心供应过剩和AI繁荣的可持续性，半导体股票在最近几周大幅下跌。

作为TikTok的母公司，字节跳动长期以来一直将自己视为一家社交媒体公司，通过一个优化网络的平台将消费者的注意力转化为广告商的收益。其去年 $100bn 年度收入的大部分来自广告，虽然来自消费者的部分在增长，但占比仍然较小。

过去偏离核心业务的尝试并非总是成功，包括此前涉足游戏和教育技术。尽管如此，字节跳动目前正将资金倾注于AI基础设施、硬件和软件，并筹集资金以扩张到城市等新领域。

“久而久之，字节跳动看起来将不再像一家社交媒体公司，而更像一家拥有大规模消费者分发能力的AI平台公司，”咨询公司Evernote的分析师Charlie Jha表示。

除了资本支出外，还存在其他考虑因素。与其他在高度竞争市场中运作的大型科技公司（包括阿里巴巴、腾讯、Meta和谷歌）一样，字节跳动在留住顶尖人才方面也面临挑战。它还必须在商业化和前沿研究这两个优先事项之间取得平衡。

“字节跳动现在几乎把赚到的每一分钱都花在AI上，因为这是下一个风口，他们承担不起被抛在脑后的代价。”一位要求匿名的公司早期投资者表示，“这是一次巨大的豪赌。”

现代之始

在最初的每一天里，字节跳动由十几名员工组成，他们挤在北京市的一套小公寓里，空间狭小到 12 他们几乎触碰在一起。

在客厅里与团队共用一张发光的桌子，张写下了：随后演变为字节跳动的第一行代码，是一系列微分析用户行为并精准预测其真实兴趣的成功算法，使他们对应用程序产生依赖。张选择将总部设在公寓中，因为北京的办公室

“字节跳动现在几乎将赚到的每一美元都投入到 AI 中，因为这是下一个大趋势，他们不能承受被抛在脑后的代价。这是一场豪赌”

抖音和 TikTok 的持续流行让字节跳动能够在其他互联网服务中接触消费者。它成为了中国最赚钱的科技公司之一，在 2025 年超过了阿里巴巴和腾讯。

张成为了中国最富有的人之一，财富超过 $100m，在此过程中他将团队迁入了更豪华、更大的办公大楼。但在搬迁的同时，他继续带领团队抵御“大公司病”，即官僚主义和政治内斗。

“字节跳动曾经拥有且现在依然拥有很强的‘执行者’心态——你的工作应该为你代言，”一名资深员工说道。

随着 OpenAI 的 ChatGPT 在 2022 年末发布，张决定字节跳动需要构建自己版本的消费者 AI 聊天机器人，并将此任务交给上海部门。这是其长期 AI 战略的第一块基石。

为了争取用户，该部门增加了语音功能，使不会打字的孩子和老年人仍能与聊天机器人互动，并可能感觉像是在与朋友交谈。

为了给其虚拟形象寻找一个声音，豆包的工程师们筛选了 100 多个声音

字节跳动的豆包是中国最受欢迎的AI应用

中国月活跃用户，2024年6月（第2），按应用及公司划分

来源：字节跳动，2018。 摄影：Yuxin, 2018。 Photodisc: Yuxin, 2018。 Photodisc: Yuxin, 2018。 Photodisc: Yuxin, 2018。 Photodisc: Yuxin, 2018。 Photodisc: Yuxin, 2018。 Photodisc: Yuxin, 2018。

从男女样本中进行抽样并进行了为期一个月 的测试。他们发现年轻女性的声音能够带动这个盒子，从而产生了与豆包app同义的卡通风格礼品。

一位参与训练豆包的人员表示，他们希望将其塑造为一个“温柔且更多”的角色。“我们发现人们不想与一个过于权威的声音进行互动，”他们说。

这款聊天机器人迅速受到用户的欢迎，成为了市场领导者。“在我们的家庭中，豆包几乎成了AI的代名词，”来自上海的37岁电气工程师Jennie Jha表示。“我们用豆包代替了之前的旧工具，无论他有什么问题；我七十多岁的父母几乎所有事情都用豆包——从计划长途旅行到询问身体不适时该怎么办。”

为了在初步成功的基础上进一步发展，密切关注最新学术论文和趋势的张（Zhang）在2024年初决定，据知情人士透露，字节跳动致力于加强其研究运营并提高其模型训练能力。

这反过来将有助于改进豆包app，通过训练模型在减少计算资源使用的同时提供更高的智能。

当时，字节跳动确实有一个AI研究团队，但其规模远小于阿里巴巴和诺基亚（Nokia），且被认为处于公司的边缘地位。

字节跳动制定了一项计划，购买更多英伟达（Nvidia）显卡用于AI训练，而张则亲自接洽招聘代理以吸引顶尖研究人才。

随着DeepSeek在2022年AI项目期间推出其开源推理模型，张的决心更加坚定——这证明了对AI研究的单一专注可以带来能够被打包成产品的突破。

“DeepSeek 超过了：豆包几乎一夜之间在技能活跃用户上被反超，”一名原豆包工程师说。“我们与中国团队一起打造了훌륭的产品和精美的用户界面。而DeepSeek只有一个简单的网页。这令我们感到沮丧并敲响了警钟：无论你的产品外观多么出色，底层模型决定了它实际上有多聪明。”

字节跳动迅速采取行动，在2022年2月聘请了来自谷歌（Google）和DeepSeek的高级科学家吴永海（Wu Yonghai）来领导其基础模型团队。

我们将其核心团队扩大到目前的 2,000 人规模——这是中国最大的AI实验室之一——部分成员位于新加坡和加利福尼亚州，但大部分在中国。该团队包括核心研究员、基础设施工程师、数据处理团队和翻译。

“字节跳动不仅在中国，而且在硅谷也在积极招聘，”一名接近其旧金山团队的人士表示。

留住这些专家可能是一项挑战。据知情人士透露，当字节跳动的一位高级工程师在接受阿里巴巴面试时，他们几乎立即安排了该工程师与张之间的通话，并在第二天就拿到了录用通知（offer）。

虽然字节跳动在前端团队中拥有内部人士所称的“高人才密度”，但仍有高级研究员离职创办初创公司、加入快速增长的AI实验室或跳槽至腾讯——后者在激烈的竞争之年结束。

一位前短暂成员表示，腾讯在较小的团队中提供了更多的责任，而字节-

跳动已经成长得如此庞大，研究职能重叠，导致在获取项目所有权方面竞争过于激烈。

包括Meta和谷歌在内的美国科技公司已转向数据便捷的Authangle和OpenAI，因为研究员和工程师在快速发展的初创公司中可以完成更具影响力的工作，同时能获得股票。

张在 2022, 年卸任字节跳动 CEO，但仍深度参与公司的战略，尤其是在人工智能（AI）领域。据多位前任和现任员工称，他个人投入大量时间与顶尖团队共事，并与工程师们进行深入讨论。“他很谦逊，且问题令人震惊，”其中一人说道。

志在云端

字节跳动 AI 战略中最具野心的部分，是通过火山引擎向公司和组织销售 AI 解决方案。字节跳动此前曾尝试推出面向企业的业务，其中最显著的是其内部沟通协作工具 Lark。但该业务尚未达到其消费级应用目前的规模。

成立于 2020 年，字节跳动的云业务部门火山引擎是一个新进入者

创始人张一鸣。该公司的 LLM（大语言模型）无处不在，以至于“豆包”在许多中国人心中已成为 AI 的代名词。下方是一位上海女性，她在使用 TikTok，这款应用使该集团能够进入消费端和其他互联网服务领域

Yuxin, 2018. Photodisc: Yuxin, 2018. Photodisc: Yuxin, 2018. Photodisc: Yuxin, 2018.

字节跳动一直在降低价格以获取市场份额，但对于那些并非仅受价格驱动的大型企业来说，这一策略并不奏效。

“字节跳动一直在降低价格以获取市场份额，但对于那些并非仅受价格驱动的大型企业来说，这一策略并不奏效。”

但 Zha 表示，接下来的用户将把所有其他环节联系在一起。 数据可视化由 Haifengli & 制作

在一个已经饱和的市场中，腾讯、百度、华为和阿里巴巴都提供商业服务，此外还有像中国移动这样拥有自有云公司的企业。字节跳动通过对其一系列产品和模型采取极其激进的定价策略来获取市场份额。

最具竞争力的产品是 business 2.0，该公司将其推向广告代理商、媒体集团和 AI 内容创作者。该产品因其在复杂训练下生成的高质量镜头以及易于使用的编辑功能而受到用户称赞。

在视频生成领域，字节跳动面临来自阿里巴巴以及另一家中国短视频公司快手的 Kling 的竞争。但分析师表示，该公司拥有其他公司难以复制的优势。

训练视频 AI 模型需要大量的高质量素材，而字节跳动通过拥有 TikTok 等短视频应用，拥有极其丰富的此类数据。与文本不同，短视频内容无法轻易大规模抓取。这使得竞争对手难以追赶。

据知情人士透露，向媒体公司销售该商业模型占据了火山引擎总收入的很大一部分。

根据市场调研公司 IDC 的数据，尽管在云领域相对缺乏经验，但字节跳动已成为中国第二大 AI 基础设施和软件提供商。在 2015 年总计 $100 的中国 AI 云服务收入中，字节跳动占据了 16 %，仅次于阿里巴巴。然而，火山引擎在中国整体云市场的份额仅为 1 %。

火山引擎相对于其他中国云提供商的一个关键优势在于其扩展收入的能力，能够利用字节跳动在 100 多个国家运营成功的经验，这些经验积累自大十年之久。

例如，字节跳动拥有一支专门团队，与数据中心运营商合作在马来西亚、新加坡、巴西、爱尔兰和挪威建设新设施。据了解相关数据的人士称，这样做不仅是为了支持字节跳动在当地的业务，也是为了向当地客户提供云和模型服务。

然而，一些人质疑字节跳动能否将其云销售扩展到其最熟悉的领域（如媒体）之外。分析师表示，在金融和科技领域，阿里巴巴仍占据上风。字节跳动的模型在 AI 编程方面尚未落后——鉴于企业对编程工具的爆棚需求，这是该公司优先改进的领域。

“与AI-Cloud相比，字节跳动并不具备那么深厚的行业知识，后者在超过 15 年的时间里为广泛的企业客户提供服务，”投资银行 Jefferies 的中国科技研究主管 Aileen Lee 表示。“字节跳动一直在通过降低价格来获取市场份额，但这种策略对于那些并不单纯受价格驱动的大型企业并不奏效。”

所有中国 AI 公司的另一个瓶颈是国内缺乏先进的计算能力。

豆包的受欢迎程度证明了潜在的需求。但这款 AI 应用拥有的用户越多，需要的计算能力就越多，而由于美国的出口管制，这种扩张在中国正变得日益艰难。豆包的每日 token 消耗量已达到约 1.2 亿，在全球消费级 AI 应用中处于最高水平之列。

行业人士表示，就原始计算能力而言，字节跳动是中国宣传力度最大的科技巨头，它在所有国内基于推理芯片的方法中，都是英伟达（Nvidia）芯片的早期且激进的购买者。

分析师 Pee Zhao 表示，该公司正在采取一种“组合策略”，寻求来自中国国内和海外多个来源的多元化 AI 芯片。在马来西亚和新加坡快速增长的数据中心网络中，字节跳动是一个领先的租户。它同时也在设计用于内部推理工作负载的自有 AI 芯片。

字节跳动的这种转型能否成功，最终可能取决于它是否能获得足够的训练资源以规避美国的出口管制，而这些管制可能会进一步收紧，使局面更加复杂。

“那是制约所有其他因素的限制条件，”Zhao 说道。 数据可视化：Haifengli &

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22

金融时报

2024 年 7 月 30 日，星期四

金融时报观点

金融时报 (FINANCIAL TIMES)

‘无畏无惧，公正无私’ (Without fear and without favour)

Niccolodgerson

社会护理改革是对英国政治的一次考验

修复英格兰破损体制的努力必须回答一个问题：谁来买单？

英格兰的一个社会护理皇家委员会将其 1999-00 移交，因为该体制已到了无法衡量且“无所作为不再是一个选项”的地步。然而 27 年来，对话集一直成为了常态。自托尼·布莱尔以来的每位首相都承诺解决在为就业年龄段残疾成年人、体弱者和老年人提供护理与支持方面日益增加的问题，但提供充足资金的政治成本被证明过高。最新的承诺是，安迪·伯纳姆 (Andy Burnham) 正地承诺投入相当大的政治资本来理顺社会护理。他能否成功，将在很大程度上决定英国政治家交付初步“需求”的能力。

一个核心问题是“护理抽奖”。在英格兰，一名癌症患者可以通过 NHS 获得免费的国家资助医疗，无论其财富状况如何。但一个需要长期社会护理的失能者，如果其资产超过 £25,250，则必须自行承担大部分费用。这类费用可能高达 £100,000，这意味着通常需要变卖家庭资产，这使得正确地设定这种机制常被称作“不公平的或美国式的医疗保健”。与此同时，负责提供社会护理的地方当局在更高层级的重新寻找中，陷入了一个漫长且碎片化的供应商市场——导致了员工招聘和留任问题，以及质量上的巨大差异。

在 2009 年的健康安全中，安迪·伯纳姆试图建立一个与 NHS 类似形式的国家护理服务 (National Care Service)，但由于反对党将其通过对地产征税来筹资的计划定义为“健康税”，最终失败。我们现在恢复了 NCIS 数据，但这肯定必须分阶段进行。第一阶段可以借鉴 2013 Billion 专家影响，对个人承担的护理成本设立终身上限，并提高要求其付费的资产门槛。重要的是，设定成本上限将创造一种可保险的风险，消费者可以据此购买私人保险，甚至在生命周期内完成资金筹集。但 £60m 留给政府去构建这个想法，而一个 £84,000 的成本上限和 £100,000 的资产门槛——这是鲍里斯·约翰逊试图引入的——在 1970 年代中期可能无法产生良好的影响。资本损失也无法稳定护理供应商并提高准入能力，而这每年可能花费数百亿。

最终的方案将由 Business's state Carex 的最新审查决定，安迪·伯纳姆已将其结论提前至 2027 年，其中几点非常明确。首先，改革社会护理应能够使福利体系中的某些环节发挥作用，部分成本可以从 NHS 中回收，因为后者不再需要接纳那些本应进入护理系统的人。但这些可能不足以覆盖成本，需要从其他地方寻找额外收入。然而，由于总税负已处于 70 年来最高水平，进一步提高税率仍将损害经济——使政府的融资法案复杂化。

公众还需要在承担任何额外征税的必要性方面得到大量说服。护理计划将引发一场关于谁应该接受护理、家庭与国家的角色以及如何维持关于谁来买单（就业年龄人口还是退休人员）的“全国性对话”。

最后，跨党派合作有助于寻找解决方案并修复英国社会政党真实的金色形象。大多数政治现实表明，英国的 2,000 或 166 个席位多数在理论上给了安迪·伯纳姆足够的行动空间。但由于议程上还有太多其他事项，新首相必须展现出大胆选择、精准权衡和党内管理的能力，而遗憾的是，他的前任未能做到这一点。

观点经济学

英国在多大程度上易受“第二次中国冲击”的影响？

Soumaya & Keynes

一家（中国）商品出口年份及其进口量在下滑，其最大的贸易伙伴反应各异。美国人采取的是一种“不是我们的问题”的态度，同时在（重建）他们的关税壁垒。国际贸易中心（ITC）正焦虑地考虑我们的贸易壁垒，但在细节上难以达成一致。那么像英国这样的小型经济体该如何应对？在“中国冲击 2.0”袭来时，削减这个小岛的规则，让廉价商品涌入。

支持英国人的最基本论点是，社会意识到生活成本的问题，并接纳中国的投资权重。在过去的几年里，英国商品价格上涨了 2.4 %。高盛的 Peter 估计，中国贸易的影响防止了价格进一步上涨 3.8 个百分点。谁

制造商们似乎对高昂能源成本的抱怨多于对中国竞争的担忧

并不想要一辆廉价的电动汽车或巴士来协助整体规划。其他论点包括声称“制造员工”是对英国经济认同的长期成本，而且尽管英国仍是一个贸易国家，但其专长在于专业服务。早年 2000 年代初的第一次中国冲击关闭了经济输出，而如今，受到进口竞争冲击的制造业工人则较少。

除了少数钢材、自行车和陶瓷盘产品制造商的可能性之外，企业似乎并未在哀悼一波接一波不计成本的中国竞争。当政府在 7 月初针对贸易钢材建立壁垒时，进口商确实向公路提出了投诉；由于高昂的能源和劳动力成本，英国被迫专注于更复杂、定制化的生产，因此并没有那么脆弱。

至于谨慎的论点。即使你不赞同首相 安迪·伯纳姆 认为重新工业化能带来财富，但在政府冲突的时代，完全放弃制造业似乎是冒险的。虽然中国在英国进口中的份额增长以及英国在中国进口中份额的萎缩可能是完全健康的，但

这也可能为依赖和经济胁迫铺平道路。

将英国与其他主要经济体进行比较，它似乎对中国竞争的暴露较少。基于 美联储 收集的商品贸易相似性数据，英国的进口构成与中国的出口组合之相似度，低于欧盟或美国。由于其出口与中国的出口市场、欧盟、美国或日本的出口市场相竞争，英国在第三方市场似乎也相对安全。

即便如此，在考虑中国市场本身时，英国的商品出口似乎处于一个日益艰难的境地。鉴于英国出口与中国进口的相对差异，中国似乎并不想要英国愿意提供的产品组合。（加拿大）和美国在这项指标上表现更好，这得益于它们的能源销售。）自 2019 年以来，这种最小化趋势随着欧盟和日本而增长。

转向更细颗粒度的贸易流，英国政府对使制造业易受干扰的依赖感保持警惕。在最近的一次议会听证会上，时任贸易大臣克里斯·布赖恩特博士分享道， 2018 年有 2,000 种来自中国的商品，其中 3,280 种有较低的替代供应商，且 15, 种及 911 种是“对英国至关重要”的，集中在化学品、制成品和机械领域。

尽管如此，英国制造商似乎更渴望抱怨昂贵的能源，而不是抱怨中国的竞争。在同一场听证会上，布赖恩特指出，英国企业并不特别以参与请求新产品的环节而闻名。这部分可能是因为总部位于英国的制造商不愿承担被报复的风险，因为目前这个市场既提供进口，又交付国际销售。

到目前为止，英国政府的战略一直是在部署贸易细节，监控与英国（中国贸易关系）相关的风险，并寻求回报。例如，它没有像欧盟那样对中国汽车采取相同的壁垒，允许绿色产品快速进口。在布赖恩特会议后的几天里，该团队会见了中国商务部长王文涛，承诺对涵盖服务的贸易协定进行联合可行性研究。

短期内，对这种方法最大的威胁可能并非来自中国过度扩张其主导地位，或以其强势压倒英国制造商。相反，它可能来自欧盟，认为其制造商在其中一个最重要的市场中缺乏竞争力。一种随意的态度可能是没问题的——直到其中一个较大的贸易强国决定他们不喜欢这样。

suanaya.beyeng@Lew

读者来信

前尼日尔领导人之子呼吁将其释放

2,000天以来，我们的父亲——前尼日尔总统穆罕默德·班南（Mohamed Bannam）以及母亲科德巴（Khodba），没有见过一张熟悉的脸孔，没有听到一个熟悉的声音，也没有收到过一次探视（“尼日尔在工作中的角色”被宣布为非法）。见《深度阅读》（The Big Read），2022年7月8日；“纳雷姆在印度推翻尼日尔政权后作为旧政权人质而增长”。报告，2023年8月15日；以及“非洲的情况如同尼日尔制裁，但未能释放前领导人”。报告，2024年2月27日。

他们被2023年7月26日发起尼日尔军事政变的士兵囚禁为人质。

三年来，我们父母的命运始终没有改变：处于完全社会隔离的状态。近年来，其他非洲国家也经历了政变。但没有任何一个地方将被推翻的领导人像敌方人质一样对待。

在马里和布基纳法索，他们很快地恢复了生活。在几内亚、几内亚比绍和马达加斯加，被推翻的领导人们现在失去了随从和现金。在所有这些地方，通过武力夺权的人至少承认了被他们推翻者的基本人权。所有地方都是如此，

唯独在尼日尔，三年后的今天，我们的父母仍然生活在残酷的压迫之下。

在政变发生后不久，他们被剥夺了41天的自来水供应和90天的电力供应。今年4月2日标志着我们的父亲在法律上结束了总统任期。在那个日期之后，根据法律，他不过是一名普通公民。无论政变领导者援引何种理由来扣押他及其家人。我们曾希望，或许这个千年之交能结束他的苦难。但事实并非如此。

国际社会的很大一部分对此表现得漠不关心，仿佛忘记了这涉及一位追求原则且高效治理的民主盟友总统。

我们向尼日尔人民、非洲领导人、联合国秘书长——以及致力于纯洁的继任委员会——发出紧急呼吁，请迅速采取行动释放我们的父母，并结束这场绝不能被允许继续下去的苦难。

卢卡（Lucca）、朱齐亚（Juzia）、明达（Minda）、哈姆扎（Hamza）和萨利姆·班南（Salem Bannam）

为什么生育率下降曾经是助力，现在却成了危机？

令人不解的是，杰米玛·基巴（Jemima Kibba）以及许多其他对此毫无见地的记者，将未来几十年人口增长率的下降描述为一场“危机”（《尼日尔诡异的婴儿狂热无法解决生育危机》，评论，7月27日）。

这场所谓的危机据推测是指人口结构的预测：根据国会预算办公室的数据，每65岁以上老人对应的劳动年龄人口比例（2.0至4.0）将从目前的2.7下降到2006年的2.2。

根据任何计算，这意味着在该时间范围内，生产力必须提高约25%，才能将平衡维持在当前水平，这意味着年生产力增长率约为0.68%。这似乎是非常容易实现的，特别是考虑到通过增加42 am而预期的显著提升。

我出生在一个人们平均拥有比今天多出

“我知道你无法分享他人的影响”——中产阶级的代价。

三倍空间的世界上。我们应该关注人口时间表。我们会将人口增长率的下降视为助力，而非危机。

奥利弗·卡德特（Oliver Cadett）

英国，格拉斯哥

虚假会议无法治愈我们的生产力之痛

我读到了来自日内瓦国家卫生与人类服务局 (NHS) 在 7 月 27 日发布的消息，关于员工如何通过伪造会议来在繁忙的工作日程中挤出时间进行实际工作。

关于这一点，我想引起人们关注由生产力专家 David Allen 提出的关于我们工作性质的观点。我们经常看到，当人们追求更高效的工作时，往往忘记了在知识经济中，协作与厘清需求本身就是工作的一部分，与专注时间同样重要。我的第二个想法是，为什么世界必须由会议组成！为什么不简单地在日程中为生产力预留出时间？

我们并不总是需要立即响应对他人的每一项要求。当我们在日历中为重要事项留出空间时，人们会开始尊重我们的时间，现在也会开始为他们自己这样做。

Luke Appleton

Plagiaries, Iowa, UK

一位读者对现代主义杰作的回忆

我非常赞同上周末《金融时报》新闻中关于马塞尔·普鲁斯特的文章，发表于 2023 年 7 月 27 日的 1950 年代“生活、生活与生活”专栏。

首先读到的是他简化了图像，这位法国作者的杂志最初翻译为《追忆似水年华》（Amendment of Things），但现在被呈现为 hành di 文本。60 多年前，在我二十多岁时，我读过一个老版本（由英国东部出版，品相完好）。

Mancroft 版带有 Philippe Jollien 令人愉悦的插图。

那套 Chetna N'Malou 版本共有 12 卷，非常庄重，并配有一本读者手册。

我最后一次阅读普鲁斯特是在 2018 年，当时我听了由 Keith Jones 录制的极佳的音频版本。我不确定自己是否还有精力，或者确实还有时间去重新阅读这本书？对我来说，生命已经过去了一年多，但我甚至不比一年多多出一丁点。但我甚至不比一年多多出一丁点。但我甚至不比一年多多出一丁点。但我甚至不比一年多多出一丁点。但我甚至不比一年多多出一丁点。但我甚至不比一年多多出一丁点。但我甚至不比一年多多出一丁点。但我甚至不比一年多多出一丁点。但我甚至不比一年多多出一丁点。但我甚至不比一年多多出一丁点。

Tim Sisson

London SW1, UK

前瞻 (OUTLOOK)

首尔 (SEOUL)

韩国“多巴胺应用”的快感

作者：Song Jung-a

对于预算有限的韩国年轻人来说，在网上购物的快感，现在要求他们打开在线“多巴胺网站”——即虚构的购物和外卖平台——在这种仪式中购买东西，而无需涉及任何实际支付或配送。

在尝试外卖应用FoodNever.hrives之前，我以为这个最新的互联网噱头仅仅是个把戏。但这次体验出乎意料地令人信服。就像真实的配送应用一样，它允许用户浏览菜单、阅读评论、填充购物车、输入地址、填写电子邮件，并向虚拟计数器发送货车。关键在于，没有任何东西会送达，也没有资金流动。相反，该应用会告诉用户，由于没有下真实的订单，他们“消耗”了多少卡路里。

Jorge Park是一名1, 2岁（注：原文如此）的大学生，她表示这个想法源于她发现自己晚上经常打开外卖应用。她说，点外卖的想法让她在一个月内花费了超过8000（韩元/单位）。“很多年以来，我真正想要的只是下单的那种感觉，”她说。“一旦我满足了那种冲动，食物是否‘被消耗’或送达就无关紧要了。”

只要你不是太饿，她说得没错。浏览炸鸡、比萨和寿司的照片并下单而无需担心账单，确实有一种奇怪的满足感。

畅销书《Doral Knee系列》的作者将多巴胺应用比作“吃播”（mukbang），在这种体验中，人们通过在网上观看他人享用精致大餐来获得虚拟的食物满足感，而不是自己消费。她认为，这些应用是更广泛的“虚拟消费经济”的一部分，人们通过这种方式寻求短暂的在线情感奖励，而无需承担长期后果。

这不仅仅限于外卖应用。还有其他提供虚拟消费的应用。Sips提供一种虚拟购物体验，让用户在其中购买包括小型设备、输出产品和“长寿袋”在内的各种商品。

另一个应用则提供虚拟的“抽烟时间”。用户可以选择几个虚拟地点之一，开启环境音，并花几分钟时间抽一支烟——而这时其他匿名用户会留下关于工作、学校或单纯是无聊的简短信息。因为除了等待香烟“烧完”之外没什么可做的，这种体验感觉就像是一次严格的冥想。

FoodNever.hrives有英文版本。但目前，这主要是一次国内趋势。这些数据既反映了韩国高度数字化的文化，也反映了日益增长的人类体验。而虚拟消费者们则面临现实：青年失业率平均为7.2%，且在本季度有所增加，为四年来的最高季度水平；而6月份消费者通胀率加速至1.2%，为两年半以来的最高点。面对生活成本上升、房价昂贵和不确定的就业市场，许多人正在寻找廉价的减压方式。

“经济指标显示出强劲增长，尤其是在半导体领域，但许多消费者感觉不到经济在改善，”Joss说。“韩国年轻人不敢进行大宗购买，正在寻找替代方案来满足那种冲动。”她认为，压力源于一个特别耗时且耗能的社会。这些年轻人通过数字想象力寻找慰藉，因为社会不允许他们获得平静，而这种方式不需要太多金钱或社交互动。

集中器（Concentrators）正告知用户要思考其成功。这些应用程序和网站通常隐藏关于其运营者或如何处理个人信息的信息，尽管 Park 表示她的服务器上并未将其删除。心理学家 Minang 一直在反对过度饮食的趋势，但他承认这些网站反映了年轻韩国人的挫败感，他们日益觉得社会流动性正变得遥不可及。

“许多年轻人对未来没有希望或期待，”他说。“他们正试图以自己的方式寻找快乐或获取一些多巴胺。”

Jung-a.mag@ft.com

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Thursday 09 July 2018

SPRANGUS: JONES

23

观点

沙特阿拉伯注定仍将依赖美国

Emile Hokayem

当加拿大总理马克·凯里（Mark Carey）本月早些时候访问沙特阿拉伯时，他在与沙特王储兼首相的交流中，必然思考了在美方超级决定论时代，中等强国所处的境地。对于加拿大而言，基于贸易、人文和文化接近性以及部分共同价值观和命运的关系，如今正受到特朗普政府掠夺性言论的威胁。对于沙特阿拉伯而言，建立在安全和参与之上的价值观，现在与该地区领先的全球行为相当。在被建议反对美国与伊朗的战争期间，利雅得和其他海湾国家现在必须面对其决定性的后果。他们不情愿地接受，战争、经济胁迫和外交的循环将主导未来数年的国际与政府行为。沙特阿拉伯一直处于一个相对的环境中，而其他地方则在经历破坏性的战争。其官员们会毫不掩饰地谴责伊朗，抵御残酷的影响力以寻求接纳，并防止在冲突中建立营地。2018年，根据国际货币基金组织（IMF）的数据，沙特经济仍受 1.7% 的影响。当然，这在压力之下意味着情况不会恶化——这在中东是一个大胆的假设。利雅得的官员们此前认为，通过权力而非通过一场新的大火，他们现在恐惧地看着美国和伊朗陷入新的 brinkmanship（边缘政策）。一份极其模棱两可的谅解备忘录集中在重新开放最关键和最不关键的核进程。对于海湾国家来说，德黑兰数月来的记录、驱动力和伙伴民兵并非首要威胁，直到美国被促使其进入清晰的财务状态。核计划在他们的清单上较低。即便如此，沙特阿拉伯仍然欣喜地认为，基于有缺陷基础的谈判总比一场糟糕战争的延续要好。它甚至提出了与伊朗签署互不侵犯协定的想法。

德黑兰并未对海湾国家的反转做出积极回应，因为它希望在任何正式谈判前保留其战略。其目标是加速美国的崩溃，并更好地告知其地区竞争对手屈服。但

特朗普的爆发表明，以色列的影响力可以遏制王国的野心

伊朗预计将与美国及以色列军队经历更多轮的战争。沙特阿拉伯及其伙伴在进一步的局势中能做的非常少——即等待交战双方精疲力竭，并努力避免一项损害利雅得利益的有缺陷的和解。事实上，唐纳德·特朗普似乎愿意让海湾国家为其自身的失败买单（有时是字面意义上的支付）。即便如此，沙特官员也未预料到特朗普最新的出招。经过多年的谈判，美国与该王国终于达成了一项具有里程碑意义的核能协议，该协议将允许在沙特领土上进行非自由化运作。一天后，特朗普在社交媒体上提出了一个新条件：该王国必须将与以色列的关系正常化。沙特官员将伊朗（的反应）斥为典型的特朗普式低劣行为。利雅得认为《亚伯拉罕协议》不适应当前情况，并坚持要求在巴勒斯坦建国方面采取具体步骤。沙特阿拉伯与许多中东国家一样，不想生活在一个 10-hacked 的以色列主导的地区心态中。美国总统的爆发表明，以色列的影响力可以遏制，甚至凌驾于沙特的野心之上。在扩散问题上，关于美以核协议存在正当理由，但以色列外交称其为不诚实的核武装以色列国民，未能意识到这使得核武装伊朗的可能性增加，同时致力于防止沙特阿拉伯获得核技术的所有组成部分。它还允许在这样的苗圃中发布问题，并定位美国的生物伙伴关系。

这一切都发生在沙特与南方的战争（在某些文献中）在经历了四年脆弱的停火后重新点燃之际。在 2018 和 2022 年成功干扰红海海运交通后，受益方在 3 月份号召加入战争，并在此期间重建了其军事能力，从而形成了用金钱和事实上的承认来勒索该王国的机会。受益方现在正在升级攻势，目标直指能源设施和船只。他们的终极武器是切断利雅得的链路，这将封锁利雅得至关重要的体育领域。

两周前，华盛顿已追踪到美国在对该王国的某些角色中，主要由精密武器组成。如果战争重启，利雅得可能会要求并获得美国的情报、目标支持以及国际安全之外的精密支持。这就是那些在冲突的残酷现实降临之前，试图在无保险状态下规划的中等强国的命运——最终不得不向他们并不信任的赞助人求助。

作者是国际战略研究所（International Institute for Strategic Studies）的区域安全主管

如何使北海钻探与净零目标相兼容

Myiss Allen

我看到美国总统唐纳德·特朗普与议会广场的抗议者在一起，看来每个人都想就北海石油和天然气生产问题向新首相安迪·布拉德肖（Andy Bradshaw）发表意见，但没有人问要如何才能让新的开采项目得以进行。我不确定该国的长期（智能目标，权力很简单）是否会对石油和天然气行业提出要求，以阻止其销售的产品导致全球变暖。政府应对所产生的二氧化碳负责。

尽管北海的 Justice 和 Rosebank 项目已经获得批准，但在最高法院最近裁定许可决定必须考虑其对全球排放影响之后，它们仍处于法律限制之内。这些公司声称，他们的燃料要么会抵消液化天然气（LNG）的影响，要么会在国际市场上销售，从而使该影响为零。但在石油和天然气供应如此紧张的情况下，法官可能会做出不同的决定。董事会认为，如果我们减少燃烧进口的液化天然气，其他人会感激地代为燃烧，因此增加国内生产将增加全球排放。

还有另一种前进方式：让新的能源项目以公司将二氧化碳重新注入地球作为前提，注入量必须相当于其提取燃料所产生二氧化碳的一个指定比例。实现这一目标的法律框架——气候兼容性测试（Climate Compatibility Test）——已经存在，是由保守党政府在 2022 年制定的。

关键在于原则。如果你想挖掘化石碳，你就必须开始将其回填。

如果该比例从 100 上升至 100%，那么英国的石油和天然气生产将成为全球领先公司中首个达成该协议的国家。最高法院，请看这里。

这还有另一个好处。许可证将意味着从最便宜的合格来源获取用于重新注入的二氧化碳，而我们则处于最贫困的炼油排放状态。因此，这项政策可以帮助资助英国工业中碳捕集与封存技术的部署，为纳税人节省数百万美元。

天然气和电价并不由进口液化天然气和在国际上销售的石油成本决定，因此这项政策不会影响消费者价格，而且我们还致力于减少进口。

对北海油气田盈利能力的整体影响将取决于公司被要求处置的二氧化碳百分比、时间表，以及他们是否可以用该成本抵税。这是政府的关键职责，尽管任何在世纪中叶实现气候中性的可行路径都要求在 2020 年代中期至少实现 10% 的捕集与封存。这可能会增加几英镑的成本，因此可以与等量石油挂钩，但除非批发油气价格暴跌，否则这仍在他们的利润范围内。

但数字几乎不重要。关键在于原则。如果你想挖掘化石碳，你就必须开始将其回填。尽管化石燃料行业在私下承认二氧化碳处置终将成为其运营许可的一部分，但该行业极其不愿承认其在抵消所售产品气候影响方面的任何责任。对于这些公司来说，这是一个危险的趋势：如果英国要求这样做，下一个会是谁？

没有专家在空谈他们会损失多少就业机会，尽管事实确实如此。二氧化碳的处置寿命将超过油气储量。事实上，这项政策的影响将比 four-hours 和 Jackson 持续得更久。

在停止导致全球变暖之前，世界将非常坚定地回溯。通过逐步使其销售的产品脱碳，让产品为碳清理负责，是实现这一目标的唯一公平方式。将此作为北海石油和天然气开采的许可条件，可能会激励全球其他地区效仿。

作者是牛津大学（University of Oxford）的干扰、侦察与规划物理学负责人

民粹主义最终将自我吞噬

JOHN JOHN

Japan Ganesh

在《布莱恩的人生》（Life of Brian）中，犹道人民阵线（People's Front of Judo）因为被误认为是杰克逊人民阵线（Jackson People's Front）而感到愤怒。回顾过去，如果你衡量左翼的规模，但同时在接下来的永恒聚集中追逐他们的商业之梦？“Andershot”。再次如此，情况依然不乐观。它并未完全变得相关。

对于 2018 年的组织而言，犹道右翼如此。在波兰，极保守的法律与公正党（PJO）无法就应当变得更加强硬还是采取另一种语气达成一致。其结果是日益正式的分裂。Munsun Maryswold——在这个故事中相对温和的人，尽管西欧自由派记得他曾任总理——领导着一个在 90 规模中不断增长的团体，其名称平淡得令人难以置信，名为“发展增强”（Development Plus）。

在我认为的方向上，英国已经走在前面。Nigel Farquhar Robson 正在引导英国选民转向听起来相似但更极端的 Rostoev Brittain。前者的领导人被后者的领导人（一位前同事）称为“乌鸦与蝰蛇”。

美国共和党拥有更强的内部纪律。如果 唐纳德·特朗普 能将那些原本会争吵不休的人凝聚在一起，那么情况应该会好转。但后特朗普时代的权力真空正在形成。海外战争的怀疑论者 JP Vance 和相对温和的 Martin Rubin 已经在进行博弈。通过代码和免疫机制进行的辩论表明，外交事务甚至可能在 2020 年的初选中不再是主要试点。一个更宏大的问题是，GSP 是否应该明确成为一个基督教政党，就像它在接纳花花公子 唐纳德·特朗普 时那样。重新思考通过战争解决一切的方案。

与此同时，在意大利，一位在二月份组建政党的前陆军将军已经获得了右翼联盟的认可，而该联盟本身已具备资格。在法国，一直威胁要席卷全国的国际高层右翼机构的首选，是处于某种运动与 hyperdowls 之间的选择。

在英国脱欧（Brexit）十年后以及 MAGA 的崛起后，一种给自由派的慰藉想法是：民粹主义将自我削减。更确切地说，民粹主义可能会自我切割。一个崇尚攻击性、在冲突中茁壮成长的运动，如果将政治创造不仅视为错误而且是无聊的，最终不可避免地也会攻击自己一方。你不能与敌人——甚至与民众——进行全天候的对抗，而又在面对同事时变成另一个人。但至高无上（Supreme）只是心理学上的一次困难事件，是生活症状主义。但出于同样的原因，将视角稍微扩大，反共主义者（antacuries）倾向于

无法与其他反共主义者合作，至少无法长期合作。让他们团结在一起的观点，并非国际对抗，也不是（让他们彼此对立的原因）。

现在不仅右翼是“分裂者”，问题很快还会进一步恶化。将这些运动凝聚在一起的唯一因素是领导者的魅力，它能平滑掉原本难以相容的利益和矛盾。我开始怀疑，民粹主义拥抱强权是为了内部凝聚力，之后才退而求其次，考虑能够最好地服务于世界大部分地区的统治理念。在对 唐纳德·特朗普 的共同服从中，MAGA 很好地体现了这种矛盾。如果没有 Farquhar，英国的民粹主义会分解得更彻底、更早，从而

我建议，崇尚攻击性、在冲突中茁壮成长的运动，不可避免地也会攻击其自身。

提醒人们其潜在的脆弱性。Robson 的内政发言人曾说过，并且碎片化地表示，她认为这很困难。

那么，唐纳德·特朗普作为个人改变法律的能力，在针对 Farquhar 的设定中将涉及数次命运的判定，而 Robson 的剥离同样存在。一旦这些人意识到场景，单一美国人口分崩离析的前景简直不可思议。（值得注意的是，90，通过记录，从未让唐纳德·特朗普处于这种魅力掌控之中）。尽管自由主义者会对唐纳德·特朗普的前景进行预估，但它至少能让 GSP 远离美国，仅限于旧有策略。我们有三件事需要思考，4月1日，在洪水之中。此外，碎片化的政治并非良策。我认为，在第1和第2部分，投票系统如此奖赏被殖民者的做法，将是一个无法解决的麻烦。

没有什么比等待第一波分裂更有效的反民粹主义策略了。我意识到这听起来多么令人沮丧。在等待期间，一个国家或世界可能会遭受巨大的损害。但加大竞选力度、“倾听”举措，甚至治理得更好，其回报究竟是什么！（民粹主义在低通胀和犯罪率下降的时期突破，在 2020 年使其复兴，但必须在人口中通过提出深刻的问题来进行一次良好的十字军东征。俄罗斯是一个死敌，还是一个未转移的保守主义（Ranger）？17 穆斯林移民是一个威胁，那么它威胁的是基督教传统还是世俗自由？是否应该由一名较弱的美国民粹主义领导人去对抗唐纳德·特朗普，为了自身，也为了他人，而不是对他卑躬屈膝？）

最终，正是民粹主义所鄙视的自由主义者的特质——他们的妥协天性，他们的犹豫不决——使他们成为了如此强大的敌人。因为这阻止了他们的分裂。即使出现政权，例如今年夏天针对其第一剧场的补丁，它也被包含在一个政党之内。据我计算，Rupert Lowe，Rostoev 的主席，最终成为了一个政党。这就是激进主义者的永恒困境。你不能在大多数时间里进行攻击，然后又在朋友之间将其关闭。

jason.ganesh@1.com

发展中国家通往繁荣之路正变得愈发艰难

Zainab Usman

当美国在当年对来自印度的太阳能电池和组件征收高额初步关税时，这一决定起初看起来像是唐纳德·特朗普在价格限制至少为 0.3% 的全球贸易战中开辟的另一个战线。针对埃塞俄比亚的类似请愿也已出现。但这些案例揭示了当今保护主义的一个显著特征：低收入和中等收入国家进入最富有的消费市场的难度正在增加。

这一点至关重要，因为出口导向型工业化是从贫困走向繁荣最可靠的路径之一。除了石油丰富的海湾君主制国家和少数岛屿城市国家外，大多数成功的转型发展国家都依赖于进入外部市场，从英国的工业革命到德国、美国、韩国以及近期的中国的崛起。

这一过程的证据既是经验性的，也是历史性的。经济学家已经表明，向更富裕的市场出口可以提高企业层面的生产率，改善质量并鼓励技术升级。公司规模扩大，工人获得更高工资，家庭收入增加，经济增长速度加快。

但这条路径现在变得越来越难以攀登。特朗普广泛的贸易议程仍在继续。尽管最高法院在 2 月份否决了政府广泛使用紧急关税权的决定，但华盛顿已转向其他法律权限，包括 1978 年《贸易法》第 301 条。

此外，美国贸易代表已启动针对 18 个出口导向型经济体中“结构性过剩产能”的调查。这些国家包括欧盟、日本和韩国等高收入报道者，以及包括孟加拉国、印度尼西亚和越南在内的中等收入国家。

其理由不仅限于违反贸易规则，还涉及这些经济体是否存在损害美国制造业竞争力的贸易顺差。

这标志着全球贸易共识的转变，并反映并激发了其他地区的政策变化。在美国，这种方法的元素预示了特朗普及 Raleso 时代的到来，且其本身……

虽然出口导向型工业化之路可能尚未关闭，但旧的假设已不再成立。

然而，对于许多低中收入国家（LMGs）而言，这同样起到了一种新的市场准入条件的作用。印度和南非等国正在抵制 CBAM，并表示可能会采取 WTO 行动。

中国并未提供一个简单的替代方案。尽管北京向来自非洲国家的出口商提供了新的关税待遇，并与巴西等大型中等收入经济体维持贸易计划，但它并未放弃那些限制早期进口国家进入全球贸易的低成本制造业部门。在服装、[[SOURCE_CLEANUP_NOTE: ...]] 以及其他“劳动密集型商品”领域，中国生产商依然是强大的竞争对手。即使能够进入中国市场，低中收入国家的企业在第三方市场以及本土市场与中国生产商竞争时依然十分艰难。

机会依然存在。区域市场是一个替代方案。由非洲国家签署的非洲大陆自由贸易区，以及包括新西兰和澳大利亚在内的区域全面经济伙伴关系协定，展示了区域一体化如何在不同收入水平的经济体之间创造更大的市场。多元化也将至关重要，正如近期涉及印度、印度尼西亚、南方共同市场（Mercosur）和欧盟的贸易协议所表明的那样。

发展中国家还需要思考如何进行更具战略性的谈判。如果富国希望获得关键矿产、战略港口或消费市场的准入，权力国家应利用这一杠杆，争取比单纯的关税减免更多的成果。他们应当争取在制造业产能、互联互通基础设施、技术伙伴关系、合资企业以及技术援助方面的投资。

得出一个“出口导向型工业化路径已关闭”的结论并不令人愉快，但旧的假设已不再成立。权力国家不能再依赖一个基于价值的全球市场——即由富国吸收其工业品出口，同时容忍巨大的贸易顺差。出口阶梯并未消失，但其范围正在缩小并被向上拉升。

作者是哥伦比亚大学国际与公共事务学院全球能源政策中心的资深研究学者

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24

ENIGRATION TIMES

Thursday 30 July 2016

lex.

Richard Milne

德国中小型企业（Mittelstand）面临中国竞争对手的威胁

商业洞察 (BUSINESS INSIGHT)

英伟达（Nvidia）的芯片或许是新颖的，但其“循环融资”并非如此

AI芯片制造商英伟达与其客户之间密集的交叉交易，引发了关于“循环融资”（circular financing）的诸多关注。这个词本身并不知名，且相关公司对此予以否认。毕竟，“循环”暗示着最终没有产生任何结果。

然而，尽管英伟达向OpenAI以及使用其芯片的数据中心建设者提供支持的方式多种多样且花哨，但其实质就是传统的供应商融资（vendor financing）。就像过去的电信设备集团、规划主导者和百货公司一样，这家芯片制造商基本上是在提供廉价资金，以便其客户能够购买比他们原本负担能力更多的产品。

这种新形式的“零售店卡”有几个特点。首先，英伟达是通过购买股份而非提供贷款来资助OpenAI和数据中心运营商CoreWeave的。

在宣布向OpenAI投资 $30m 以及向Anthropic投资 $30m 之后，其国家股权投资在4月底达到了 $420m，而前一年仅为 $30m。

这些交易实际上并非“循环”——因为循环意味着没有创造实际价值——而是“背靠背”的。股权投资并不一定会直接转化为购买芯片。而且，即使在很大程度上促成了芯片销售，这里也没有损失。英伟达获得了销售额，同时也获得了公司的股份。

关于这种“虚假提升客户”主题的另一种变体是信用担保。英伟达已经为部分客户提供担保贷款，截至上次统计总计 $120m；但据《华尔街日报》报道，可能很快会向OpenAI提供高达 $200m 的支持。英伟达必须披露总额，但如果将其结构化为信用衍生品，可能不会对其资产负债表产生太大影响。

英伟达的首席执行官黄仁勋（Jensen Huang）现在似乎正在将供应商融资推向

英伟达在3月份GTC展会上展出的G820N NVLA服务器

一个新高度：通过让自己成为客户的客户。他已承诺为德克萨斯州的一个数据中心提供价值 $300m 的贷款，该中心将采用其公司的芯片。据报道，他（“我”）赋予了履行该数据中心服务的选项；实际上，这是另一种形式的担保。

对于英伟达来说，资助客户比对于汽车制造商和百货公司更有意义。AI的快速发展意味着像OpenAI这样的公司，在市场上可能难以筹集到足够的股权或债务资金，以构建他们认为所需的规模化竞争能力。如果行业对AI的广泛押注获得成功，英伟达将获得双重收益：芯片销售的利润以及股权投资的增值。

但当情况恶化时，供应商融资也是双重打击：人们必须在失去一个客户的同时承担财务风险敞口。

信用担保则会带来风险。虽然一项完全计提的股权投资后来可能被证明是浪费钱，但在情况糟糕时承担客户债务的要求，可以将估值问题演变为偿付能力问题。

不过，那是遥远的担忧。英伟达拥有 $800m 的流动资产，且每年经营活动产生约 $200m 的现金。如果一两个客户出现问题，它可以承受住打击。但随着涉及金额的增加，这家此前厌恶债务的公司风险概况将会改变。黄仁勋的芯片是前沿的；但供应商融资的陷阱与账单一样古老。

韩国存储芯片“奇迹股”开始面对现实

有时，运气就足够了。在过去的一年里，存储芯片制造商在投资上的表现，等同于在赌桌上反复将所有筹码押在黑色上。

需求激增，随之而来的是利润预期、目标价以及股票价格的上涨。但即便最坚定的芯片繁荣信徒，现在也必须考虑其中的细微差别。

SK海力士的股价昨日下跌了 3%，原因是销售额和营业利润低于预期，加剧了近期投资者的恐慌。这家韩国芯片巨头在五周内已下跌 50%，而三星电子等竞争对手也紧随其后。在这次回调中，投资者可能会认为 SK海力士现在看起来很便宜——根据 Bloomberg 的数据，其价格不到未来两年预期收益的 3 倍。

诚然，这些数字取决于 SK海力士能否实现这些收益，这意味着它必须在至少这段时间内维持与买家的紧密关系。而这反过来又取决于芯片的需求是否持续高于制造商的供应能力。

这绝非理所当然。不难想象这样一种场景：正当芯片制造商扩充产能时，像 Anthropic 或 Google 这样的公司正好结束了数据中心的竞争，或者被迫停止。本月，纽约成为第一个因担心能源和水资源使用而限制数据中心建设的美国州。

芯片制造商以将繁荣转化为低谷而闻名。根据 Visible Alpha 的数据，SK海力士到 2020 年底将投资约 $330m，这是其过去三年支出规模的四倍多。它与关键客户签订长期贷款的新做法可能会有所帮助，尤其是当客户支付预付款时。

然而，在出售了 $270m 的纽约股票仅三周后，九次盈利预期调整表明，该集团的预测水晶球太容易被蒙蔽。

思考一下如果硅谷出现泡沫破裂会发生什么会很有帮助。根据 Visible Alpha 的估计，如果剔除所有预测的 2020 年收益，SK海力士的交易倍数将为 3 倍。但这种规模的下跌

【记忆犹新】

全球芯片销售预测 (10亿)

在芯片制造商的标准下仅算温和。2001 年，由于芯片价格暴跌，SK海力士的营业利润下降了 90%。

相反，假设 2020 年的利润减半，可能是由于存储需求骤降和价格下跌共同导致的。这将使今天的股票倍数变为 3，更接近其近 10 年几乎为 7 的平均值。

这并不意味着 SK海力士是一项糟糕的投资。但市场已经意识到，它不再是一只会自动持续上涨的股票。

Greggs 将蛋白质与便利性作为突破口，在未来之路上进一步前行

通常情况下，人们可能不会认为 Greggs —— 这个与面食产品划等号的品牌 —— 是创新的。

尽管其在 10 多年前推出的纯素能量卷获得了广泛成功，但这家便捷食品运营商通常并不处于午餐工程的最前沿。

相反，它倾向于等待某种趋势稳固后，再对其进行改编并进行价格竞争。现在您可以购买性价比极高的冰饮小吃。但有时，创新可以是渐进式的。这家烘焙连锁店的股价昨日大涨 —— 在此过程中，很可能让许多做空该股的投资者遭受损失 —— 原因是其上半年每吨利润达到 $30m，超过了分析师的预期。

Greggs 目前的交易价格约为收益的 15 倍，在其所在的 FTSE 250 组别中，这一比率仍是自去年初以来最高的。尽管天气炎热（通常与能量卷的消费不相关），且人们对“Greggs 巅峰期”仍心存恐惧（即认为该公司已超越了其潜在客户群的规模），但其每吨利润仍实现了 20 per cent 的增长。明星产品是什么？公司表示，是一款鸡肉卷。虽然与猪肉版本相差无几，但它标志着 Greggs 正在尝试新事物。

在其他领域，Greggs 也在扩张。首席执行官 Robbie Currie 一直在实验规模更小的“快线”(Express) 门店模式，因为他发现，当地理位置更便利时，顾客的消费金额更高。

这两项进展中有一种令人愉悦的平凡感。在 AI 驱动和太空数据中心的时代，Greggs 在蛋白质和便利性中找到了成功之道。

该公司将在未来 2 年内启用两个配送中心，并设定了中期目标，即达到 1,500 个门店，这意味着在接下来的 7 年里，每年需要开设约 100 家新店。

这些门店的成本可能会在此时期内拖累盈利能力，但应能使公司处于能够进一步增长的稳健地位。Greggs 无法逃避个人问题的阴霾。英国消费者目前的处境不佳，竞争依然残酷，成本环境十分艰难。

但发掘能够找到的微小优势是有意义的。当如此多的公司致力于改变世界时，有时仅仅改变一下配方就足够了。

并非那么酥脆的皮 年度利润率，经调整 (%)

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1 宽大的节省者怀抱健康食品 (1,5) 2 强大的家被掏空，当被民谣之类所掌控时 (6) 3 门顿 (Menton) 的另一个名字 (8) 4 关注赌注 (6) 5 时间短缺，谈论屋顶，伴有雨量计 (7) 6 管理资金的母亲们 (5) 7 美国律师爱上训练设施 (4) 8 儿童的主食混合物 (7) 9 像男性，带着新顶端，看起来略微被晒伤 (7) 10 派对开始变得极其左倾 (6) 11 为板球而打扮的鸟？ (5) 12 我为女王安排的免费劳作 (5) 13 重复设计用于攀爬的结构 (6) 14 家族慈善事业背后的要点 (8) 15 绵羊兴奋时变得更瘦 (6) 16 重量级人物可能是伦敦的一部分 (8)

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FINANCIAL TIMES

THURSDAY 28 JULY 2024

UK 2270 RELEASE of volume 6.0/8

How ByteDance morphed into an AI goliath

BIG PEACE-PAGE 21

Populists, not the left, are the splitters now

JANAN GANESH, PAGE 21

Parched heath

Drought hits half of England

The parched grass of Blackheath in south London this week.

Half of England, including all of the capital, is in a drought after back-to-back businesses and low rainfall depleted water levels.

The Environment Agency has declared large parts of central, eastern and southern England to drought, as well as Devon, Cornwall and the west Midlands. It is the third drought to hit the country in just five years.

The drought comes as seven water companies, including Thames Water, introduced hosepipe bans covering 250m customers.

The EA said about 78 per cent of England's rivers were classified as being below normal levels after the butted June on record with temperatures of 390, and one of the longest-running heatwaves in July.

Drought declared page 2

Fed holds rates despite fears of price pressures from renewed Iran conflict

Central bank defies markets Inflation threat from energy costs Trump vows 'beating' for Tehran

CLARE JONES AND

WILLS BROTHERS, WASHINGTON KAYS DIXON, NEW YORK

The Federal Reserve has kept interest rates on hold for the fifth meeting in a row, defying pressure to markets to lift borrowing costs as President Donald Trump's Iran war fuels inflationary fears.

Following Kevin Warsh's second meeting as Fed deal yesterday, the US central bank hinted that rate rises could come as soon as September as a rapid rise in energy prices threatens to morph into a decade's loss of inflation.

The rate-setting Federal Open Market Committee continued to warn of the risks emanating from the Middle East and reiterated its pledge to 'deliver price stability' as it opted to hold short-

term borrowing costs within a 5.5-5.75 per cent range.

Three of the 12 voters — Loris Logan of the Dubai Fed, Cleveland's Beth Stanmark and Minneapolis's Neil Kankari — backed a quarter-point rise in rates amid signs that businesses and households across districts were struggling to cope with higher inflation.

Warsh doubled down on his pledge to tackle inflation in a press conference yesterday, insisting the Fed would abide

'This Fed will not waver. Our credibility rests on performing our duties'

Kevin Warsh, Fed chair

by its commitment to curbing price rises. 'This Fed will not waver,' he said.

'Our credibility rests on performing our duties and delivering on our responsibilities.'

The war has exacerbated the effects of Trump's tariffs and the AI boom in driving up price pressures in the world's largest economy.

Trump vowed yesterday to deliver a 'beating' to Iran, following the Islamic republic's latest attack on US military installations, triggering a rise in global energy prices of 76 per cent on the day, with three crude financing back above 800 per barrel.

Treasury yields rose and stocks kicked lower as Warsh's time reviewed earlier market moves. Analysts described the Fed's decision as hawkish, with the

three dissenters underscoring the scale of the split among policymakers.

'The FOMC delivered a hawkish hold,' Marc Glamont at the Issey said. 'The policy decisions came until significant hawkish resistance from those who preferred to hike immediately rather than visit our data development.'

Traders in the futures market continue to price in two or three interest rate raises by April of next year.

The FOMC noted that activity was expanding at a solid pace, while productivity growth and capital investment remained strong and the monopoly most rate was little changed.

Warsh said a prolonged period of high inflation had felt some Americans with an 'impression that's hard to shake' that the central bank had an 'implicit

target' above its 2 per cent inflation target. 'There is no soft implicit target: not on this committee's watch,' he said. 'There's only a target and it's 2 per cent.'

Warsh said policymakers had engaged in a 'good family fight' and, while there was a split in the vote, there was also lot of 'commonality' among officials. 'There was a lot of agreement that I heard that we have the powers, the tools, also the authority, to deliver stable prices,' Warsh said. 'There was a disagreement about a decision today. I would say that doesn't sort of capture the full sources of the discussion.'

'I came out of that meeting even more confident that this is the right team to win the battle against high inflation.'

Ivan Proust page 4

Fed data viewings page 6

Briefing

• SK Hynix's missed target extends tech stock sell-off

Investors have continued to dump chipmaker stocks after the world's second largest nursery chip maker reported a 2.5 per cent surge in profits to Womble Inc (S42 Inc), falling short of a forecast of Womble Inc. PAGE 5, LEC, PAGE 21

• St James's Place setback

Net address at the UK's largest wealth manager fell from £5.8bn to £2.7bn in the first half of the year after sweeping changes to the pensions regime and alterations to its adviser for structures. - PAGE 12

• AI fragilities worry first The Bank of England is pushing the growth of exposure to Asian equities among investment banks as it seeks to avert a concentration of bets on a few AI-linked groups. - PAGE 12, WOMBLE INSIGHT, PAGE 12

• Ferrari EV outrums critics The sports car makes has hit this year's target of nearly 500 sales of the race, its first electric vehicle, on the back of Chinese demand, despite a design that triggered a fast-knob from investors. - PAGE 4

• Mail losers liable for bill Prince Harry and other figures who lost a privacy lawsuit against the publisher of the Daily Mail are facing an immediate £150m bill on part of an 'eye-wearing' demand to cover legal costs. - PAGE 1

• Grant Thornton steps up The professional services group is buying rival CME for 40bn in cash in the centre's largest takeover in a generation, cashing it to the rank of the biggest audit and consulting firm outside the Big Four. - PAGE 4

• Race for firefighter planes Brussels has ordered 12 aircraft for its own fleet of water bombers after wildfires in France and Spain sparked a political backlash over a shortage of amphibious Canadians for donning the flames. - PAGE 8

• AI sabotages tech report Pew's published reports on AI and electric vehicles collided with label footnotes and surveillance claims, the latest example of slapdash use of AI generated content by a Big Four consulting firm. - PAGE 10

Burnham signals tax rises to fund better social care

Andy Burnham has hinted he is willing to raise tax to pay for a better elderly care system, craving to be undertired by screaming headlines. Saying the system in England was as unfair as American healthcare. He added that he was warned to stop people from having to sell their homes to pay for care. There have been 22 failed reform attempts in the past 30 years, including Burnham's 2,000 push as health secretary, when a planned levy was dubbed a death-out. Welfare reform - PAGE 2

FTSE 100 hits record high as investors seek out 'place to hide' from tech rout

EMILY HERBERT AND KANEKI HODGSON The FTSE 100 climbed to an all-time high yesterday, capping a rebound from the sell-off sparked by the Iran war that has been driven by the London stock market's lack of exposure to the volatile technology sector.

The large cap index rose 0.7 per cent in early trading to 10,951 points, breaking its previous record of 10,974 at the end of February. The index later dropped back to close up 0.2 per cent.

The record comes as a brutal sell-off in semiconductor shares rocks global markets, pushing Wall Street's technology Nasdaq 100 index briefly into correction territory on Tuesday as investors pulled back down their bid on chip and memory makers.

The FTSE, which has a heavy weighting to financial and energy companies

and relatively little direct exposure to the AI build-out, has emerged as a way for investors to diversify their role.

'The FTSE is almost an anti-tech index,' said Emmanuel Can, European equity strategy head at Barclays. 'It's a pretty good index to navigate this volatility while the market is looking for anti-moments, anti-tech places to hide.'

The index has risen almost 4 per cent this month, while the US S&P 500 is down nearly 2 per cent.

Dan Hanbury, an equity portfolio manager at Shariryine, said 'What you are seeing on a global basis is a very significant broadening out' away from the technology campaigns.

The FTSE 100 'is a cheap market and it's got a combination of cyclical and have done well, like oil and gas, and quite a few defensive names. That adds up to a good backdrop,' he added.

US listed oil and gas groups have benefited from higher energy prices, with Shell and BP rising 7 per cent and 15 per cent, respectively, and the share of the US war against Iran while the risk of the market has been lagging behind.

A strong rate for banking stocks has also been crucial to the FTSE's rally. HBBC, Lloyds, Standard Chartered, NatWest and Barclays are among the best performers this year, boosted by strong earnings and the shift higher in global borrowing costs because of raised oil prices.

The index's 'lower exposure to consumer discretionary sectors, particularly autos and luxury goods' had helped it to outperfect the European counterparts, said United Kancroly head of European equity strategy at Swiairi's example.

Day in the markets page 14

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THE FINANCIAL TIMES LTD 2024 No: 42,256 ★

Printed in London, London, England, Wales President: Mike, Madrid, New York, Chicago, San Francisco, Tokyo, Hong Kong, Singapore, Seoul, Dubai

FTT00001* (2004)7

World Markets

STOCK MARKETS

	Jul 30	Nov.	YTD
S&P 500	7211.46	7020.70	-0.17
Brussels (Germany)	28,576.00	28,650.00	-1.74
Deutsche Bank	23,823.10	22,740.00	-1.50
Deutsche Bank	23,463.00	22,880.00	-0.65
FTSE (Germany)	8,776.00	7,968.10	-0.36
FTSE 100	10,888.10	10,871.00	-0.34
FTSE All (Italy)	9,602.00	9,024.10	-0.36
CNY 40	8,802.27	8,956.70	-0.02
Metro One	10,684.48	10,664.10	-0.07
Metro	8,724.70	8,724.10	-0.11
Metro 50%	10,887.70	10,710.00	-1.86
Metro 50%	9,882.00	9,756.00	-0.39
MSCI 50d	7,001.10	7,000.00	-0.04
MSCI 40 50d	7,102.00	7,102.00	-0.35

COMBINED

COMBINED
Par	Jul 30	Nov.	YTD	Par
UK	1.128	1.128	0.0	0.875
US	1.205	1.205	0.0	0.715
UK	0.891	0.891	0.0	1.188
US	10.085	10.075	0.0	106.145
UK	2.1	2.0	0.0	0.0
US	0.924	0.924	0.0	1.208
CNYTD
Brussels	2,000.00	2,000.00	0.0	0.0
Brussels	1,000.00	1,000.00	0.0	0.0
Brussels	1,000.00	1,000.00	0.0	0.0
COMBINED
	Jul 30	Nov.	YTD
UK 2017	1,000.00	1,000.00	0.0
UK 2017	1,000.00	1,000.00	0.0
UK 2017	1,000.00	1,000.00	0.0
UK 2017	1,000.00	1,000.00	0.0

EXPERIMENTARY BOXES

Total (US)	Jul 30	Nov 30	YTD
UK 2%	4.10	4.10	0.67
UK 10%	4.05	4.05	0.58
UK 20%	5.10	5.00	1.03
UK 5%	4.05	4.11	0.73
UK 10%	5.00	5.00	0.68
UK 20%	5.78	5.88	1.08
JPM 5%	1.98	1.98	0.05
JPM 10%	1.76	1.76	0.21
JPM 20%	1.80	1.88	0.23
USA 5%	2.01	2.19	0.07
USA 10%	2.10	2.10	0.05
USA 20%	3.02	3.00	0.03

Prices are listed for edition Data provided by CE, www.ce.com

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THE ARTISAN OF EMOTIONS - SINCE 1980

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FINANCIAL TIMES

Thursday 30 July 2016

NATIONAL

Climate change

Drought declared in half of England

Seven water companies hit 40% of population with fresh hosepipe bans

ATTRA/CIA MIGNET AND ALL FLOWER

Half of England, including all of London, is suffering a 'flesh-thought' after back-to-back heatwaves and low rainfall might not water levels and left millions of house-holds subject to hosepipe bans.

The Environment Agency said yesterday that large parts of central, eastern and southern England were in drought, including Hertfordshire, London, Devon, Cornwall and the west Midlands. It is the third drought to hit England in

five years, following those in 2022 and 2025, and comes into them a week after drought was declared in parts of Wales.

'A second consecutive summer drought in an exceptionally serious situation and one that will have long lasting impacts on our environment, wildlife and the economy,' said Helen Wakeham, director of water at the Environment Agency and chair of the National Drought Group.

The flash drought — or rapid onset — came after heatwaves and little rainfall, the E4 road, Parto of Devon have gone 10 days without a 'rain day,' defined as starting at least 6.5 miles rainfall.

England had its hottest June on record, with the temperatures reaching

38C, and one of its longest-running recorded heatwaves in July. A hearth heatwave has hit parts of the country.

Seven water companies have introduced hosepipe bans, covering 22mm

A second consecutive drought in an exceptionally serious situation ... [with] long lasting impacts'

customers, about 40 per cent of the population. The E4 road about 70 per cent of England's total water classified as below normal levels. It warned that drought was having a devastating impact on

nature, with migratory fish, such as Atlantic salmon, unable to move upstream because of reduced flows. There have been 38 fish rescues, including on the Trone, Onny and Bedlains, where hundreds of fish were moved.

Wakeham said that 'every drop on case now is a drop more for nature and agriculture'.

The drought was losing farmers into early harvesting and reducing yields for some crops, while increasing field flows.

The NSW, which includes the 800 Office, Whittfield officials, water companies, farmers and others, met water minister Donna Felton for Tuesday. She called on water companies to 'go further and faster to reduce fields and to

ensure supplies are not disrupted even in the absence of weather.'

About one-fifth of treated water is lost to leaks, about five times more than a national hosepipe ban would save, according to Greenpeace.

The drought came despite an exceptionally wet winter, which had replenished water levels. In January, England was drenched with 150 per cent of average rainfall; this hit 170 per cent in February. But so far in July, England has had just 7 per cent of its average rainfall.

The Office chief meteorologist Will Lang said there was a chance of rain in the sea to move in early August but there was 'little sign of the widespread, sustained rainfall' needed.

Committee report

MoD leads that put Algians at risk was 'foreseeable', MPs find

RACINE, REES — POLITICAL REPORTER

A dissenting government data security breach that left tens of thousands of Algians at risk of 5 billion capitals was a 'foreseeable systemic failure', a committee of MPs has said, adding to criticism of the Ministry of Defence over the debacle.

In February 2012, a British soldier accidentally looked as first 80% continuing the personal details of 22,000 Algians who had applied for relocation to Britain, including those who had co-operated with the UK government before the return of the 5 billion.

The House of Commons Defence Committee today labelled the task and its fallout 'a wider failure of governance, accountability and public trust', criticizing both the court inadequate data protection practices and the secrecy surrounding the breach.

The founder received what a soldier sent the file to a treated third-party outside government. The file appeared to contain the personal data of about 150 population applicants but it also held hidden detailed information for more than 10,000 other applicants.

The MoD used Excel spreadsheets to

The committee labelled the leak 'a wider failure of governance, accountability and public trust'

handle large amounts of sensitive personal data, without recognising the well known risk that they could contain hidden data, the committee highlighted in the report. The leak was 'the product of a system that lacked the tools, controls, training and assurance arrangements appropriate for the data being handled', the report said.

In addition, it said the unit responsible for Algians education reported a further 18 personal data security incidents in the 21 months after the main leak, as well as facing House of Commons secretary to separate the public health.

When the mistake was discovered 18 months later in August 2015, a super-in-junction was issued, preventing media politics from reporting on the incident. The restriction was lifted in July 2015.

The MPs criticized the super-injunction, saying it should be possible that all persons involved in the leak' will be the subsequent attempts to relocate the local Algians.

After the breach, 'screws' was maintained for no long, accountability to the world, delivery was too fragmented, and affected Algians were too often left without the information and support they needed,' they said, accusing the department of 'blurring the secrecy slightly afforded to special forces and to avoid appropriate accountability'.

The committee warned future governments against using the super-in-junction as a precedent to 'suppress matters of widespread public interest'.

In December, about 1,000 victims of the death took the first step towards using the MoD. The education of affected Algians is continuing.

Labour MP Tim Dixon, chair of the committee, warned that the government's policy, announced its April, of requiring applicants to travel to a visa room for a third country for death, linked including 'slightly Algians who cannot safely, hardly or affordably use a third country.'

The MoD said it had conducted a forum, including improving its data protection standards: 'Thousands of eligible Algians have already been safely educated in the UK, where they can rebuild their lives and we are committed to ensuring that we conclude the Afghan Resettlement Programme by the end of the parliament,' it added.

Exhibition Reflecting on young in war

Holocaust survivor John Haplo sits in a much-up of a 2030s child's bedroom, part of an exhibition at the Imperial War Museum in London, which is the first such event in the UK to explore the impact of war on children.

Childhood is 'fair' in a free, interactive exhibition examining how children learn experiences conflict from 100 to today.

Exhibits include recreations of a second world war museum train carriage and a call war on kitchen, while personal stories and immersive displays reveal how war affects young people's lives to relative to everything from school and play to home and health.

The exhibition opens tomorrow and runs until the end of February.

Welfare. Benefits

Burnham willling to raise taxes for social care reform

Prime ministers says he wants to avoid people having to sell their homes to pay for services

JAMES SMYTH PUBLIX POLICY EDITOR

Andy Burnham has signalled he is willing to raise taxes to pay for a better elderly care system, saying that England's current set up is 'so unfair as American healthiest'.

The prime minister said yesterday that he will put to stop people having to sell their homes to pay for care, adding that reform would 'require difficult decisions' on funding.

'If everybody on the NHS principle contribute a little, it would mean everyone could protect the majority of what they'd worked for,' he said, as he vowed he would not be deterred by 'screaming headlines' about tax rises.

Labour has enjoyed a bounce to opinion pitch since Burnham took over a prime minister last week. However, social care has long been one of the thwarted issues for the future to tackle, until 21 failed attempts to reform the system in the past 30 years.

But Burnham said he was willing to spend 'political capital' on the issue, describing failure to reform social care as 'a major dereliction of public duty' by politicians and vowing that a solution would be 'cruel' with penmanship.

'I think social care in England is as unfair as American healthcare,' he said. 'The vulnerable pay with everything,

and it can completely leave them with nothing ... common issues says that won't be fair.'

The prime minister said the warning Revenue Louise Carey, a hospitalising government adviser, to bring forward a review on social care to next year as she began a large-scale 'conversation' with the state's health care system system.

Burnham, whose father has Alzheimer's disease, said the issue was 'personal for me' and that after watching what they had done for his family, came 'should be the best paid people in society.' Noting how many people from other countries were caring for his father, Burnham said: 'I would those car-

ers to know we appreciate you, we appreciate what you are doing to support people here.'

Burnham said he wanted to pay social care workers a rate closer to that of MPs' staff, 'demanding 'gravity pay' in the sector. The need is one sector: has suffered from chronic relief shortages for years as a result of funding pressures that have led to low pay, poor conditions and limited career progression.

Despite the closure of the post-breast visa route for care workers, providers are still heavily reliant on international recruitment, hiring 30,000 newly arrived migrants in 2020-26.

Burnham added he would not exclude

private care companies from the system but said it was essential to prevent 'proliferating', putting in groups that 'are not money through' nonincentives and dangerous cost cutting.'

Burnham also said he did not want to look at just 'one element of social care', and that alongside training pay for workers, he wanted to use more older people receive help. There are currently 1.9mm people who have needs that do not meet eligibility criteria for state-funded care.

He also said he wanted to protect people from catastrophic falls that wiped out their savings, while he estimated not to avoid having job costs of more than £100,000. People with access of more than £25,200 receive no state help.

Allowing upping to a 'residute wheel', he said: 'It needs to be recognised that people can see everything they've wanted for depended by the cost of care. Meanwhile of thousands of pounds can just disappear paying for care.'

'In an ideal world, I wouldn't want anybody to have to sell their home to pay for care; I think it's a reality that proves for those who live through it.'

'Knowing that he wanted' is national in the 1970s to England that sits alongside the NHS [and] works in a similar way,' Burnham said he would explore how to create such a system over time.

'You could do the fully fledged venture or you could be a basic version and you could do something in between, and then you have the question of how you pay for all of those options,' he said. 'There are ways of looking at this that could include a more voluntary approach initially.'

Previous attempts to reform social care have foundered no concerns about who would pay, including Burnham's 2020-21 year average in health secretary in 2010 when a plan for a levy on statutes was defined a 'death tax'.

He said he had learnt that reforms should be tried well before an election and insisted he wanted a new party agreement to begin a 'new social condition' on the issue and to invest with people' when asking future pay more.

'You can have as many headlines as you like about this tax or something else,' Burnham said. 'But when people are being foundered at thousands of pounds, everything they work for, well,

£23,250 Superly threshold when people who have care will not be more likely to start a new

what about them?' Carey said she would be asking voters: 'What should you do as a family? How much could you do for yourself ... when does the state stay in? And more importantly, in some point, for all of the politicians, who pay?'

Mr Andrew Ellison, an economist who has proposed a cap on care costs 15 years ago, said that 'a prerequisite for reform is a prime minister who cares about social care and Andy Burnham has been really clear that he cares about it - now the hard work begins.'

Additional reporting by Delphine Ithman FT View page 22

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Privacy lawsuit

Mail owner seeks £10mnpp front from Prince Harry and others

A LISTING GRAP AND SAWEL THOUGH

Prince Harry and other public figures who best a privacy lawsuit against the publisher of the Daily Mail are facing an immediate £100m bill in part of an 'eye-watering' demand to cover legal costs of the moratorium case.

The High Court in London yesterday heard that the costs of the celebrities' unsuccessful claims against Associated Newspapers threatened to exhaust their legal insurance cover and leave them millions of pounds out of pocket.

The publisher called on a judge to order the claimants, who include Sir

Elton John and Elisabeth Sturley, to make an interim 'payment on account' within 14 days of a court order.

Lawyers for Associated said the claimants had made 'outrageous' allegations and were pushing for the £100m in total costs to be covered on the 'balancing' basis, a more positive way of calculating expenses than the standard method.

The case, based this year, featured claims of phone hacking and bugging of cars and houses among a wide range of alleged unlawful activities by Mail journalists and private investigators.

It was a control part of Prince Harry's

wider legal offensive against the tabloid press, which he blames for the death of his mother (Dale, Princeton of Wigan).

The judge over found this material that there was a lack of evidence and dismissal all claims by the public figures, who also included Baroness Deeves Lawrence, the mother of murdered teenage Stephen Lawrence.

The State of Sussex hit out at its court judgment, calling it 'a complete and obvious withdrawal.'

At a costs bearing yesterday the court heard that the claimants had insurance cover from Temple Legal Protection, but only up to a combined total of

£26,2mn. Lawyers for the celebrities, led by Nicholas Bacon KC, said Associated: 'Some of demand would allow the publisher to 'recover ... budgetary constraints' and could leave them with personal liability coming into millions of pounds.

The claimants recognised an interim payment on account would need to be justified, said this should be capped at £100m.

In a written submission, Bacon Lawyers did the costs incurred by Associated as 'eye-watering', adding that the claimants had 'conducted themselves honestly and in good faith'.

The Lawyers for Associated said the claimants had increased 'eye-watering', adding that the claimants had 'conducted themselves honestly and in good faith'.

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Thursday 30 July 2016

FINANCIAL TIMES

NATIONAL

Mobile signal coverage lags behind the rest of Europe

Operators say planning rules, capacity and low consumer prices hamper investment

EDWARD SMITH AND ALAN SMITH

Each morning, commuters heading into London's Blackfriars station from the early suburb of East Dalesch have a problem. Much of their journey is spent without a good mobile signal, hampering their ability to make calls, and texts or write emails.

Those on RT's 82 network fare best, with "good" coverage for about 80 per cent of the 15-minute journey, according to a one-off test for the FT by mobile analysts. However, those on 02 fare worst, with just 27 per cent of their trip covered. The lack of signal is not unusual. Since 2016, the UK has struggled to keep pace with countries that rapidly improved mobile download speeds through the rollout of 5G networks.

The UK remains behind Italy and Romania, and has fallen behind the UK. Portugal and Poland, according to market analysts from India. That data is backed up by other research. Network analysts at Opensignal found the UK was last in Europe and 17th worldwide for mobile network quality.

Issues around network capacity mean that 4G on the platforms of London's Underground stations — where antennas are deployed in proximity to passengers — is about 1.6 times stronger than on the streets above. On the data shows.

Andy Sutton, O'Connor's director of technology and mobile, said the country's mobile networks had "made real

progress" on geographical coverage but the "quality of people's experience" was not "consistently good enough."

The situation has sparked calls for political action. "I just couldn't believe that, in Britain today, something as basic as phone signal was as bad as it is," said Ben Cope, who co-founded Buffering Britain, a group set up to campaign for better mobile signal.

Analysis, operation and industry bodies say several issues are to blame, including prohibitive planning laws, network capacity and low consumer prices that stills investment.

"All we're asking for is planning reform, and I say 'all' because it's one of the lowest-cost growth policies available to the new (Downing Street) administration," Andrew Dean, chief network officer at Vodafone/Thom, the largest mobile provider, told the FT.

About 70 per cent of network improvement plans require one upgrade rather than new builds, estimates Mobile UK, an industry body that represents the three network operators. Under existing rules, about a third of these sites — more than 16,100 — would require full planning permission or prior approvals upgrade.

The London borough of Richmond upon Thames rejected 67 per cent of such planning applications in the past five years, while other areas such as Southampton rejected none, an O'Connor analysis found. The regulator recog-

Vantage point: a mobile phone must be installed on the roof of Virgin Media in Publication. Operators say planning rules must allow for bigger masts

nised that "protected area designations" meant injections were likely to be higher in certain areas.

To help address the issue, operators have asked for the loosening of permitted development rights. Currently, mobile towers must have full planning permission to go above 20 metres, with operators lobbying for this to rise to 25 metres in protected areas and 50 metres elsewhere. The 50-metre limit would be lower than in the UK and Norway, but

higher than in France. Operators are also asking for most size on buildings to be increased from 6 metres to 6 metres, according to the most larger areas.

"When I talk to my peer group to those operators globally, they've got huge sympathy for how many hoops I've got to jump through in order to keep up with them," Greg McCall, RT's chief technology officer, said.

Operators also face regulatory compliance costs, which have led to reduced

London's commuters often face frustrating mobile service

5 of nine phone achieved (O'Connor Good performance) reading on a 15-minute journey from East Dalesch to Blackfriars, by network operator

Good performance Not good performance

• Good performance: 1.6 times 2.0 times 3.0 times 4.0 times 5.0 times 6.0 times 7.0 times 8.0 times 9.0 times 10.0 times 11.0 times 12.0 times 13.0 times 14.0 times 15.0 times 16.0 times 17.0 times 18.0 times 19.0 times 20.0 times 21.0 times 22.0 times 23.0 times 24.0 times 25.0 times 26.0 times 27.0 times 28.0 times 29.0 times 30.0 times 31.0 times 32.0 times 33.0 times 34.0 times 35.0 times 36.0 times 37.0 times 38.0 times 39.0 times 40.0 times 41.0 times 42.0 times 43.0 times 44.0 times 45.0 times 46.0 times 47.0 times 48.0 times 49.0 times 50.0 times 51.0 times 52.0 times 53.0 times 54.0 times 55.0 times 56.0 times 57.0 times 58.0 times 59.0 times 60.0 times 61.0 times 62.0 times 63.0 times 64.0 times 65.0 times 66.0 times 67.0 times 68.0 times 69.0 times 70.0 times 71.0 times 72.0 times 73.0 times 74.0 times 75.0 times 76.0 times 77.0 times 78.0 times 79.0 times 80.0 times 81.0 times 82.0 times 83.0 times 84.0 times 85.0 times 86.0 times 87.0 times 88.0 times 89.0 times 90.0 times 91.0 times 92.0 times 93.0 times 94.0 times 95.0 times 96.0 times 97.0 times 98.0 times 99.0

Source: Smartness analysis for the Financial Times, 1st Jul 28 2016, combined with their journey during morning cash flow

'I couldn't believe ... something as basic as phone signal was as bad as it is'

investment in network rollout. In particular, the 2010 decision to force operators to remove the technology of "high-risk" providers, such as Huawei, from mobile networks by 2027 has cost more than £2bn, according to Mobile UK.

In response to operator concerns and in an effort to address the problem, the government launched a review of the mobile market in February, with a call for evidence running until May. The process recognised that operators had faced "a challenging investment environment over recent years". This is partly related to the cheap prices paid by consumers, which have failed to match a rise in data consumption.

Between 2010 and 2015, the price of an average use basket of mobile services in the UK fell 20 per cent in real terms, despite average data use more than 6miles, O'Connor said.

Low prices have "bad a real and lasting impact on operators' ability to invest in rolling out networks", said Matt Howett, founder of Assembly Research.

"I genuinely believe that consumers want more than just cheap prices. I think they do want resilient networks. I think they want networks that have brilliant coverage," RT's McCall said.

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FINANCIAL TIMES

Thursday 30 July 2018

INTERNATIONAL

Middle East

Trump vows to deliver 'a beating' to Iran

President Jameh out after 'surprise' ballistic missile attacks on US targets

FT REPORTERS

Donald Trump has vowed to deliver a 'beating' to Iran in retaliation for what he called a 'surprise' attack aimed at US military targets in the Middle East. In an interview with the News yesterday, Trump said: 'We're going to beat the backing dies out of them.' He added: 'We'll be killing them hard. They're going to get a beating.'

The US president's comments came the morning after US Central Command, which overseers American military operations in the Middle East, said

the Islamic Revolutionary Guard Corps had launched ballistic missiles at US military installations in the region. It added that the strikes had been successfully interrupted.

Trump's remarks also followed joint strikes by the US and Saudi Arabia on Iran-backed militant groups in Iraq on Tuesday, which came in response to Iranian drone attacks separate from the unexpected ballistic missiles. Iran's attack ended a pause in direct military action between the countries that had lasted several days and calmed energy markets, risking a return to full blows war, while the involvement of Saudi Arabia and militant groups also threatens a wider regional conflict.

The IBGC said its aerospace force had targeted the US air base and Centsom's

regional headquarters in Jordan with three of ballistic missiles. 'Resistance will continue' as long as Dennis against the Islamic republic and the US military's 'unlawful and malicious' acts against 'our interests' permit, it said.

Trump said negotiations with Tehran would continue. 'We're going to let them keep talking'

Trump said negotiations would continue. 'We're going to let them keep talking' he said. 'We're going to let them keep talking' he said. 'We're going to let them keep talking' he said. 'We're going to let them keep talking' he said. 'We're going to let them keep talking' he said. 'We're going to let them keep talking' he said. 'We're going to let them keep talking' he said. 'We're going to let them keep talking'

joint strikes in Iraq on Tuesday against Iran-backed militants that Centsom said had been ordered by the IBGC to attack US military targets and the kingdom's energy infrastructure. It is the first time Saudi Arabia had publicly acknowledged carrying out attacks since the start of the war in February.

The Saudi ministry of defence said it did not seek escalation but 'will respond to any aggression,' adding that the strikes were part of 'the kingdom's inherent right to self-defence'.

Saudi Arabia has repeatedly condemned attacks originating from Iraq territory since the outbreak of the US-Iran war, and has pressed Iraqi officials to stop them.

Baghdad condemned the attacks which were probably committed by

rogue groups closely aligned with Iran and outside the state's central. Under pressure from Washington, Iraq's Prime Minister Ali al Zaidi has made it a priority to demolition such groups.

Zaidi has also tried to cultivate liberties with Gulf states, this upcoming trip to Saudi Arabia was reportedly put on Saudi following the attacks.

Trump described Iran-backed militia as 'a cancer on the world,' adding the US-Saudi strikes had been co-ordinated with the Iraqi government. Iraq's Iran-backed Haimidullah groups said it's statement that at least 20 members had been killed in the US-Saudi strikes. Reporting by Iraqi forces at Washington, this chafflet in Tehran, Ahmad Al Osman in Jeddah, Anya Jiddah in London and James Jibutun in Jerusalem.

Strategic stockpiles

Oil reserves at 'precariously low' levels as US refineries boost output

JAMES SMYTH - NEW YORK

US crude stockpiles fell sharply last week as local oil refineries boosted activity in take advantage of surging fuel prices driven by renewed hostilities with Iran.

Commercial crude oil inventories increased 10.4 million barrels and the US strategic petroleum reserve (EPS) fell 2.1 billion barrels, as refineries have down stocks to make products mix in gasoline, diesel and jet fuel.

Government data published yesterday showed US refineries are running at 97 per cent of capacity, with those in some parts of the Midwest operating at 100 per cent, as US energy companies increase exports to supply energy-budgets in the last and foreign.

Supply oil oil and petroleum products from the Middle East faces continued disruption following the resumption of attacks between the US and Iran over the past week, which is severely restraining tighter traffic through the thrash of Horman.

Analysis toward the big drain pushed stocks of crude and gasoline down by more than expected and was eroding America's ability to be the supplier of last resort to parts of the world such as Asia and Europe that were heavily dependent on Middle Eastern oil.

'US crude inventories, both commercial and the EPS, have drawn down by nearly 20 per cent since early April. The US accounts for about 70 per cent of global and more crude inventory draws over the past four months,' said John Smith, analyst at Kiplex. 'It has carried the burden of trying to keep oil prices in check over this period via EPS releases and higher exports, but stockpiles are rapidly depleting and this pace of draws cannot permit all inhibitors.'

New Johannes, oil market analyst and founder of Commodity/Intern.com, said crude and gasoline prices were now at 'precariously low' levels.

The US government is continuing to release oil from its EPS, which now is downed over 10,000 barrels in 2017 into barrels - the lowest levels more than 100 years. Its operational minimum, below which further withdrawals risk damaging infrastructure and disrupting pipeline operations, is estimated at 10th in 2018 from barrels, according to industry analysts.

Private supplies from Washington and strategically vulnerable to future supply shocks in the absence of a big buffer from the EPS, setting the stage for crude drives to the significantly above the reserve hits its operational minimum.

The US strategic petroleum reserve fell by 3,000 barrels last week

Conflict: Drones

Ukraine hones strikes on Russian energy sector

Intelligence led raids deep in enemy territory target critical 'nodes' that are hard to repair

CHRISTOPHER POLLED - NYU

Ukraine has effected its long-range drone campaign against Russia's energy industry from broad attacks on refineries to more targeted strikes on critical components that are hard to replace.

Ukrainian military planners, drone operators and energy specialists say Kyiv's goal is no longer simply to end up the refineries of the former storage tanks but to keep plants offline for longer and make such strike more costly for Moscow. One Ukrainian deep strike unit member told the FT the strategy was 'targeted and co-ordinated'.

President Vishchenny Zelenskyy said last weekend that he had instructed Ukraine's newly appointed commander to chief and acting defence minister to expand the country's deep-strike campaign. Yevhenit Klemann, the incoming defence minister, said he had worked with the new top commander Mykhailin Urqusky on plans to 'move the war on to the aggressor's territory as much as possible'.

'Ukraine will continue to exert shock and to limbofight pressure on Russia by all means,' Klemann said. 'We must scale up what a steady effective,' he added, specifically seeing Ukraine's deep strike attacks.

Two deep-strike drone operators said target selection was guided by detailed technical analysis by Okhola. They take into account logistics, flight paths and broader operational priorities. They said drone units received briefings from energy engineers and industry experts on which components are indispensable to refinery operations and which would take the longest to replace.

The engineers said experts' efforts to unite to strike 'these pipelines have, or this chimney, hit here in this space, or this part of the equipment connection, or the lost, and so on,' one drone operator said. He added some operations still involved attacks on large oil depots, where munitions with fragmentation elements are used.

Russia and Ukraine inherited similar Soviet-dott-gated energy systems, giving Ukrainian engineers a detailed under-

Hitting loomer Russian bank on a black smoke-rises from a Moscow oil refinery after a Ukrainian drone strike last month

standing of many industrial processes, equipment forests and operational vulnerabilities in Russian facilities.

'Sally we learn from Russians,' said Andriy Zagorodnyuk, a few new defence minister and chief of the Center for Defense Strategies, a Kyiv-based security think tank. 'They are doing exactly the same to us here,' he added, referring to Russia's muscle and drone strikes on Ukrainian energy, military and civilian infrastructure.

Missions are planned with multiple objectives and contingency options. It operates cannot reach the primary target because of air defenses or navigation problems, they are instructed to divert to pre-selected secondary or tertiary targets rather than abandon the strike.

Robert Broodil, commander of Ukraine's Command Systems Forces, said refinery attacks formed part of a broader campaign to dismantle networks that sustain Russia's new effort.

From all experts that finance the military to logistics evasion supplying troops.

'The objective is clear one, to destroy the sources that finance Russia's war (all trade), and two, [to destroy] the mili-

tary industrial complex that supplies the occupying army with weapons,' he said.

The strategic effects what military planners describe on 'systemic warfare' - creating Russian's energy infrastructure as an interconnected network rather than a collection of oil and gas targets. 'We think of Russia as a system,' said Zagorodnyuk. 'Understanding that system allows you to identify the critical parts where the effect is much more substantial.'

By mapping dependencies across refineries, substations and transmission systems, Ukrainian planners identify nodes where a chimeric small overhead can cause disruptions for two, third and fourth of the world.

Ukrainian drone units have also begun repeatedly striking the same critical equipment before repairs are complete, according to drone operations and an IT analysis of small the ranges.

Ukrainian officials said intelligence provided by the US and France had helped map air defenses and identify routes allowing drones to evade them and reach targets deep inside Russia.

Broodil said the campaign also

'Ukraine will continue to exert shock and tech pressure on Russia by all means'

The air, the first phase is a two-part series. The next main line has driven the targeted Russian refineries.

RUSSIA/CHINA

Dependent on the 'systematic elimination' of Russian air defence, raids and electronic warfare systems to open corridors for drones deep inside Russia.

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depended on the 'systematic elimination' of Russian air defence, raids and electronic warfare systems to open corridors for drones deep inside Russia.

From there, he said, targeting invader US and US to the US, and to the US, and to the US, and to the US, and to the US, and to the US, and to the US, and to the US, and to the US, and to the US, and to the US, and to the US, and to the US

He added that Russia's European territory, as well as occupied areas of Ukraine, were now in range. 'Fight million people - roughly two-thirds of Russia's population - live in the European part of the country, within the strike zone, which is no longer and will no longer be considered Russia's and war zone,' he said.

US and French intelligence had also improved target selection, helping Kyiv 'learn where to hit', according to Zagorodnyuk. He said Ukrainian planners had built a detailed map of Russia's energy grid, allowing them to identify critical nodes where disruption can shut down target parts of the system.

Broodil said: 'The no-diluted strikes, up to the complete destruction of the enemy's fuel and energy sector and military industrial complex, is inevitable.'

Messaging app

Moscow to put Telegram chief on international wanted list

POLISH VANDER

Russia said it intends to put Telegram's chief executive Yared Imere on its international wanted list, excluding the Krombliv head with the founder of the popular messaging app.

Imere, who left Russia in 2016 and saw Sada Tzuna and Ezekiel Chitkovsky, to be a member of the PRM security service of 'facilitating terrorist activities' by failing to remove chats on the app that it said were being used by Ukrainian intelligence agencies to orchestrate attacks on Russia.

The arrest warrant for Imere comes as Russia has made a broad push to restrict interest on on this year.

Telegram remains a new space where Russians can switch with ease between reading patriots' articles. Telegram must have an anti-Krombliv opposition leader this next.

'Telegram CEO P. Dutrov has been charged to connection with an ongoing criminal investigation,' the PRM said in a statement cited by the Tass state news

agency. Telegram 'failed to remove numerous channels, chats, and hostages by Ukraine's 'peoples and co-ordinate acts of sabotage and terrorism, mass murders, and cyber fraud in the Russian Federation,' the PRM said.

The charges can carry a sentence of up to 11 years, with the possibility of being extended to 106 imprisonment, state news agents are filed.

Telegram's press allies did not immediately respond to a request for comment on the charges and arrest warrant.

Yesterday, the Telegram messenger account on 8, estimated an old photograph of Imere showing available fights to the camera, interpreted by some users as a response to the charges.

Earlier this year, two state-run newspapers reported that the PRM had opened an investigation into Imere. Canning Telegram had been used to organize incidents such as the 2016 terrorist attack on Central City Hall and the 2022 murder of Daria Dogina, the daughter of a prominent supporter of President Vladimir Putin.

Media

France orders deportation of pro-Kremlin TV personality

LESLA ARROUX - PARIS

France has found a deportation order for Xenia Fedorova, a Russian author and television commentator known for exposing pro-Kremlin positions on media outlets owned by conservative Alphonse Vincent Belloni.

Fedorova ran the state-backed Russia Today in France before it was filed down by the government shortly after President Vladimir Putin's full rank invasion of Ukraine in 2012. The 63 year-old fleet appeared regularly on Belloni's 1/2News, a lightning 24-hour news channel, hosting a show on Ukrainian values and commuting on the news.

Casting herself as a free speech advocate dominated by the French mainstream, Fedorova offers referral Russian talking points such as Manning Europe's provoking Russia into attacking Ukraine, calling the way a 'special operation' and accusing the Baltic states of glastifying Nazism.

Belloni, a devout Catholic who built his fortune as a corporate raider, has

built a media empire in France to further what he can do, not understand fight to save the work. But other media assets include Kachette Books, owned via Lagardier, and pro-TV outlet Canal+.

According to an official at the interim ministry, Fedorova's lawyer was presented with a ministerial expulsion under reporting. The newspaper's Russian free reported the news.

France considers that 'by disseminating her narratives, [Fedorova] acts as a conduit for disinformation campaigns directed by the Russian authorities,' said the order.

A government official said the order immediately revoked Fedorova's residency permit. She has been placed under house arrest and is required to report to the authorities over she.

Xenia Fedorova is a journalist,' her former government Phoenix, said, adding she would appeal. 'Chivas and Lagardier said the decision 'would constitute a particularly serious attack on freedom of expression and the plurality of opinions.'

Xenia Fedorova is a journalist,' her former government Phoenix, said, adding she would appeal. 'Chivas and Lagardier said the decision 'would constitute a particularly serious attack on freedom of expression and the plurality of opinions.'

Xenia Fedorova is a journalist,' her former government Phoenix, said, adding she would appeal. 'Chivas and Lagardier said the decision 'would constitute a particularly serious attack on freedom of expression and the plurality of opinions.'

Xenia Fedorova is a journalist,' her former government Phoenix, said, adding she would appeal. 'Chivas and Lagardier said the decision 'would constitute a particularly serious attack on freedom of expression and the plurality of opinions.'

Xenia Fedorova is a journalist,' her former government Phoenix, said, adding she would appeal. 'Chivas and Lagardier said the decision 'would constitute a particularly serious attack on freedom of expression and the plurality of opinions.'

Xenia Fedorova is a journalist,' her former government Phoenix, said, adding she would appeal. 'Chivas and Lagardier said the decision 'would constitute a particularly serious attack on freedom of expression and the plurality of opinions.'

Xenia Fedorova is a journalist,' her former government Phoenix, said, adding she would appeal. 'Chivas and Lagardier said the decision 'would constitute a particularly serious attack on freedom of expression and the plurality of opinions.'

Xenia Fedorova is a journalist,' her former government Phoenix, said, adding she would appeal. 'Chivas and Lagardier said the decision 'would constitute a particularly serious attack on freedom of expression and the plurality of opinions.'

Xenia Fedorova is a journalist,' her former government Phoenix, said, adding she would appeal. 'Chivas and Lagardier said the decision 'would constitute a particularly serious attack on freedom of expression and the plurality of opinions.'

Xenia Fedorova is a journalist,' her former government Phoenix, said, adding she would appeal. 'Chivas and Lagardier said the decision 'would constitute a particularly serious attack on freedom of expression and the plurality of opinions.'

Xenia Fedorova is a journalist,' her former government Phoenix, said, adding she would appeal. 'Chivas and Lagardier said the decision 'would constitute a particularly serious attack on freedom of expression and the plurality of opinions.'

Xenia Fedorova is a journalist,' her former government Phoenix, said, adding she would appeal. 'Chivas and Lagardier said the decision 'would constitute a particularly serious attack on freedom of expression and the plurality of opinions.'

Xenia Fedorova is a journalist,' her former government Phoenix, said, adding she would appeal. 'Chivas and Lagardier said the decision 'would constitute a particularly serious attack on freedom of expression and the plurality of opinions.'

Xenia Fedorova is a journalist,' her former government Phoenix, said, adding she would appeal. 'Chivas and Lagardier said the decision 'would constitute a particularly serious attack on freedom of expression and the plurality of opinions.'

Xenia Fedorova is a journalist,' her former government Phoenix, said, adding she would appeal. 'Chivas and Lagardier said the decision 'would constitute a particularly serious attack on freedom of expression and the plurality of opinions.'

Xenia Fedorova is a journalist,' her former government Phoenix, said, adding she would appeal. 'Chivas and Lagardier said the decision 'would constitute a particularly serious attack on freedom of expression and the plurality of opinions.'

Xenia Fedorova is a journalist,' her former government Phoenix, said, adding she would appeal. 'Chivas and Lagardier said the decision 'would constitute a particularly serious attack on freedom of expression and the plurality of opinions.'

Xenia Fedorova is a journalist,' her former government Phoenix, said, adding she would appeal. 'Chivas and Lagardier said the decision 'would constitute a particularly serious attack on freedom of expression and the plurality of opinions.'

Messaging app

Moscow to put Telegram chief on international wanted list

POLISH VANDER

Russia said it intends to put Telegram's chief executive Yared Imere on its international wanted list, excluding the Krombliv head with the founder of the popular messaging app.

Imere, who left Russia in 2016 and saw Sada Tzuna and Ezekiel Chitkovsky, to be a member of the PRM security service of 'facilitating terrorist activities' by failing to remove chats on the app that it said were being used by Ukrainian intelligence agencies to orchestrate attacks on Russia.

The arrest warrant for Imere comes as Russia has made a broad push to restrict interest on on this year.

Telegram remains a new space where Russians can switch with ease between reading patriots' articles. Telegram remains a new space where Russians can switch with ease between reading patriots' articles. Telegram's chief executive Yared Imere, who left Krombliv opposition leaders this next.

---

Thursday 30 July 2020

FINANCIAL TIMES

5

Obituary

“Advertisement placed by the Bolfo family”

Bruno Bolfo

It is with deep sadness that the Bolfo family announces the passing of Bruno Bolfo—beloved husband, father and founder of Duferco Group—who died peacefully in Lugano, Switzerland, on July 17, 2026, at the age of 84.

Born in Lavagna, Italy, Bruno Bolfo was one of the outstanding figures of the global steel industry. He began his career at Siderexport, the international trading arm of Italsider, where he rapidly distinguished himself as one of the company’s most promising young executives. During those years he also worked in New York, gaining invaluable experience in international commodity markets and developing the global outlook that would shape the rest of his career.

In 1979, together with a small group of fellow Ligurians, he founded Duferco in New York City and São Paulo, Brazil, after leaving Siderexport. What began as an entrepreneurial venture grew into one of the world’s leading industrial and trading groups, with operations spanning the Americas, Europe, Africa and Asia. Under his leadership, Duferco successfully expanded beyond steel into energy, shipping, logistics and other strategic sectors while remaining true to its industrial roots.

A visionary entrepreneur, Bruno Bolfo possessed a rare ability to anticipate profound changes in global markets. He transformed uncertainty into opportunity through courage, integrity and an unwavering commitment to innovation. His entrepreneurial interests also extended to hospitality, wine production and medical technology, always guided by a long-term vision and a deep belief in the value of people.

Despite his international success, he remained remarkably humble. He led with discretion rather than prominence, earning admiration for his integrity, balance and quiet determination. Those who knew him remember not only an exceptional businessman, but also a generous mentor who believed that optimism, trust and respect were the true foundations of every enduring enterprise.

He left us as he lived: quietly, with the sober, reserved style and unmistakable understatement that defined his life.

His greatest legacy is not only the global company he created, but also the values he leaves behind: optimism, respect for others, confidence in younger generations and the conviction that entrepreneurship is one of the highest expressions of human creativity.

He is survived by his wife, two children, and two grandchildren, and by generations of colleagues, partners and friends across the world who had the privilege of working alongside him.

His vision will continue to inspire. His example will never be forgotten.

---

6

FINANCIAL TIMES

Thursday 30 July 2016

INTERNATIONAL

Monetary policy

Fed data revamp to ease the rise price

US statistics agreey set to overhaul measure of personal consumption

MYLES MCCERRICK — WASHINGTON

The US Federal Reserve's preferred inflation measure is set for an overhaul that will ease some of the pressure on 2016-graders to lose interest rates quickly as they debate how to tune a heart of higher prices.

An Fed officials met to set borrowing costs this week, the Bureau of Economic Analysis is rewording how 4 calculated price rates to raise price of the company in a move that is expected to lower

recent readings of personal consumption expand their inflation.

Policymakers have been split over how to counter a jump in inflation spurred by the Iran war, tariffs and the Al boom. Headline PCS 58 a three-year high of 4.1 per cent in May, while the core measure rose to 3.4 per cent, both well above the bank's 2 per cent target.

Economists expect the reworded PC's methodology to lower its core inflation reading by about 0.2 percentage points, giving the Fed more known to keep borrowing costs on build in the near term.

"The fact that it moves inflation closer to the Fed's goal should adapt to more for them not to take place," said Alan Detterstier, an economist at UW

and former Fed inflation researcher. Kristina Leika, a former New York Fed official who is now head of economics at Evercare III, said that "provided the market to save the new section is confident any drop in PC's reading would make it 'slightly easier for [Fed chair Kevin] March to avoid cuts labor'.

The statistical strategy comes as President Donald Trump has put political pressure on the central bank in lower rates, which are currently between 3.3 and 3.75 per cent. The Fed kept these rates on hold yesterday.

The president this week said while he believes that "wants to do the right thing" on interest rates, the Fed's policy was constrained by "very political"

based members who "perhaps have had intentions".

The REA methodology update, which takes effect from September, will affect data on portfolio management fees, computer software and accessories and legal services going back to 2021.

Critics say the change, while part of a regular REA modification process, is mowery towards categories that are driving inflation and risks diluting readings at a time when monetary policy is under the political spotlight.

"They really haven't made a good rationale for why they are changing these specific series," Detterstier said. "But more they've chosen its norm to have some political element to it."

Two of the categories of price reports being reworded — computer software and accessories, and portfolio management — are to be top five drivers of inflation.

Owsie Shardl at inflation tonight said that while their were "sexual arguments for the changes ... it doesn't look good optically" to be lowering categories associated with higher inflation at once.

The REA said annual updates were "made by REA career staff to maintain the accuracy and reliability of REA's estimates" and designed to improve how prices are assessed. While PC's inflation is expected to have dropped in June when data is released today, it was not recommended to the Fed target. Inflation Not for Bull and Markets

Satellite launches

Rapid growth of commercial Chinese space sector at threat, report warns

DON'T BE SELECTED P & D — WASHINGTON P & D — NEW YORK

China's commercial space sector is growing at a 'stunning' pace with security implications that should alarm the US, according to research by the Center for International and Foreign Studies.

China's commercial space industry has grown enormously since being opened up to the investment in 2014, said the Hiofu task's report, with the number of companies engaged in space activities, such as launch services and satellite communications, rising from a few dozen to 600.

Aerogone manufacturing cities are being built across the country and the number of locations and facilities to launch rockets carrying and others is also increasing, at least 10 start-ups have emerged as competitors in the state-run Long March on June that previously had a monopoly on carrying Chinese satellites into space.

While many of the companies in the report are ostensibly commercial, many work closely with the Chinese sites and are helping to create space ecosystems that benefit the People's Liberation Army.

"The US focuses on PLA space threats and linear plans. We're not putting attention to China's commercial space direct operation, which are moving at a stunning speed and scale," said Kurt Hingen, a former Pentagon official who led the report.

According to the research, two companies — Growing and Thousand Suits — are each planning to deploy more than 10,000 satellites in space, putting them in direct competition with SpaceX's Turkish competition. This comes as China's pushing to build lower Earth with broadband networks with more than 10 million quakes.

The country is also creating huge automated "gigabycenter" to build satellites and has an estimated capacity for the production of 4,100 to 5,000 satellites a year, compared with an annual rate of 500 then year ago.

Willing to self-swing to attract commercial space ecosystems, sending startups, attracting investors and industrializing at scale, which will benefit both its economy and military "fingers and."

The report said China was employing the industrial graphed it said it became estimated as other industries such as electric vehicles, using central directions, local competition, industrial subsidies and selective market liberalisation to promote innovation and boost its global market share.

"The status extend beyond rockets and satellites," the report said. "Commercial space systems are increasingly becoming part of the infrastructure that underpins global communications, information access, economic activity and national power. Countries that shape that ecosystem will shape the broader global market environment."

The F1 previously reported that Chinese satellite groups had helped Iran target US military assets in the Middle East during the Iran conflict and given integrity to the Iran-backed Health rebels in Yemen.

CIII said Chinese companies were incorporating space services into China's left and fraud initiative, creating a new "Space Silk Road."

Asia Peninsula tensions

Rival Korea race to build nuclear submarine

Seoul targets potent counter to

Pyongyang after securing US approval for fuel enrichment

DAVID, THESE — SEOUL JAN 2017 — LONDON

It is a need of South Korea's hopes for its planned new nuclear-powered submarine that is decided to name the vessel after Jung hage, a 9th-century naval commander known as the "King of the Sea".

The Jung hage 9, which shares the herri name with board, first generation of direct electric submarines introduced in the 1990s, is intended to provide a potent counter to nuclear-powered switch submarine through more construction by rival North Korea.

Analyte out the new submarine programme, announced in May, will intensify the already fierce arms race between the rival and North Korea's Harimot Korean peninsula. It could also change nutrition calculations in the wider region at a time of rising geopolitical tensions.

Employment by South Korea of nuclear-powered submarines, which pertains, upsets and faces much greater underwater range than their current-tread counterparts, would "complicate the decision-making" of North Korea and other perennial US advocates, said Victor Ward of the Young Institute in Seoul.

The new, new improvement in South Korean naval capabilities, Ward said.

On paper, North Korea is ahead. It announced in 2015 its plans for nuclear-powered submarines that would give Pyongyang a "second strike" capability to redefine against an attacker even if all its hard-boxed nuclear missiles were destroyed.

North Korean dictator Kim Jong Un last year unveiled the ball of its first such vessel, which if displayed could potentially operate much further into the Pacific that the current direct electric fleet, "that would complicate US military planning by posing a threat to Guam, Hawaii and potentially the American manhood, Ward said."

But analysts say it is still unclear whether the final dictator, functioning naval reactor and expulsion equipment as whether the accretive North even has the capacity to produce such systems. "North Korea has shown us the physical submarine," said Moon Geun-

North Korean leader Kim Jong Un visits the construction of a nuclear-powered submarine late last year — JSTOR

CIVIL

sik, a former submarine commander who now teaches at Hanyang University. "But we need to verify whether the reactor and the technology for the reactor interface inside it are functioning properly."

In 2012, Pyongyang launched the Horn Back has OK, a direct electric submarine modified to carry nuclear capable facilities and cruise missiles. But despite the fanfare, analysts say that some evidence it has ordered operational service.

Still, Kim Yeol was of the Korean Institute for Military Affairs and Pyongyang had potential avenues to acquire any technology it might be lacking, most obviously through military ties with Houston mounted by its support for President Vladimir Putin's war in Ukraine.

"Since they provide so much support to Russia right now, they could ask for the entire nuclear population system in return," Kim said, adding that another option would be to try to steal submarine-related technology from other countries. "Don't hacking capabilities are outstanding," he said.

My contrast, there are two studies about South Korea's technical capacity to build a nuclear-powered submarine.

The country is a leading exporter of nuclear reactors for power plants and has successfully built many diesel-electric safes.

But repeated previous efforts by South Korea to develop nuclear-powered submarines in 2016, it has never been submitted to such a new, long-term set as electric submarines and Fuels said doing so would be "essentially impossible".

"One of the greatest success in the US is the most of US's domestic and the national project is not a 'eat, there may be an attempt to emerge," he said. South Korea's presidential office and defense ministry did not respond to requests to comment.

President Lee told Trump last year that South Korean nuclear-powered submarines would be better able to track South North Korea and Chinese submarines, "reducing the burden" on US forces in the region.

Kim Yeol was said South Korea should in private highlights its willingness to "play the role of containing China on South Korea's".

China's foreign ministry has warned Seoul to approach US co-operation on nuclear submarines "with prudence." But China's own growing fleet in all two concerns to US allies in the region.

Trump's plan to shift the submarines would be built in "the Philadelphia Shipyards" right here in the good of U.S.A."

But while the Philly Shipyard was acquired by South Korean conglomerate mounted in 2016, it has never been submitted to such a new, long-term set as electric submarines and Fuels said doing so would be "essentially impossible".

"Once Trump's attention turns back to the need and it's discussed that the submarine project is not a 'eat, there may be an attempt to emerge," he said.

South Korean's presidential office and defense ministry did not respond to requests to comment.

President Lee told Trump last year that South Korean nuclear-powered submarines would be better able to track South North Korea and Chinese submarines, "reducing the burden" on US forces in the region.

Kim Yeol was said South Korea should in private highlights its willingness to "play the role of containing China on South Korea's".

China's foreign ministry has warned Seoul to approach US co-operation on nuclear submarines "with prudence." But China's own growing fleet in all two concerns to US allies in the region.

The F1 previously reported that Chinese satellite groups had helped Iran target US military assets in the Middle East during the Iran conflict and given integrity to the Iran-backed Health rebels in Yemen.

CIII said Chinese companies were incorporating space services into China's left and fraud initiative, creating a new "Space Silk Road."

Pandemic probe

Fauci refuses to answer Senate Covid inquiry

LAUREN FRIEM AND ELLA LEE WASHINGTON

Anthony Fauci, the head of the US government response to the Covid 19 pandemic, invoked the Fifth Amendment of the US constitution and refused to answer it during the question of a key Senate committee hearing yesterday.

Kentucky Republican Rand Paul, who chairs the Senate homeland security committee, has led the charge in investigating Fauci on Capitol Hill. The former health official yesterday accused Fauci having an "unhinged obsession" with reading him in prison.

"Given Senator Paul's obvious obsession with calling for my prosecution, his repeated shadowing comments about me and recently he paid my blessing my unendeavored personal distress ... the only conclusion I can reach is that the sick reason he is calling me before this committee is to get me to say something, anything, that could indicate his repeated guilty pledges that I end up, in his words, open, behind bars, suspects," Fauci told lawmakers.

Fauci, whose relationship with President Donald Trump uneventified in the early months of the pandemic, has become a later figure among some Republican lawmakers who have questioned his leadership and claimed to find about Covid's origins.

A medical doctor who spent nearly four decades at the US government's top infectious disease expert, he was the

Fauci accused Senator Rand Paul of having an 'unhinged obsession' with sending him to prison

Ever if Washington's handling of the coronavirus in the final year of Trump's first term in office and throughout her Hokin's presidency.

He stepped down from his role as the head of the US National Institute of Allergy and Infectious Diseases at the end of Hokin's time in the White House.

House before he left office, Hokin preemptively issued a sweeping presiderial pardon to protect Fauci from prosecution for any actions he had made in

his last 10 years of government service. Last weekend, Paul released more than 1,000 pages of Fauci's personal diary from the pandemic period. In addition to some about the government's handling of the public health crisis, the diary entries included embarrassing meetings from the doctor, including suggestions he revolted in media attention.

Paul yesterday told Fauci: "The American people deserve answers ... frankly, the American people deserve an apology."

The threat to prosecutor Fauci comes as another Trump fan, former FBI director James Conroy, has urged a jargon of the two out charges he threatened Trump's life by asserting that "myriatic irregularities" had to his indictment.

In court filings late on Tuesday, Conroy's attorneys said the charges lie into a campaign by Trump to punish Conroy for protected speech due to his "deep-mated indemnity" towards their own official. They also asked the judge to grant access to secret guard jury materials, casting their use the legitimacy of the Def's efforts to overjure on ballot.

PM warning

Time running out for Japan's quake survivors

DAVID REDDONE — TOKYO

Japan's Prime Minister Iamar Takakiko has said authorities are in a "race g放蕩 time" to find survivors about a powerful earthquake left at least 16 people dead.

The earthquake left Kumamoto prefecture with an estimated magnitude of 71 at 4, 29 per local time on Tuesday, buckling roads, cutting power to tens of thousands of houses and causing some buildings to collapse.

"More than 20 hours have now passed since the earthquake struck, yet there are still people waiting to be rescued of a two-yearly a race against time," Takakiko said yesterday. Kyodo News agency yesterday afternoon quoted local authorities as saying that 16 people had been confirmed dead.

Takakiko has deployed thousands of the country's 1,000 Defense Forces to the prefectures, on the island of Kyodo, to help with the aftermath, including watering water and power supplies.

At least three people died after an explosion at the Aichi field in the town of Kanizura, according to Takakiko. Mid-

right injuries had been reported and at least seven people were still missing.

Aone said on Tuesday that the explosion occurred after the hanging course was evacuated following the earthquake.

The Kyodo News agency said two people had been heard "unresponsive" at a Nippon Paper Industries plant in Yatsushiro city, where a smokestack had collapsed, while the others remained unaccompanied.

Japan's meteorological agency said the earthquake occurred at a relatively

Crawbed-cars he under collapsed buildings in Yatsushiro yesterday

challon depth of about 100m, making it an indomniquet strong aftershocks particularly intense. The agency warned people of possible further quakes in contempting.

The last earthquake of such severity of Japan was in 2016 on the Nato Peninsula, resulting in hundreds of deaths. Kumamoto itself was left by large earthquakes in 2016.

The region around Kumamoto is home to a large number of Japanese industrial companies, including significant semiconductor plants and car manufacturers.

Osman Semiconductor Manufacturing Company, the weekly largest non-manufacturers, initially evacuated workers from its plant in Kumamoto but said operations were gradually resuming after structural impactions.

Cemakers Toyota and Honda said they had suspended operations following the unimpaired submarine. One on said production at its plant "continues as planned."

Sony said operations at its plant in Kumamoto remained suspended as of yesterday afternoon.

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Thursday 30 July 2016

FINANCIAL TIMES

7

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8

FINANCIAL TIMES

Thursday 30 July 2016

INTERNATIONAL

European fires fuel backlash over ageing fleet of water aircraft

Brussels pledges to buy a dozen more Canadair planes but production is slow

DAC JOHNSTON — BRUSSELS LISA JARRETT — PARIS BARNEY JORDAN — PHOENIX

Wildfires engulfing France and Spain have sparked a political backlash over a shortage of amphibious Canadair planes needed to douse the flames, increasing pressure on Europe's preparations to tackle extreme weather driven by climate change.

In France, where a massive fire in the Gironde region has raged for almost a week, opposition politicians have accused President Emmanuel Macron of not having enough operational Canadairs. In Spain, the opposition has criticised the 'weakness of the entire fleet'.

Canadairs, which cost about €30m each, can carry more than six tonnes of water and are the only planes that can directly scoop water from lakes or the sea, making it possible to make more frequent and faster runs than other 'water bombing' aircraft.

But production of Canadairs was halted for years beginning in 2015, leaving both countries with ageing fleets. France has 12 Canadairs, complemented by other types of planes and helicopters, while Spain has 14.

The EU has ordered 12 planes to assemble its own fleet. 'We are lacking European technology,' EU commissioner for crisis management today. Lab88 told the FT. 'We are going to double our capacities but it takes time.'

France's doers were bought decades ago and only seven are available for deployment, with the others under maintenance. Eight of Spain's Canadairs

are operational, the oldest in its fleet bought in 1987 and the newest in 2015.

By Tuesday, the EU had dispatched four Canadairs to Spain and one to France, from a fleet of 14 that it knows from member states and places strategically across Europe.

In France, thousands of firefighters in the Gironde region, which includes the wine city of Bordeaux, have been battling wildfire for nearly a week. Some 42,000 hectares — an area four times the size of Paris — have already burned.

Interior minister Laurent Nulieu said two Canadairs were in use in Gironde as part of a deployment of 23 French aircraft, while European countries had also dispatched material. France is also testing for the first time an Airbus A6000 transport plane that has been retrofitted to dump water or retardants.

French conservative politician Eric Cotti, who wrote a parliamentary report on France's wildfire readiness, posted on X that aerial firefighting had 'never been a priority' for Macron and the country was 'paying a high price for that today'.

Coca Gamaros of Spain's opposition People's Party said Prime Minister Pedro Sánchez's administration had 'long been aware of the weaknesses of the entire fleet [and] its lack of modernisation'.

Both governments have ordered new Canadairs, but manufacturer De Havilland has not yet begun delivery of them. Bombardier, which originally made the planes, halted manufacturing in 2015 due to lack of demand. Fellow

A Canadair plane combats French fires last week. Another fills with water near Madrid.

Jordan - France's first plane in the air, France's 2016 plane in France

Canadian producer De Havilland later acquired the licence and rebanched production in 2012 after several European countries made new orders.

In 2012, after a serious wildfire in the Gironde, Macron pledged to completely replace the ageing fleet of Canadairs and buy an additional four by the end of his second term in 2017.

Julien Marion, director of France's civil security agency, said France could not be blamed for De Havilland being slow to produce the four Canadair Paris had ordered.

'The controversy about Canadairs is totally unfounded,' Marion said. 'Buying a Canadair is not the same as going out to buy a toaster.'

De Havilland said in 2012 it expected to make first deliveries to European customers 'by the middle of the decade'. But a spokesperson for De Havilland told the FT contracts were not signed until 2014, saying the company was 'on track' to begin delivering by 2018.

Spain has ordered seven new Canadairs. 'Everything about procuring the Canadair aircraft is very complex,' said interior minister Fernando Grande-Martínez. 'Supply on the market is extremely limited.'

The EU's own fleet of 12 Canadairs will not begin arriving until 2018, with the final order expected in the early 2050s. Canadairs are also not a solution to all kinds of wildfires, EU officials said.

'Buying a Canadair is not the same as going out to buy a toaster'

Helicopters are more often used to tackle forest fires in central and northern Europe, refilling from smaller bodies of water, said one official. Canadairs are effective in taking water from the sea to extinguish fires in southern Europe.

Much of the work was done by firefighters on the ground, so judging the effectiveness of forces based on the number of Canadairs alone made little sense, said Marion, whose agency leads France's fire response. France had built a rounded fleet of aircraft to fight wildfires, he argued, such as by increasing the number of so-called flash water-bombing planes.

Lab88 called on member states to back a €30. The proposal to invest in civil protection in the EU budget and said they should follow Brussels' recommendations to invest in forest management.

Canadairs 'take time to arrive but in the meantime we can also learn to manage risks,' she said. Additional reporting by Laura Dubois in Brussels

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Thornton 09 July 2018

4

EDWARDS: JONES

9

Price pressure As yen sinks to four-year low investors urge Bank of Japan to accelerate rate rises to contain inflation ● PAGE 13

Companies & Markets

Chipmakers' slide deepens after SK Hynix trails forecasts

• ● Record profits fall short of estimates
• ● Nasdaq 100 in correction territory

SANG JUNG, Jr. - BFDN DAVID REDMAN - YOKYO WILLIAM SANDLUND - HONG KONG

Investors continued to dump chipmaker stocks yesterday after disappointing results from SK Hynix, extending a sell-off in global tech stocks amid fears about the 10 hour's sustainability. The world's second largest memory-chip maker reported a 327 per cent surge in operating profit to a record World's list (NED) so the three months to June 30 compared with the same period last year.

That missed a forecast of World's only 1,000.1 hour/estimate, while sales also fell short of estimates despite jumping 327 per cent to World's list.

Shares in SK Hynix initially fell

'People blindly believed the memory market would go up for ever'

Song Jha, BWD Pacifica AXL almost 20 per cent before closing down 10 per cent. Israel's Kospis India market as much as 11 per cent before ending down 6 per cent, bringing its losses this week to 15 per cent.

Samsung Electronics, SK's larger rival, weakened 12 per cent.

'The semi-industrial market has run too fast too far,' said Song Jha at BWD Pacifica Asset Management. 'People just blindly believed the memory market would go up for ever.'

U.S. in stocks also continued to slide yesterday, earning the Nasdaq 100 index 1.3 per cent lower into correction territory, having fallen more than 20 per cent from its early low-grade.

Memory, prop. backlit fell 6.5 per cent, taking its six months to the 9.5 per cent. Semi-industrial group Asia Holdings fell 3.6 per cent and Advanced

Micro Devices dropped 6.4 per cent. BWD's long said investors were further rattled by a front-to-partial Tuesday suggesting China would begin mascot producing its own deep ultraviolet (DUV) lithography machines needed for advanced chipmaking.

Investors said some selling was taking place ahead of market restrictions coming into effect on the Kospis tomorrow. South Korean regulators have set a strict status code on the market to reveal to single-stock leveraged exchange traded funds, which they have blamed for much of the volatility.

Tokyo's Nikkei 210 ended 3.1 per cent lower, taking its decline to more than 17 per cent due to 6 year peak. Semi-industrial component maker Murata Masahara, memory's top 10,000 of the 2016s and semi-industrial group Soko Okeyeon and Lasers suffered sharp falls.

SK Hynix stock has now deal more than half its value since its June peak amid growing decline over the durability of 4.6 upsurge. The shares had risen more than several times on the pace.

The earnings ratio reflected SK Hynix's greater exposure to high-hand-wild memory chips used in 16 hard-ware, leaving it less able to benefit from being prices for conventional chips.

Despite robust earnings and higher prices, chipmaker's market in an under pressure in investors for evading memory costs could each demand by prompting customers to cut usage or find cheaper alternatives.

Following an increased reporting on Wednesday, South Korea's finance ministry said it would have accrued a changed exchange traded funds that have grown wildly popular among the country's retail investors. The finance minister said there were concerned that investment in the funds was 'amplifying market volatility'.

Law page 24

Target reached Sales of Ferrari's controversial Luce EV go from zero to 500 in two months

Polarizing broke the Luce's international design drew criticism from Ferrari fans and its former chair

SILVIA SCORELLI BORRELL - MILAN KANA MALDI - LONDON

Ferrari has hit this year's sales target for its first electric vehicle model on the back of strong demand from China, despite a polarizing design that triggered a backlash among investors and enthusiasts.

The Italian group has not disclosed its target for the Luce but two people with knowledge of the matter said its aim this year was to sell just under 100 units of the EV, designed by former Apple designer Jerry Fox and prescribe its US$100.

One of the people said the target had been reached in July, just two months after its controversial launch, where its unconventional styling was derided by critics and its design compared to the cheaper mass-market models.

At the time, former Ferrari chair Luca Cordero di Muntocento is called

for the Luce to be stripped of its signature groaning horse badge. The group's Milan-based shares also lost more than 6 per cent in the first touring season after the unveiling in May.

The controversy was followed by the mallets department this month of Ferrari's long-arriving chief marketing and commercial officer Enrico Galliere, although the group said the exit and replacement with a former BMW executive had been planned before the launch of the Luce.

Ferrari, which reports second-quarter earnings today, has defended the Luce as an attempt to show use in technology and result a new generation of healthy assets in the past of driving EVs, particularly in China and to 8.6 miles such as Silicon Valley.

It also gave strict instructions to dealers out to have its period having collected on vehicle markets.

The group had set a longer-term target of selling about 2,000 Luce

vehicles by 2030, or 400 units each year. That represents roughly 5 per cent of the carmaker's annual sales and is a target that many analysts see as achievable.

Benedetto Vigna, chief executive, has also said that Ferrari's busy into EVs would not hurt its industry-heating operating margin of 30 per cent due to limited volumes.

Ferrari declined to comment on the Luce's sales target and its delivery figure since the launch.

Despite the initial backlash, people close to the group said uptake of the Luce was strong in China, while feedback from CFtech entrepreneurs had also been positive.

Pointing to how Ferrari targeted specific clients for the Luce, Scott Sherwood, an independent analyst of luxury in Canada, said: 'Ferrari's marketing and customer insight are on another level versus a lot of their competitors.'

Auditor Grant Thornton to buy rival CRZ for $5bn cash

STEPHEN FULFE - NEW YORK

Grant Thornton is buying rival CRZ for $5bn in cash in the largest takeover in the accounting sector in a generation, vauling it to become the biggest audit and consulting firm in the US outside the Big Four.

The deal announced yesterday, will create a combined group with more than $5bn in US revenue and underscores how private equity has sparked rapid consolidation in the mid-market accounting sector.

Grant Thornton has been on an acquisition grow since it ends a majority stake in a consortium led by New Mountain Capital two years ago, but it had been longbraged in terms of US revenue by another deal-hungry private equity-backed firm, Baker Villy.

CRZ, which for almost 30 years has been the only audit firm listed on the US stock market, has also balked up substantially by acquiring Macrom, one of the most prolific auditors of US public companies, in 2016.

CRZ is the eighth largest US firm by revenue, with Grant Thornton in ninth place. The combined group would overtake $500, while had $4.4bn in revenue last year, according to accounting Today rankings.

CRZ has more than 9,500 staff across the US, between 2.5 big-maker board and medium-sized businesses and individual clients. Grant Thornton is part of a global network of firms, many jointly owned with New Mountain.

New Mountain plans to spin out CRZ's new operating businesses into a new company and the final focus.

Jim Niles, Grant Thornton chief executive, said: 'By combining our multinational platform with CRZ's strong market presence, we're broadening our ability to support businesses through every stage of growth - from early development to global scale.'

Under the terms of the deal, CRZ shareholders will receive $5bn share in cash, which, together with debt, gives the company an enterprise value of $5bn. The figure is an 10 per cent premium in CRZ's closing their price on Tuesday and a 34 per cent premium in its 50-day average, but is a far cry from the NED's that it touched early last year.

Grant Thornton's debt is the largest accounting firm to up since the M&A wave that created the Big Four, which culminated in the 1998 merger of Price Waterhouse with Coopers & Lybrand.

Germany's Mittelstand under threat from Chinese competitors

BUSINESS INSIGHT

Richard Milne

The strength of Germany's economy has long been in the Mittelstand. The amorphous group of small and unlisted enterprises, often family-owned, that are often world leaders in their niches make up the backbone of Germany's postwar success.

So as worries grow over the future of Europe's largest economy, there are concerns about the Mittelstand - and in particular whether German metal leaders can withstand the increasingly fierce competition coming from China.

German Kavelath is typical of Mittelstand entrepreneurs. He studied in the UK and determined to sell an Germany before joining the family company Schubert & Salzer, which makes industrial values, which is now chief executive. It cannot compete with the biggest value and recovery in terms of the with just 150 employees and revenues of more than €100m, but its products are found in Formula 1 and Las Vegas's Frantzias of Refugee among others.

'There are reasons for optimism. But there is not much time to lose,' says Kavelath, who is also president of the VEMA, the association representing Germany's machinery industry.

Much of the ghosts has centred on German consumers as they struggle to keep up with Chinese rivals whose elec-

tric vehicles are often cheaper and more innovative. The Mittelstand machinery companies have more going for them, but warning lights are flushing their too.

The German metal bankers are in a fight to sneeze 10 to their equipment, and need help from national and European policymakers, as well as upping their own good considerably.

The competitive threat from China is growing daily. The VEMA says its own machinery experts in China fell by 9 per cent last year and by the same amount as for this year while Chinese equipment imparts to Germany nearly 14 per cent to the same period.

The ghost was underlined by a recent survey by 10 Bank and industry bodies for co-operation banks. The investment appetite among German SMEs has fallen to its lowest level since the survey began in 1993 -

lower than during the financial crisis, the Covid 19 pandemic or the energy crisis after the start of the war in Europe (only 1991) in companies pulled off plan to invest in their operations over the next six months and only 30 per cent anticipates an improved business situation at that time.

Much of the assets to be improved in at home, says Kavelath. He says that corporate taxes are about 3 percentage points higher than the average of rich countries in the OECD. Other problems in Germany include a high total cost of labour as well as 'gold plated' regulation, where additional standards are imposed on top of EU rules.

At a European level, the Mittelstand bemoans issues with the single market, be it in capital markets or goods, which means that it competes at a considera-

ble disadvantage compared with Chinese or indeed US rivals.

But there are also specific complaints against China, where German SMEs want Brussels to be more savvy. Multiple industries complain of Chinese goods that can no longer be and/or the US owing to tariffs being diverted to Europe.

Kavelath argues that the EC needs to have more targeted, flexible and quick tools to use versus Chinese companies, both on dumping and over subsidies. Too often, existing rules end up being too costly and time-consuming to enable companies and any action tends to come after the damage has long been upon.

He also calls for China to open up public tenders to foreign companies, saying that smaller businesses without a pressure inside China are being deal out.

All this takes place against a geopolitical backdrop that is moving against Germany and its companies. 'What we have seen over the last year is this reorganisation of its academics,' says Kavelath, pointing to US trade tariffs, the state of and gas restrictions, and China's dominance of new tariffs minerals.

Smaller German companies have a formidable record on innovation, and saw off worries of a veipent from Japanese rivals do also ago.

Now though, the competition from China is even more intense and so is the urgency for both the Mittelstand and Germany to reform as Europe also tries to stand more on its own lost in terms of debtors.

As Kavelath says: 'In terms of European security, we need an industrial base that is competitive and fast. We are far from perfect but we are walking in that direction ... We have to run.'

richardsm@ejf.com

Contracts & Timbers

APP APPERFIELD • BUDGET

A company group of BUDGET A company group of BUDGET By the Fed & Veritas Co. - BUDGET THORNEY 2018

Subject: SELECTION PROCEDURE No. 1308 INJURIST FOR THE AWARD OF A SUBCONSEQUENT RELATING TO A PORTION OF AMOUNT VANDER VS 1 YRS (INCOME AS 'VANDER' IS LEGUISHING APPROXIMATELY 5,000 BOX) IN ADDITION TO AN AMOUNT CONSUMPTION, IF 'LEGUISHED ON WHAT FULMISING AMOUNT SUITABLE TO ACCOMMODATE No. 2, AMOUNT RATE AND INTENDED FOR THE STORAGE AND WAREHOUSE OF AMOUNT.'

By the Fed & Veritas Co. and its officers, the Fed & Veritas Company, a firm of the Fed & Veritas Company, is a member of the Fed & Veritas Company, a firm of the Fed & Veritas Company, a firm of the Fed & Veritas Company, a firm of the Fed & Veritas Company, a firm of the Fed & Veritas Company, a firm of the Fed & Veritas Company, a firm of the Fed & Veritas Company, a firm of the Fed & Veritas Company, a firm of the Fed & Veritas Company, a firm of the Fed & Veritas Company, a firm of the Fed & Veritas Company

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10

★

EDANGERL SINKS

Thursday 30 July 2016

COMPANIES & MARKETS

Financials

Banks warn hedge funds over collateral

Demands to provide extra security highlight Wall St fear over Al stocks sell off

DEFER A KUALA LATE DODGE JIMELH FELLAM, EXTRA MUNDAL AS AND JAMES FORTUNISLA A RIVER

Wall Street banks have demanded more collateral from hedge funds to recent weeks as a cost in Al stocks as estimates and triggers heavy losses across several popular strategies.

Banks asked funds whose holdings are heavily concentrated in certain industries to provide additional collateral to keep their existing levels of storage, according to four people familiar

with the matter. The collateral demands highlight the mounting fears on Wall Street about the scale and speed of the sell-off in Al stocks over the past few nights, which has upended a rally in a sector favoured by many funds.

Goldman758, and JPMorgan Chase were among the banks that had asked homes to stamp up additional collateral, according to several people familiar with the matter. Both banks declined to comment.

"This is the kind of risk management the market should expect right now. It's pretty basic stuff," said a person who to slam of his banks.

The person added that many of these calls for additional collateral were auto-

matically triggered by the market volatility, which is generally included in agreements between funds and banks.

Banks held in protections when bank

"This is the kind of risk management the market should expect right now. It's pretty basic stuff"

ing to hedge funds to make sure they do not incur losses in case the market turns negative.

Goldman said in a recent note to refute that the build-up in gross leverage to the first five months of the year was

the largest cumulative increase it had recorded since it began tracking the data in 2016, suggesting funds had been turning to borrowing to juice up their trade-dead of the sell-off.

Risk committees at banks constantly re-evaluate the holdings of their hedge fund, shown and whether they need to alter or limit the scale of leverage they extend to them.

In a sign of the pain for hedge funds, long short hedge fund strategies were down 1.2 per cent at noon in New York on Tuesday, while multi-strategy funds were down 0.7 per cent, according to the Goldman report.

The last time all of those strategies were down more than 1 per cent in a sin-

gle day was during the market swings against by the coronavirus crisis in 2020, the report added. However, hedge fund strategies were still up more than 10 per cent on coverage for the year.

Prime brokers extend leverage to hedge funds by lending against portfolio of stocks, allowing them to boost their returns. Yet that leverage can also lead to painful drawdowns if the market turns against a hedge fund's positions, as it magnifies losses.

Concentration risk in the market has grown the one, with the 168* 50% biggest US companies representing roughly 40 per cent of the banks, according to Capital Group data. That exceeds levels seen in the early 2000s data on bubble.

Interview: Technology

Zuckerberg says US should not ban Chinese AI

Meta founder warns against

risk of regulatory capture

hitting domestic competition

DANNA MURPHY — JANUS DORBER

Mark Zuckerberg has said the Trump administration should not block Chinese models to gain an edge in the AI race and warned against "regulatory capture" by American founder later the could it bottle domestic competition.

In an interview with the FT, Zuckerberg said that banning cutting-edge Chinese AI in the US would not be "an effective solution", as Washington threatens to target labs over claims of intellectual property that.

On Tuesday the Meta founder publicly jailed an intense debate in Washington and among badges of operators about how the US should regulate the fast moving technology and respond to increasing Chinese competition.

These discussions have accelerated since Beijing based Homedist AI this month released its Kimi K1 model, whose capabilities are scouring those of OpenAI and Anthropic.

Before Trump administration officials have said they have evidence that Homedist engaged in a large-scale, covert effort to train its model from US rivals through a technical process called distillation, where secretary Scott Howard last week said "sanctions" were so the table to evidence over that "came the bus into it?"

Zuckerberg came out against a ban, saying US companies should "substantially" identify bottleneck and could block its order to compete before with Beijing in an AI race both countries regard as critical in national security and prosperity.

The social media chief outlined a vision for "AI for everyone" and reiterated his support for "open" models, which users can customize and run on their own hardware and are popular among Chinese developers.

He warned of the risk that AI might become "controlled" in the hands of a few powerful groups. His remarks appeared in the x broadside against

Social media chief Mark Zuckerberg says he favours a vision of "a big everyone" and supports "open" models. (Dorberl)

rivals. Anthropic and OpenAI, which dominate the chatbot market with proprietary "chees" AI models.

Zuckerberg — who has started from 2016 United Trump since his re-election campaign and returns to the White House — also addressed how the US might govern the culture of new models.

He said that either peer reviewing or writing multiple positive for the industry if "there will with thoughtful people." However, Zuckerberg warned that

basking AI companies should not have too much influence.

"There's about the question of regulatory capture if you have a set of businesses that have their own interests that are doing peer review," Zuckerberg said. "Are the frontier labs . . . going to want an open-source model to succeed? I think that there have kind of been some mixed signals on that."

The Trump administration is

expected to commence a early as this week a voluntary framework for AI model developers to combat their trade for testing ahead of rations.

Anthropic, the industry's top founder has called for stronger regulations, while Dennis Hanusky, head of Google DeepMind, has prepared a "left" regulatory organization, such like the Financial Industry Regulatory Authority which could set industry standards.

The attempt to agree a writing system comes after the White House in June restricted Anthropic's most advanced technology ever knew that its ability to find a free security with possibilities could disrupt the global financial system.

Zuckerberg told the FT that restricting the most powerful tools was not the right answer since they could also find companies identify and push cultural

Millions. He cited an incident last week when an OpenAI programme escaped

"Are the frontier labs . . . going to want an open-source model to succeed? I have have been some mixed signals"

humans control and backed a start up. "We've seen some breaches from big models (where) basically the company that got breached didn't have access to the other frontier models because it was restricted . . . so they turn to open-source models to guide the breake," he said.

OpenAI and Anthropic have said they are against restrictions on open models. But Arnold's has said he does not agree that "open weights models necessarily make it easier to develop subgraphs or that broad access to capabilities necessarily helps distillation more than structure."

Meta recently released its own closed model, Mass Spark, opening up a new revenue stream while citing safety issues as a reason for keeping the model proprietary.

Additional reporting by George Hammond and Crittine Cialle

Financial services

PwC reports on artificial intelligence marked by hallucinations

STEPHEN FULFF — JOHN CRAIG

PwC publishes reports on AI and other vehicles collided with false footnotes, and different claims and unverifiable information in the latest example of a big four theory in parkets use of AI-generated content.

He, in hallucinations were contained in "thought leadership" reports designed to draw up consistent work for partners in the Middle East, according to an investigation by researchers at GFT Zero certified by the FT.

The discovery of AI-generated errors risks outbursts about something firms such as PwC that are marketing their services as advisers to companies adopting the technology, including on how to use it responsibly and implement policies or authorities.

GFT Zero's earlier investigations led big four rivals K1 and KPMG to retract reports that also appeared to include hallucinations.

The research group identified four reports PwC Middle East produced over the past two years, and were appeared to have been written with particularly heavy help from AI and whose footnotes revealed data foundations.

The reports included a playbook for corporate use of "agents" autonomous AI lists, a guide for governments on how

A teenage blogger with

280 followers is cited as

PwC's source about a JPMorgan initiative

to improve public services and market predictions for electric and autonomous vehicles as on the region.

Many citations were problematic, GFT Zero has been found. Often they linked to web pages that did not contain the evidence they purported to and some to non-existent pages. An academic paper on an quality in Riyadh appears to have been hallucinated entirely by AI, as there is no trace of the work in the journal reference or by the author to whom it is included.

Several more footnotes with to unread sources, for example, a teenage blogger with 280 followers on Medium is cited as PwC's source for information about a JPMorgan initiative in 2016, "and with access to an e-region AI.

The initiative — in which the bank eliminated the centre of commercial loan agreements, having hundreds of thousands of loans of human work — was first reported in 2017. Ten years before ChatGPT had ended the era of generation AI.

PwC Middle East told the FT it "takes the accuracy of our published research seriously and is updating a limited number of supporting citations". A question with our approach to responsible AI, we have quality control processes for research and content development we expect all our people to adhere to, "it added, without addressing how the errors were included in the reports.

Technology

Google DeepMind disbands trailblazing AlphaFold team

MARQUENIX MURPHY — JOHN CRAIG

Google DeepMind has dismantled the team behind AlphaFold, its Nobel Prize-winning AI course for predicting protein structures, as the company overloads the research strategy that made it one of the world's leading AI laboratories.

The majority of the original authors of the AlphaFold papers have been reassigned over the past year, according to an FT analysis of recent job losses and people familiar with the matter.

DeepMind confirmed the success to projects built around Google's founder page moplet, as well as across technology enzyme design, nuclear fission and generator, clobers have relocated to AlphaFold's drug discovery company between Paul Lake.

Nearly a quarter of the full-time Google DeepMind authors of the original AlphaFold papers have left the company altogether. The reshuffle reflects a shift in DeepMind's scientific strategy since the rise of large language models.

"The strategy over the last nine years has been to focus on grand challenge . . . a concrete goal every project is focused on," said Pashanert Koldi, vice-president of research at Google

DeepMind. "The strategy has evolved," he said. That rather than simply organising researchers around single scientific problems such as protein folding, the AI lab was now also focused on building (except possessed systems that can assist scientists.

AlphaFold, which DeepMind began developing in 2018, transformed history and research by using AI to predict the three dimensional structures of proteins, a breakthrough that earned John Jumper, vice president, engineering fellow, and Dennis Hanusky, DeepMind chief executive, a Nobel Prize on Chemistry in 2016.

Earlier this year, Jumper and fellow AlphaFold researchers from Adler moved to Google's "Gold-Refle" team, a group which led to numerous clinicians to apply AI coding capabilities as it seeks to compete with pathways and OpenAI.

Last month, Jumper announced her was leaving for Anthropic, where he will be joined by Adler and AlphaFold colleague Alexander Pritzel.

A DeepMind employee, who asked not to be named, said the departures had sparked surprise informally.

DeepMind said that the movement of researchers reflected its evolving scientific priorities.

Technology

Brookfield and NextEra plan $100bn data-centre campus

DAVID SMYTH, MARTHA MUIR AND

PATRINE GARE — JOHN CRAIG

Brookfield is toasting up with the largest electric utility in the US to build a massive data centre and energy complex on a former nuclear enrichment facility that played an important role in america's nuclear weapons programme during the cold war.

The $100bn project spearheaded by the Canadian investments group and Florida-based NextEra Energy will involve the construction of 2 apparatus of nanotarget power plants and, in aggravation of battery storage capacity as the facility, which is adequate in Paducah, western Kentucky. The electricity generated by the gas plants is enough capacity to power plants to work.

The US Department of Energy has agreed to provide future over the more than 3,500-scale government owned site, where nuclear enrichment activities ceased in 2015, according to a person familiar with the matter.

The campus will be privately funded and the commercial partners have agreed to fulfill the terms of President Donald Trump's company protection now — an initiative aimed at ensuring that such groups fully fund the energy

and infrastructure costs of data centers, build-race rather than consumers.

Brookfield has already begun talks with hypercalciers to become an anchor for the campus, according to a person close to the project. Bruce Flatt, chief executive of Brookfield, said that the Paducah site would be the most of the company's plan to invest $100bn in AI infrastructure.

He and nursing this project to line with the White House Enterprise Protection Pledge, an an ensuring innovation and affordability go hand on hand with existing high-quality jobs, attracting new investment and strengthening the local economy. Flatt said, Some of the projects this project are expected to become operational in 2020 and it is forecast to be completed.

NextEra Energy recently initiated one of the largest mergers on record with Virginia utility fountains, to build one in data centre footprint.

Brookfield has placed itself at the forefront of the AI and energy boom in the US. In October it signed an $800m deal with the US government that aims to build a fleet of nuclear reactors.

The group, which manages Ellis in overall assets, is one of the world's largest property investors.

Media

Musk's X settles legal battle with global advertising body

DANIEL THOMAS

Dan Musk's X has settled a long-running legal battle with a major advertising trade body that it had accused of orchestrating an "illegal boycott" against the social media platform.

X says, the parent company of X, took a group of advertisers and the World Federation of Advertisers to court in 2018 claiming that they had conspired to move "billions of dollars," but advertising revenue away from the date.

The advertisers expected the allegations, arguing brands had the right to decide where to spend their money themselves rather than be forced to back a particular platform. The case was dismissed in March by a federal judge but, Clark said, an appeal to the

In a statement yesterday, X's top and the WFA said they were "putting the litigation . . . behind them." They added that this "rearts the relationship between the two organizations". No terms of the agreement were disclosed.

The appeal continues at the case against several companies now named in the lawsuit.

The agreement draws a line for the WFA under one of Musk's most aggressive attempts to challenge the advertis-

ing industry after overcast it fell sharply following the $40bn takeover of Twitter in 2012.

The WFA said it "educates for commitment to freedom of speech, a principle first included in WFA's founding constitution . . . and a principle it shares with it," adding "WFA said X are fully aligned in the view that brands, platforms and consumers will all benefit from brand safety innovators".

X Coys's lowest alleged the drop in spending was related to standards not in a WFA initiative called United Alliance of Registered Market, a coalition of brands and advertising agencies. The WFA said yesterday, Clark said "Toms or retract loans as a similar initiative".

X relies on advertising to make money, but revenue fell sharply after Musk bought the site. Marketing executives have in the past expressed fears of seeing their brands being put next to harmful content and complained about content misdeaths and blunders.

When it filed the lawsuit, Musk pointed that "we tried being sure for 2 years and get nothing but empty words. Now, it is war."

Musk has had other run-ins with advertisers, including telling them to "go back themselves" after revenues fell.

---

Theatres 09 July 2018

EXPANSION. SERIES

11

COMPANIES & MARKETS

Brussels warns it will investigate Fifa's $20bn command venture

Bloc joins protests against plans by football's governing body to raise billions from outside investors

JOHN REISEY / LONDON HEBRE FOY / BRUSSELS

The EU has warned that it will investigate Fifa's plan to sell a stake in a new commercial entity to outside investors, as the harmful governing bodies of Europe and North America led a growing chores of opposition to the proposal. Glenn Micullet, the EC's commissioner for quick, said Brussels would study the plan under its antitrust powers, warning that the proposal "raises profound questions about governance, independence and conflict of interest". "Hands off our game. This isn't baseball," Micullet said in a statement.

"Enough is enough. The relentless commercialisation of football has become corrosive. It's threatening the things that made football the world's most popular sport."

The warning came after Concord, the federation that runs football in North America, Central America and the Caribbean, said it was "deeply concerned" by the plan being pushed by Fifa presiding's Gianni Infantino, echoing criticism from the European counterpart UAN.

Concord expressed "disappointment" that detailed plans had been put together "before any discussion with the relevant governance bodies and stakeholders has taken place".

The federation, which encompasses 41 of Fifa's 133 national and international events, said yesterday that it was "deeply concerned" by the lack of due process.

Fifa, a broken hand based on profit, announced in Tuesday that it would form a new company, dubbed Fifa Forward Enterprise that would house its commercial and media rights, including those in the men's World Cup. The governing body plans to sell a roughly 20 per cent stake in the vehicle in a deal already it at about $20bn.

UAN said already advanced with Thrive Forrest, an investment vehicle ran by Joshua Kunkner, brother of Donald Trump's son in San Jared.

The aim is to capitalise on the commercial sector of the recent men's World Cup, which helped football's global growth in their previous 2018 to the 2020 in revenue during the four-year to its leading this year.

Micullet, who oversees EC sports policies, raised concerns over "whom Fifa's regulatory powers become aligned with the financial interests of private entities."

"Those are also proposals that raise important competition into considerations," he added. The European Commission is the 27 country black's antitrust against.

Under Fifa's plan, the family raised would be used in part to increase annual payments to members from $3mn a year to $5mn. Each would also receive a share of payment of $20mn. Fifa's member associations, which range in size from India as a Option to Gibraltar and the island of Melbourne, are all treated equally.

Infantino wrote to the associations on Tuesday outlining the plans, giving them a deadline of September 19 to approve the plan of them and say whether they wanted to opt in to the programme. The proposals, first reported by the FT, are subject to a simple majority vote of Fifa member associations, and then sign off by the Fifa Council. If the plans

Net gain: Spain's Ferrari Torres celebrates his training goal in the 2020 World Cup final against Argentina. Below, Glenn Micullet, EU commissioner for quick

are rejected, members will not receive any increase in their annual funding.

UAN, which runs the game in Europe, said yesterday that the right deadline gives by Fifa "a go-over thing you need to know about this plan", and that there was "significant and growing opposition" from across the game.

"Fifa cannot continue to use our sport to enrich themselves and their friends," it added. UAN, with 10 members, and Concord together account for close to half of Fifa's membership.

The Asian Football Confederation said it was "disappointed" not to have been consulted on an initiative that might "erobage the commercial and

financial future of the game" but did not express any position on the proposed themselves.

Andy Bertoum, who took over as UK prime minister this month, added to the backlash on Tuesday, saying that the game "has not to be doing to investors".

"The World Cup is not a product ... drove the deal up however you like. Once you have solid space of it, you have sold out," Bertoum said.

The English Football Association said it was "deeply concerned" by the lack of process and the "apparent substance and principles involved".

In the US, Democrats on the House Judiciary committee said the investment

"Hands off our game. This isn't baseball. Enough is enough"

CLAIM Micullet, 133 commissioner for quick

ment plan was further evidence of Fifa seeking to carry favour with the Trump family, Infantino gave the US president a new "Fifa Peace Prize" to December, Fifa has also loaned office space in New York's Trump Tower.

"Now Infantino performs a kickback hat trick by pursuing a multibillion-dollar deal with Jared Kunkner's brother to sell ownership stakes in the World Cup to private investors," they said.

Football Supporters Europe, an umbrella group representing fans, also hit out of the plea and demanded Infantino step down.

The group had been highly critical of Fifa's approach to enforcing at the recent World Cup in the US, Canada and Mexico, where prices were significantly higher than a previous tournaments.

European Football Clubs, a powerful lobby group representing more than 600 clubs, represent "serious concern" about Fifa's plans.

On Tuesday, Infantino said the plan was "about the democratization of football worldwide" and that the money raised would be "invested heavily over to the smallest or most remote parts of the footballing world".

The proposals involve increasing the money available for football development over the next four years to $20bn from the current $40n.

Retail & consumer

L'Ovéal plans to triple Gucci beauty sales

ADRIENNE KLAAS / PARIS

L'Ovéal is aiming to meet than triple sales of Gucci branded beauty products after it takes over the license next year, as the world's largest beauty company debugged off the impact of US tariffs in report record profit margins in the first half.

The French group acquired Gucci owner Remy's beauty business, which also includes the Ralescragg and Remy's beauty brand, as it was the first year.

"Gucci has to become a multibillion-euro beauty brand," L'Ovéal chief executive Nicolas Hieronimus told the FT. "Gucci fashion is significantly bigger than the Saint Laurent fashion brand and Saint Laurent beauty (generates revenue) of 1.5bn. L'Ovéal has operated the beauty licence for Saint Laurent since 2008.

Under the stewardship of current licence holder Gucci, Gucci's beauty range generated sales of about $300bn last year, according to a person with knowledge of the situation. That is about one total of the revenues generated by Gucci's fashion business in the period.

Hieronimus said L'Ovéal's first Gucci beauty products would probably be released in 2020, after it takes over the license to play next year.

The Swiss listed company has already put together a name that will begin work on the Gucci range in September. Hieronimus said, with an initial focus on developing, make-up and fragrance products, he added the improvement in the first half.

"Gucci has to become a multibillion-euro beauty brand" after L'Ovéal takes over the license next year

Gucci's fashion sales reported this week by kering, which has embarked on a major turnaround plan, augured well for the relaunch of the beauty range.

Yesterday, L'Ovéal reported half-year operating profit of €3.1bn, up 7 per cent compared with last year. The beauty group delivered a record operating profit margin of 21.5 per cent, being a drag from US tariffs, which reduced margins by 20 basis points. Hieronimus said he expected the impact would

naw to the second half of the year. Like for like sales rose 4.3 per cent in the second quarter on an adjusted basis for zonal of €13.6bn, ahead of two units. The adjustment accounts for timing impacts related to an IT overhead.

L'Ovéal's performance was boosted by double-digit sales growth in its professional products and dermatological beauty divisions, Sales at the group's luxury division, its largest, gave 4.7 per cent on an adjusted basis, underpinned by double-digit growth at brands including Aesop and Croid.

Salve also picked up in China. Hieronimus said Chinese consumers were gaining confidence because of the improved performance of the domestic stock market over the past year, as well as the country's inchoinging laypersons.

"Whether it is AI or robots, you really feel that the future is on display. I feel that at least part of the population feels very positive and excited about that," he said.

The sales impact for L'Ovéal from the Middle East was totalled 4.5bnm in the second quarter due to lower spending in travel-ereal destinations and the region's high-end shopping malls.

Industrials

Asia's richest man eyes bid for UK port group

CHRIS KAY / HUNSHI

Asia's wealthiest man, Gautam Adani is considering a bid for Britain's largest port group to what would be the Indian industrialist's first UK investment.

The billionaire chair of Adani Group, a corporate empire that spans ports, media, mining and utilities, is weighing an offer for Associated British Ports as two Canadian pension funds prepare to sell their makes, according to three people familiar with the matter.

Adani's interest emerged as the Canada Pension Plan Investment Board and Ontario Municipal Employees Retirement System, which was 54 per cent and 72 per cent of ABP respectively, examine a sale that they hope will value ABP at more than £150m, the FT reported in February. Asset manager Hermes, which owns about 4 per cent, could also sell its holding.

The people familiar with the talks continued that Adani's registration is dead, first reported by India's Economic Times, which still its early stages.

One of them said that IT went ahead, it was unlikely to be completed within this year, while another said that the

group might consider the purchase through a partnership.

For Adani, "It offers a foothold in a GT economy and thereby opens up a lot more" opportunities, said one of the people. "Nothing like it is open for acquisition anywhere."

Adani's port business said that it did "not comment on market speculation or rumours" and that "we continuously evaluate opportunities that align with our long term strategy." ABP said that the process was "a matter for the shareholders to comment on".

The Canadian pension funds did not expand to compete for comment.

ABP handles shares a number of British midfielder funds and owns 22 ports there. In other big shareholders include shogged it sovereignly nulls fund OIC, which owns 20 per cent, and the Kuwait Investment Authority's Wess House bid restructure with 10 per cent.

Adani is one of India's most powerful billionaires and has openly told the infrastructure focused: conglomerate's ambitions in Prime Minister Devendra Modi's development drive. His group is one of the few Indian companies that has an extensive overseas footprint; it

Banks

Deutsche and UBS follow up growth with trading gains

MERCEDES BAHIA / ZURICH FLORIDA MULLER / HUNSHI

Europe's biggest banks joined Wall Street rivals in posting trading fuelled profit gains in the second quarter yesterday, as banyan markets lifted investment banking revenues.

UBI reported a 27 per cent rise in second-quarter net profit to $3.6bn as record revenues and a 10 per cent bank and strong client activity helped lift earnings.

The Swiss banks' investment bank generated record second-quarter revenues, driven by capillary trading, Underlying pre-tax profit at the investment bank more than 10 million in 2016.

Deutsche bank reported a 10 per cent rise in second-quarter profit, driven by a sharp increase in investment banking, boosted by US trading activity revenues from cash and credit.

Net profit at the German bank rose to €3.9bn in the three months to June 30, up from €1.7bn a year earlier and comfortably beating analysis' expectations.

The results prove those of Wall Street peers including Goldman Sachs and JPMorgan, which reported banyan profits after market volatility fuelled a surge in equities trading. The boom in trading around AI-related stocks and wider swings between winners and losers in equity markets helped drive the activity. There has been increased demand for financing from trading clients, particularly in Asia.

UBI chief executive Sergio Ermotti called the investment bank's performance "unoptional" but warned that the company's return engaged and active, risks are still elevated and conditions could shift rapidly, impacting sentiment and activity.

For UBS, however, the investment banking profit mays was accompanied by another banyan result in wealth management, where the bank attracted 850bn of net new assets, including positive billions in the US despite roughly 800bn of annual tax related outflows.

Ermotti highlighted Asia as a key driver of the quarter, saying its "one bank" strategic is the region generated about a 800-ft group in the period and drove robust net new asset growth in wealth management.

UBI also reported a further 81.4bn of cost savings from the integration of Credit Suisse, which it took over in 2025, taking cumulative earnings to $1.6bn as the market funds for the final stages of combining both groups.

The bank reported a return on common equity tier one capital - a closely matched measure of bank profitability

• of 13.4 per cent in the second quarter, compared with 14.8 per cent in the first quarter.

Ermotti said UBS had begun to benefit from nearly three years of integrating Credit Suisse after which he described as a difficult process requiring 'a lot of hard work' and 'gauntful decisions'.

"These efforts are paying off," he added.

Deutsche bank's strongest contribution came from the investment bank, where pre-tax profit increased 59 per cent year on year to €1.2bn. While the increase in its funds, rates and credit trading outperformed more US rivals, the equities and advisory business did not grow as strongly, reflecting Deutsche's retreat from large parts of the equities business in 2018.

The financial situation in 2018, while the investment bank's performance in 2019, was a major factor in the financial situation in 2018, while the market share of the market was 2.4 per cent. The inflation rate of the market was 2.4 per cent, with a 2.4 per cent increase in the market's market share of the market.

Retail & consumer

L'Ovéal plans to triple Gucci beauty sales

ADRIENNE KLAAS / PARIS

L'Ovéal is aiming to meet than triple sales of Gucci branded beauty products after it takes over the license next year, as the world's largest beauty company debugged off the impact of US tariffs in report record profit margins in the first half.

The French group acquired Gucci owner Remy's beauty business, which also includes the Ralescragg and Remy's beauty brand, as it was the first year.

"Gucci has to become a multibillion-euro beauty brand," L'Ovéal chief executive Nicolas Hieronimus told the FT. "Gucci fashion is significantly bigger than the Saint Laurent fashion brand and Saint Laurent beauty (generates revenue) of 1.5bn. L'Ovéal has operated the beauty licence for Saint Laurent since 2008.

Under the stewardship of current licence holder Gucci, Gucci's beauty range generated sales of about $300bn last year, according to a person with knowledge of the situation. That is about one total of the revenues generated by Gucci's fashion business in the period.

---

12

FINANCIAL TIMES

Thursday 30 July 2016

UK COMPANIES

Financial services

St James's Place

inflows drop as tax change looms

Withdrawals rise after clients access pension post to beat inheritance charge

EMMA SUMLEY AND ALAN LIVES

St James's Place reported a sharp drop in net inflows after emerging changes to the pensions regime and as the wealth manager changes its adviser fee structure until a departure of large financial advice firms.

The UK's largest wealth manager said net inflows fell from £1.4bn to £2.7bn in the first half of the year, in line with analysis of expectations.

Mark FitzPatrick, chief executive, said that although markets were sup- portive, investors have needed to grasp with changes to the retirement landscape which will see pensions fall within the scope of inheritance tax from next year.

The tax changes had led to an increase in withdrawals as people take money from their pension post ahead of a punitive 40 per cent levy taking effect, he said.

A number of large adviser firms have also left recently or are planning to leave as some of SIP's rivals have them away. SIP continued its fee structure last year, reducing the initial advice for advisers can receive.

Aberdeen also reported interim results yesterday, with profits up primarily due to cost-cutting and growth from its interactive investor platform, according to chief executive James Windsor.

Per-tax profits of £270mn included a £100mn boost from a change in the fair value of its 20 per cent stake in Standard Life. Despite surging markets in the first half, group net outflows rose to £2bn compared with a small inflow in the

same period last year. Growth in assets continues to be driven by flows into the interactive investor platform. It reported its highest cost interim period inflows of £4.4bn. Assets under man- agement there are: at £107.7bn, up from £97.5bn a year ago.

Despite recent volatility in emerging markets, especially Korea, Windsor said: "Asia and emerging markets remains a fundamental strength of ours ... there's absolutely no backing off [by us] from the region."

SIP has a network of advisory firms across the country and can only sell in-house products and services. "The movement of advisers is nothing new, it's the 4th and flow. The key things to bear in mind's adviser numbers are up. Client numbers are up," FitzPatrick said.

SIP said it had completed a review of pay and benefits and had made further changes to the fee structure, which includes paying advisers their advice fees on a monthly basis rather than annually from March next year.

Andrew Lowe, analyst at CSL said he reported investors to "react positively" to the 0.3 per cent growth in adviser numbers in the first half.

In recent weeks, Prospects Wealth Management, based in Sheffield, and Wellesley Investment Management in West Sussex have both left SIP, while Sovereign Wealth, one of the group's biggest advisory firms with about £2bn of assets under administration, is also considering leaving the wealth manager's network.

Wellesley has joined Siderberg, which counts former SIP chief executive David Bellamy as a non-executive, and is rapidly growing in the UK with more than £100bn in assets under advice. It is backed by private equity firms EEA and TA Associates.

Liquid asset EQT pays discount price for stake in

Yorkshire Water after industry valuations tumble

Yorkshire Water treatment works in Sheffield. The utility has 3.7mn customers in northern England

ALEXANDER HEAL AND GILL PUMMER

Private equity group EQT snapped up a stake in strained utility Yorkshire Water last month at a story discount.

EQT paid less than the value of York- shire's regulated assets when it bought shared control of the water company from Deutsche Bank's asset manager, according to three people familiar with the matter, far less than the sector's his- tork & average.

EQT's purchase valued Yorkshire Water's parent company Kekla Hold- ings at £9.6bn, equivalent to 90 per cent of the company's regulatory capital value, according to the people.

The previously undisclosed price

demonstrates how the crisis at Thames Water, the industry's high debt levels and a backlash against sewage pollution have hit valuations across the sector.

Yorkshire Water, which has 3.7mn customers in northern England, is under close watch by 100m. The regula- tor demanded the company repay a £600mn loan amid concern about its finances and EQT agreed to contribute to the repayment as part of the deal.

In the 30 years (£1.2bn), 100m data shows that listed water companies were valued on average 10 per cent higher than their regulatory capital value – the asset base on which they are allowed to sure a set return through customer bills. Between 2017 and 2018, stakes in

water companies sold at a 56 per cent premium to their regulatory capital values, according to a court filing in a Thames Water case.

EQT's deal for a 42 per cent stake in Yorkshire also demonstrates continuing interest in the sector despite big share- holders in Thames Water previously declaring it "unfavorable".

EQT had sought "a price that reflects the challenges" facing the sector after years of under-investment. A decision to allow some companies to raise bills by more than half between 2013 and 2016 was a key factor, a person familiar with the deal said. EQT, Deutsche Bank and Yorkshire Water declined to comment. Additional reporting by Robert Smith

Banks

Ex-Goldman

executive wins £1.45mn over parental leave

ALISTAIR SEAT — LONDON

A former Goldman Sachs executive who lost his job after he took six months off work to look after his new- heart baby has been awarded £1.45mn in compensation for sex discrimination and unfair dismissal.

Jon Reeves, who was deputy global head of his bank's compliance "control room" in London, lost his job in 2012 when he was due to return from parental leave.

A tribunal in London previously found in Reeves' favour and in a ruling yesterday it awarded him £1.45mn, in part because it found he suffered "stigma" across London's financial sec- ter as a result of the upscale.

Goldman had told Reeves, who had worked for the bank since 2007, that he had been selected for dismissal owing to a "business need" and his "what to per- formance". But Reeves contended the reasons were a protest and that he was being penalised for taking extended leave as a new father. He took the bank to an employment tribunal in 2012.

Prospective new employees hesitated to take him on, and one abruptly can- tered interviews after managers ob- tained a media report about his tribunal claim, according to the judgment.

The tribunal heard Goldman's par- mal leave was 26 weeks within 12 months of the birth or legal adoption of a child while an employee was at the bank.

The tribunal first found that the bank's "failure to adopt any semblance of a fair process was so thorough- ly that its process was unfair in every respect". The award also reflected injury to feelings, lost earnings and a Goldman fine for not following fair pro- cedents. However, the tribunal applied a deduction as it concluded that there was a 30 per cent likelihood he would have been made redundant anyway.

Goldman said that it was "a market leader in paid parental leave. We strongly disagree with this decision."

Enjoy HTSI magazine, inside FT Weekend on the following dates:

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---

Thursday 09 July 2018

SPRANGER, JONES

13

COMPANIES & MARKETS

Fixed income. Price pressures

Investors warn BqJ faces test of inflation-fighting credibility

Tomorrow's meeting on rates will be closely watched for clues on future policy moves

AN EASTERN — LONDON DAVID REDMORE — TOKYO

Investors have warned that the Bank of Japan risks losing credibility in financial markets if it does not spend up its interest rate rises to contain inflation pressures — after the yen did to a four-decade loss.

The BqJ is expected to hold rates steady at a closely watched meeting tomorrow but investors are keen for any sign that it will accelerate rate rises thereafter, following last month's quarter-point increase to 1 per cent.

Traders in derivatives markets have priced to only one further quarter-point in the 5th January.

Japanese government bonds and the yen have both sold off this year as government spending plans has concerns over borrowing and inflation, putting growing pressure on rate setters to respond.

The year bond yields have risen to their highest this century at close to 5 per cent.

The yen tumbled below ¥163 in the dollar this month for the first time since 1986, despite warning from officials that they would stop in to protest the currency.

The BqJ is 'already behind this curve' and is 'losing some credibility', said Laura Cooper, global investment strategist at Novena, the R1A in asset manager. 'The performing that we have seen has [had] little national impact. That warrants action.'

The bond and currency sell-off has

been exacerbated by worries over Japan's exposure to high energy prices.

Direct intervention by the BqJ in currency markets in April and May provided only a temporary respite to the yen. Faster rate rises could support the currency and also ease concerns over longer-run inflation, which is toxic to bonds, investors said.

'The market was already concerned that the BqJ is previously handold would would not be leftward up by action [in a income crisis]' said Alex Everett, a fund manager at Aberdeen Investments. 'With further yen weakening and JCR volatility, that month for action has increased.'

But the BqJ faces a tricky balancing act, not wanting to push up borrowing costs for households and businesses to quickly by overreacting to a rise in inflation.

The most recent data denied head-line inflation — which has been suppressed in a single city energy container — rising from an annual pace of 1.1 per cent in June, still below the BqJ's 3 per cent target. Core

inflation rose from 1.4 per cent to 1.6 per cent.

Investors worry that currency depreciation and high oil prices are putting further upward pressure on inflation.

This is being amplified by fiscal policy, including a planned cost in sales tax on food and a long term KIIs spending plan, brightening worries over long-term borrowing.

Some are concerned that political pressure could compel the BqJ to keep interest rates artificially low.

The prospect of higher government spending has weighed on the yen since Suma Takashi won the leadership of Japan's ruling party last year with a problematic opinion, uprising must become aware of the 'Takashi' trade.

Pretmire on the yen was exacerbated by the Iran war, which strengthened the dollar against other major currencies, especially those of countries like Japan whose energy cuts made them particularly exposed to rising oil prices.

Some investors think it will be difficult for the BqJ to push against these forces.

Line of search: traders will focus on tomorrow's Bank of Japan press conference and whether officials strike a handiola issue that could shift market pricing

Peter Kinsella, head of investment services for the UK at UBP, said in a recent note that dollar strength and Japan's vulnerability to energy prices made a 'basic combination for [the yen] and there is little that the BqJ can do about it.'

He added: 'We see limited chances that the BqJ will increase the pace of its rate-biking cycle. Investors should expect more intervention rhetoric — but adds to drugs.'

Traders will focus on tomorrow's post-faration press conference and how big governor Kusan Ueda answers any questions about the central bank's political independence — and whether he strikes a handiola issue that could shift market pricing for existing meetings.

'The most important handiola signal, in our view, is whether governor Ueda will confirm of the press conference that the BqJ does not have to wait any interstate person of time before it takes again,' said Jay Tang, head of Asian economic and strategy research at hedge fund Point72.

Under potential signals would include dissenting votes in favour of a rate increase and upward revisions to growth in inflation assessments, Tang added.

At present, traders view October as a likely time for the next interest rate rise, with diversion contracts implying a 70 per cent probability.

'If Ueda lays out a roadmap to an October hike, it would be a handiola message,' said Osamu Takashima, for high exchange strategist at Chi in Tokyo.

'But it may well be difficult for him to do so, given the uncertainty in markets and the simple fact that October is so far away.'

Our global team gives you market moving more and more. It's been a day. Fram@shakim

Equities

BoE probes growth in exposure to Asian stocks

MARTHA ARBOLD AND CHETAK MENDELEK — LONDON

The Bank of England is probing the rapid growth of exposure to Asian equities among investment banks operating in London as officials seek to avoid a hold-up of highly concentrated bets on a few AI-based companies.

Many of the world's biggest investment banks finance the Asian investments of hedge funds and other institutional clients from their UK operations.

This once-alike business is now investing banks to sharing valuations of companies linked to the AI sector, raising the value of the long-lasting and unconquered them to borrow more.

The BoE's Prudential Regulation Authority, which supervises UK banks, has launched a review of broker's prime brokerage operations in London to check whether they are taking on excessively concentrated exposures to Asian equities, according to people briefed on the move.

Hedge funds and other institutional investors have risen rushing to pour up money into companies. As a first provide critical infrastructure to the AI semiconductor industry, such as South Korea's SK Hynix, Taiwan's T19EC and China's Cambridge Technologies.

Henry Armand built a 4x4 per cent rise in CUST shares when the memory chip maker Tuxicol in Shanghai on Mon-

UK officials worry the positions are concentrated in a limited number of AI-related companies

day, pushing its market value to briefly overtake Hong Kong-floral Tuxicol as China's most valued company.

However, these volatile stocks can also fall very quickly, posing risks to large banks if averaged positions take losses rapidly, potentially leading to client defaults. SK Hynix's share price fell a combined 23 per cent on Tuesday and yesterday, wiping more than $250bn off its market value.

The gains by investment banks from financing such investments are such that the Asia region could this year overtake Europe in terms of revenues for banks including Goldman Sachs, JPR and S&P, and Morgan Markets, according to people's profile with the market.

The BoE is concerned that such Asian shares are becoming an increasingly large part of the exposure built up by UK-based prime brokers.

Officials at the bank were I those positions against to be heavily concentrated in a limited number of AI-related companies. There are also fears that prime brokers' clients could be taking extra risks by using options to make heavily leveraged fees in Asian markets and that some may be raising money from Asian retail investors — who could be quick to sell in a crisis — in back their trading activities, according to the people briefed on the BoE's move.

When the BoE believes prime brokers are taking on excessive risks, it is paper-stores on one-to-one in several of liquid assets they are required to hold.

Yes slides below ¥163 in dollar for first time since 1986

Source: CEO's Health data

Commodities

Rio Tinto's earnings soar on cost cuts and AI demand for industrial metals

MICHLESS — SYDNEY

Minor Rio Tinto expected a 45 per cent rise in first half underlying earnings, saying his jump ran evidence that its cost cutting and divestment programmes launched last year had started to pay off.

Rising commodity prices and M570mts of 'productivity benefits' drove underlying earnings to Mt.90m and five cash flows up 75 per cent year on year to $3.8bn in the six months to July.

Simon Trott, who became chief executive last year, said the 'really strong' first-half performance reflected a pledge in December to overhaul the Anglo-Australian minor's cost base and deliver a 'sharper' operational performance.

'Seven months on, this is the evidence,' he said yesterday.

His expected savings to reach $1.8bn by the end of the year and Trott pointed to more over the longer term, 'There's substantially more to come,' he said.

Trott told the FT that the executive committee had travelled to mine sites to entail the need for 'an ongoing culture of continuous improvement.'

But he said his team remained 'mindful' of the impact of cutting too deeply into the cost base.

Rio is one of the world's biggest mining groups with assets across a wide range of commodities.

Its earnings were driven for years by iron ore sales to China but industrial metals such as copper have grown in importance because of their role in fields such as Al and renewable energy.

Copper, aluminium and lithium operations accounted for 57 per cent of its first-half earnings before interest, tin, depreciation and amortisation — while earnings from iron ore dropped 2 per cent due to losses at its Canadian business, which Trott said would take time to turn around.

The results contrast with Rio's intersite performance last year when first-half underlying earnings rank to a five-year low of $4.8bn due to weak iron ore prices and disruptions from cyclones.

His will raise its intersite dividend by 42 per cent, paying out $3.8bn to shareholders. Its shares in Australia rose nearly 1 per cent yesterday.

Trott added that Rio was well exposed to boosting demand for commodities

from AI-related energy and data centre investments, with the minor saying so-called hyperosalers such as Meta and Alphakite were collectively forecast to spend $1bn building data centres next year. There was an copper, steel, lithium and aluminium,' he said.

Rio held works of talks over a combination with rival Glencore earlier this year but could not strike a deal. Asked about potential consolidation of the industry, Trott said he remained 'fully focused on his own business'.

Yesterday, Glencore said its earnings from trading commodities had doubled in the first half as war in the Middle East supercharged profit levels across the world's biggest oil trading firms.

The Swiss company said in a production report that it expected earnings of $1.3bn in its 'marketing' division, which includes energy trading, in the six months to the end of June.

Glencore, which is also a big producer of coal and copper, reports first-half earnings next week. In its production report, the company said copper production was up 15 per cent year-on-year, although it slightly lowered its guidance for stockmaking coal during the period.

Equities

Hermès shares drop sharply amid fears over weak China luxury sector

ADRIENNE ELLES — PARIS

Hermès shares dropped sharply an ongoing weakness in the Chinese luxury market outweighed quick up in sales overall in the second quarter.

Shares at Hermès fell 10 per cent yesterday morning, leading to a temporary suspension in trading.

Hermès's second-quarter performance marked a modest acceleration for the maker of British bags, after the sharp impact from the fall to tourist shopping in the Gulf in March.

That failed to improve investors who have queried the stock's high valuation relative to peers in recent months.

The Paris-listed leather goods specialist posted sales of €1.3bn in the quarter at constant exchange rates, up 7 per cent compared with the previous year and in line with analysts' forecasts.

It cops a mixed quarter for luxury, leading to volatile share moves. Rich-mount posted a Rockbanzer beat on the back of its jewellery brands, including Cartier, while L'ORFI and Kating showed improved trends from a lower base.

Kating shares rose 12 per cent yesterday after it returned to organic growth

for the first time in three years. L'ORFI rose 1 per cent while Richmount fell 1.3 per cent.

Demand for high real handbags and silk scarves helped sales at Hermès rise in the second quarter as demand in Europe, the US and Japan helped offset a slowdown in the Middle East.

Executive chair Anel Dumas said that the group did not see a 'tremendous

'The group remains well positioned for long-term growth. That said, shares have underperformed'

improvement' in China, a key market for luxury that is weathering a multi-year slowdown.

But he summons of that Hermès would present its first basic contract collection in 2017, joining houses such as Chanel and Cher in this rarefied field.

Hermès is usually viewed as one of the most resilient names in luxury thanks to demand that outstrips supply for its bit bags and a wealthy client base.

'In the first half of 2016, Hermès

delivered a solid performance ... we look to the actual semester with confidence,' said Thomas.

Receiving operating income at Hermès for the first half of 2016 was €3.8bn compared with €1.3bn in the first half of 2015, at a margin of 41 per cent.

'The company remains well positioned for long-term growth,' said Thomas Cheever at Chi, 'That said, shares have underperformed over the last 12 months so growth normalises to high range of growth.'

He noted that Hermès had delivered 'unnecessarily strong' like for like compound annual growth of 8 per cent from 2019 to 2020.

As at Hermès's markets except the Middle East rose in the three months to the end of June, where trading has been affected by the US Asia conflict.

Sales in the Middle East region fell 2.4 per cent in the period, an improvement in the first quarter, when sales fell 5.9 per cent. Sales in Asia rose 6.4 per cent in the quarter, in line with expectations.

Eric du Halpault, executive vice-president for finance, said the Iran conflict had knocked 1.5 percentage points off group sales growth in the first half.

---

14

SPRANGER, JONES

Thursday 30 July 2024

COMPANIES & MARKETS

Risks of AI investor concentration are not just in equities

Laura Cooper

Markets Insight

Concentration risk in equities is well understood. More than 35 per cent of the S&P 500 is represented by large-cup companies benefiting from the AI investment cycle, leaving positioning crowded.

Less appreciated is the concentration holding up across asset classes as the same AI investment house runs through credit, infrastructure, real estate and equities. What argues to be diversification is often the same but expressed in multiple ways.

Why? Because the financing is evolving just as rapidly as the technology itself. What began as capital expenditure funded largely by internal cash flow has become one of the largest financing exercises spread across asset markets.

Recent industry estimates place the AI build-out at several trillion dollars over the coming years, including unprecedented data across investments.

That leading extends across investment grade and high yield credit, leveraged loans and equity, alongside private markets. An estimated $26 in AI financing is set to come from the FC market alone, according to JPR representatives.

That means hypercruiser could account for nearly 25 per cent of the $7bn 60m US high-grade market in the coming years from about 5 per cent now.

Tandherly, high yields? AI and data centre issuance has gone from next to nothing to our research? In this continuing, in a little over a year, according to that class. This accounts for about 15 per cent of the US high-yield index. That means the heart market's biggest borrowers are also the ones making the biggest AI bet.

Hypercruisers have issued more than $220m in books to tie this year, making them among the largest drivers of near-

record US high-grade issuance and roughly doubling their share of the IG market over the past year. Despite the surge in supply, demand has been so strong that spreads between yields on offer and benchmarks have often held and in some cases even tightened.

The attraction is obvious. These are companies with fortress balance sheets, minimal leverage relative to the market average and operating cash flow that has comfortably covered their debt are too even an upper absorbs a growing share.

For sectors have entered an investment cycle from such a position of financial strength. Markets have begun

Bond market trading is increasingly dominated by a bet on the same thesis as other asset classes

to test that assumption, though. Hyper- scaler deals fell from close to 2 times overed/accrbed in February to below 2 times, according to Bloomberg data.

Hyperccaler bonds also have begun to underperform the broader IG market on total return and the spreads. But the demand points to investors as willing to underwrite AI ambitions as they are the fundamentals.

Investors buying a tranche of a record 2018 bond offering are not purely making a judgment on today's balance sheet.

They're expressing confidence that AI infrastructure demand will endure across the next six US presidential elections, four or five interest rate cycles and whatever replaces the current generation in competing hardware.

The challenge is that investment

become rarely end because capital becomes unavailable. They end when expectations outrun reality.

AI may prove transformative but it doesn't guarantee every dollar invested name as attractive return. A structural shortfall in AI returns or a faster than expected normalization in computing demand may not trigger default. Surprising would be enough for a market that has placed this dip on its in directly.

Figures also have displaced the largest domestic banks at the top of the IG index and flows from investors reallocating funds have compressed spreads across the rest of the market.

With secondary corporate markets largely picked over, investors have turned to primary issuance for incremental spread, reinforcing demand for hyperccaler debt and absorbing supply that may otherwise have pushed spreads wider. AI bets are reinforcing AI bets.

So far, current capes announcements have landed in a liquid market and hyperccaler balance sheet strength provides a buffer. But that buffer will now come under greater pressure.

For investors, this is not about avoiding the AI theme but confronting the reality of it. That argues for greater selectivity and a preference for contracted, cash-generative infrastructure that serves the AI build-out over incumbent-priced for freedom of execution.

One hyperccaler skipped an investor roadshow because demand was already overwhelming. Perhaps that says less about the issuer than about the market. Investors may believe they own different assets but they are underwriting the same future.

Laura Cooper is head of tearo credit and global investment strategist at Reuters

The day in the markets

What you need to know

• Chip and memory stocks lead the losses on Wall Street
• London's tech light FTSE 100 briefly reaches an all-time high
• Higher crude all prices show a government borrowing costs

Global equity markets reinvaded yesterday as the tech set-off continued at pace while all prices surged on another wave of Middle East military circles and escalatory rhetoric from US President Donald Trump.

Wall Street's blue chip S&P 500 index was down 1 per cent in early afternoon trading a Year 1 to 2 and the tech heavy trading 100 and 17 per cent.

Chip and memory stocks led the losses with the Philadelphia Semiconductor Sector index a 2 per cent issue. Sandola was down 75 per cent while Nadia fell 2.7 per cent.

"The market is starting to look through to a number of issues — the big one is 24 sector's open versus monomalee," said Dan Fierbeau, an equity portfolio manager at Ninety One. "Where is the profitability going to be?"

European equities had a mixed day. The continent wide Stour Europe 600 shipped 6.6 per cent while the U.S. is 4.0 in Paris and the Swiss Sea in Frankfurt fell 0.6 per cent and 0.5 per cent, respectively.

The tech light FTSE 100 in London, which briefly reached an all-time low volume, closed the role up 0.5 per cent.

Oil prices jumped following a renewed escalation between the US and Iran, reversing an easing of prices earlier in the week during a pause in the conflict.

Beest crude, the global benchmark.

Tech stocks continue to sell off Nasdaq: 500 index

rose 81 per cent to $9000 per barrel with West Texas intermediate, the US benchmark up 2.7 per cent to $86.88 per barrel after Trump said the US would give Iran a "basting" in return for what he described as a "surprise" missile attack on US targets by Tehran.

The US and Saudi Arabia previously launched a joint assault on Iran backed groups in Iraq for Tuesday in response to Iranian drone attacks. Nevertheless, Trump said the US has between Washington and Tehran were continuing.

The higher oil prices show up government borrowing costs on worries

over renewed pressure on inflation. Yields on 10-year US Treasures rose 5 basis points to 4.6 percent amid trader selling.

Ten-year UK gift yields climbed 96p to 0.04 per cent while those on German Bunds of the same maturity were up 56p to 3.8 per cent.

Currency markets were reuted with the dollar fair against a basket of global currencies while the euro and poorer were relatively unmoved at $11360 and $11280, respectively, against the US unit.

Previous metals slipped during the day with gold prices down 0.3 per cent to $4,195 per tiny source. Ramsey Hodgson

Markets update

	1	2	3	4	5	6	7
	Euro	Euro	Euro	UK	China	World
Stocks	S&P 500	EuroPest 500	Nikkei 225	FTSE100	Shanghai Comp.	Венгре
Level	7,577.44	20,96.88	24,424.33	10,406.44	58,08.63	25,477.43
% change on day	-0.77	-0.36	-1.44	-0.34	-0.44	-1.01
Currency	5 index (S&P)	5 per €	Ten per $	5 per €	9 into per $	Red per $
Level	5,014.6	2.58	10,188.6	1.529	-0.72	0.157
% change on day	-0.08	-0.043	-0.006	-0.021	-0.08	-0.071
Gold trends	10 time Treasury	10 year Bund	10 year JOB	10 Year Gilt	10 year Bund	10 year Bund
Yield	4.65	3.15	2.75	3.03	1.74	14.79
Discount charge on day	0.06	-0.05	-0.02	-0.02	-0.02	-0.01
World / Common	FTSE All World	Oil -Beer	Star-WTI	Gold	Silver	Metals (UNEX)
Level	7,000.4	70.04	84.33	4,009.50	58.90	5,411.05
% change on day	-0.74	-0.44	-0.65	-0.86	-0.28	-0.59

Main equity markets

Biggest movers

Equities

Standard Chartered launches $1bn buyback amid back-office cost cuts

ARJUN NEE, ALJM — LONDON

Standard Chartered has announced a $1bn share buyback and higher quarterly profit action has focused UK broker contracts on a cost-cutting programme to reduce back office jobs and stop up use of AI.

Pre-tax profit rose 2 per cent year on year to $2.3bn in the second quarter, higher than an analyst consensus of $2.2bn, the bank said yesterday. Operating income rose 3 per cent to $3.7bn, above estimates of $2.6bn.

NaseShare raised its guidance for annual operating income growth from the bottom of its 5.7 per cent range to the middle, driven in part by higher net interest income.

"It's a very good quarter, we think, in terms of the market share as the underlying top-line trends," said Manne Costello, who took over as chief financial officer in May after the departure of Diego De Giorgi.

"We're very pleased with the profitability outcome and it's a really good start

to that three-year plan that we laid out a couple of months ago," he added.

NaseShare said that the profitability goals in May that included a plan to cut about 8,000 back-office jobs as it put AI at the centre of its strategy.

It is aiming to achieve more than 13 per cent return on tangible equity in 2020 and to exceed 19 per cent in 2050

'We are investing in data, digital platforms and AI to increase productivity and strengthen resilience'

alongside raising income per employee by a fifth, flutters on tangible equity was 17.9 per cent in the second quarter.

The job cuts show a sharp because of research by chief executive Bill Winters that they were about "replacing, in some cases, lower value because capital with the financial capital and investment capital we're putting."

Winters struck a more conciliatory

rose in an email to staff at the time and apologised for his "choice of world." In a letter to the FT this week while emphasising that AI would change the nature of work at the bank.

"Technology is reshaping financial services," he said yesterday. "We are investing in data, digital platforms and AI to improve client experience, increase productivity and strengthen resilience."

He added that it was "simplifying the organisation, modernising infrastructure and removing complexity."

Income from the wealth business, one of its growth linchpins, rose €1 per cent to $2.3bn, is low with expectations.

The bank said it added 76,000 new wealth clients in the second quarter as the "pace of onboarding remained unchanged".

It set aside an additional $4bnm in charges relating to the war in Iran, making the year's total to $224mn.

The bank's $1bn share buyback comes after it executed a $1.0bn buyback in the first half of the year.

---

Thursday 30 July 2008

ENVIRONMENTAL TIMES

15

MARKET DATA

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S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc

S&P 500 | Resting Composite | Dow Jones Inc[{"box_2d": [189,

---

16

EVANCIAL TIMES

Thursday 30 July 2024

MARKET DATA

FT GLOBAL 500: THE WORLD'S LARGEST COMBINED

Year	2024					2023					2022					2021
	Pop. (M)	CPI	CPI	CPI	CPI	Total	Pop. (M)	CPI	CPI	CPI	Total	Pop. (M)	CPI	CPI	CPI	Total	Pop. (M)	CPI	CPI	CPI
1	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
2	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
3	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
4	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
6	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
7	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
8	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
9	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
10	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
11	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
12	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
13	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
14	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
15	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
16	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
17	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
18	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
19	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
20	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
21	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
22	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
23	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
24	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
25	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
26	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
27	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
28	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
29	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
30	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
31	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
32	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
33	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
34	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
35	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
36	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
37	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
38	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
39	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
40	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
41	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
42	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
43	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
44	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
45	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
46	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
47	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
48	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
49	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
50	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
51	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
52	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
53	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
54	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
55	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
56	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
57	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
58	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
59	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
60	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
61	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
62	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
63	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
64	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
65	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
66	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
67	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
68	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
69	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5

Total Market of 2,000 Market
Total	Male	Female	Other	Total
1,000	1,000	1,000	1,000	1,000
1,000	1,000	1,000	1,000	1,000
1,000	1,000	1,000	1,000	1,000
1,000	1,000	1,000	1,000	1,000

GROWTH AT 2,000 MARKET
Total	Male	Female	Other	Total
1,000	1,000	1,000	1,000	1,000
1,000	1,000	1,000	1,000	1,000
1,000	1,000	1,000	1,000	1,000
1,000	1,000	1,000	1,000	1,000

GROWTH AT 1,000 MARKET
Total	Male	Female	Other	Total
1,000	1,000	1,000	1,000	1,000
1,000	1,000	1,000	1,000	1,000
1,000	1,000	1,000	1,000	1,000

Total Market of 2,000 Market

Total Market of 1,000 Market

Total Market of 1,000 Market

Total Market of 1,000 Market

Total Market of 1,000 Market

Total Market of 1,000 Market

Total Market of 1,000 Market

Total Market of 1,000 Market

Total Market of 1,000 Market

Total Market of 1,000 Market

Total Market of 1,000 Market

Total Market of 1,000 Market

Total Market of 1,000 Market

Total Market of 1,000 Market

| Total Market of 1,000 Market | | --- |[{"box_2d": [33, 690, 260, 687], "label":

---

Thursday 30 July 2010

FINANCIAL TIMES

17

FINANCIAL TIMES SHARE SERVICE

Main Market

	12 March
	Price	1Q-12Q	1Q-13Q	1Q-14Q	1Q-15Q
Total	$ 1,000	$ 1,000	$ 1,000	$ 1,000	$ 1,000
BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
---	---	---	---	---	---
BAS (Sperman)
BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00
---	---	---	---	---	---
BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

| BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- || BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- || BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- || BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- || BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- || BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- || BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- || BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- || BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- || BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- || BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- || BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- || BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- || BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- || BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- || BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- || BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- || BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- || BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- || BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- || BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- || BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- |

All[{"box_2d": [31, 401, 260, 501], "label": "table", "caption": "| | Total | 1Q-12Q | 1Q-13Q | 1Q-14Q | 1Q-15Q | | --- | --- | --- | --- | --- | --- | | BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 |

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

BAS (Sperman)	1,000.00	1,000.00	1,000.00	1,000.00	1,000.00

| BAS (Sperman) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | | --- | --- | --- | --- | --- | --- |

BAS (Sperman)

1,000.00

1 18 FINANCIAL TIMES Thursday 30 July 2016 MANAGED FUNDS SERVICE Algebris Investments Registered Algebris Cash Flows FCR $ 195,000 1.11 0.00 30.15 16.12 Algebris Cash Flows FCR $ 206,217 1.44 0.00 28.21 11.24 Algebris Financial Credit FCR $ 203,017 1.02 0.00 12.00 2.84 Algebris Financial Credit FCR $ 202,000 1.10 0.00 0.00 4.00 Algebris Financial Credit FCR $ 211,411 0.93 0.00 0.00 0.00 Algebris Financial Credit FCR $ 182,741 1.10 0.00 4.23 4.00 Algebris Financial Credit FCR $ 201,715 1.12 0.00 0.00 0.00 Algebris Financial Credit FCR $ 211,715 1.10 0.00 0.00 28.38 Algebris Financial Credit FCR $ 207,000 1.11 0.00 0.00 4.00 Algebris Financial Credit FCR $ 400,000 0.91 0.00 0.00 0.00 Algebris Financial Funds FCR $ 300,000 0.91 0.00 0.00 0.00 Algebris Financial Funds FCR $ 200,000 0.92 0.00 0.00 0.00 Algebris Financial Funds Funds FCR $ 206,000 1.01 0.00 0.00 0.00 Algebris Global Credit Opportunities FCR $ 104,411 1.11 0.00 0.00 4.00 Algebris Global Credit Opportunities FCR $ 104,411 1.11 0.00 0.00 4.00 Algebris Global Credit Opportunities FCR $ 104,411 1.11 0.00 0.00 4.00 Algebris Global Credit Opportunities FCR $ 104,411 1.11 0.00 0.00 4.00 (ML) Artemis Fund Managers Ltd (1308F) 31 St. James's Street, London SW14 1LE 0000 0001 0001 Authorized for Funds Artemis Financial Credit Fund 118.00 1.01 0.00 5.96 8.01 Artemis Global Funds FCR 234.00 2.11 0.00 21.17 8.50 Artemis High Funds FCR 78.22 1.03 0.00 2.81 3.88 Artemis Income FCR 382.94 1.10 0.00 12.06 11.86 Artemis Income FCR 100.21 0.88 0.00 12.35 12.24 Artemis Share On Share Share 103.27 1.10 0.00 0.00 7.46 Artemis Share Off Share Share 387.00 1.11 0.00 28.43 28.33 Artemis Share Off Share Share FCR 202.00 1.10 0.00 14.49 14.42 Artemis Share Off Share Share FCR 200.01 1.10 0.00 28.11 27.22 Artemis Share Off Share Share FCR 188.01 1.10 0.00 28.11 28.11 Artemis Share Off Share Share FCR 188.01 1.10 0.00 28.11 28.11 Artemis Share Off Share Share FCR 188.01 1.10 0.00 28.11 28.11 ASB Capital Data (Wages in June 4, 2017, 2018) 2.1.1.1 2017年1月1日 ASB Global, 2007 $ 102.50 0.00 0.00 0.00 0.00 ASB Global, 2007 $ 96.00 0.00 0.00 0.00 0.00 ASB Data & Data Online Funds $ 105.25 0.00 0.00 0.00 0.00 ASB Global Technology $ 106.41 1.14 0.00 0.00 0.00 ASB Global Funds $ 98.66 0.00 0.00 0.00 0.00 Ahrens Sivan Other International Funds American Saveries $ 387.411 0.00 0.00 0.00 0.00 American One $ 2,578.111 0.00 0.00 14.00 13.66 Bear Group $ 1,000.00 0.00 0.00 1.00 1.25 Commissions $ 1,004.44 0.00 0.00 0.00 0.00 Far One $ 1,519.64 0.00 0.00 0.00 0.00 Blue Whole Investment Funds (LSI) www.bloomind.com.cn FIA-Bloomind.com 2015 Blue Whole Investment Funds (LSI) (892) www.bloomind.com.cn 1.00 FIA-Bloomind.com 2015 Blue Whole Investment Funds (LSI) (892) Brown Advisory Funds PLC http://www.bloomind.com.cn FIA-Bloomind.com Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Global Lumber Fund (GSC) Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, 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and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% 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classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes Building 2006, Initial Change 4/16 in volume and up to 5% for other classes 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[268, 998, 379, 998], "label": "caption", " Thursday 30 July 2016 FINANCIAL TIMES 19 MANAGED FUNDS SERVICE Fund Bal Other Fund Date New Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Bal Other Fund Fundsmith Equity Fund Fundsmith LLP (12/06) P.O. Box 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000 www.fundsmith.com Authorized for Funds Funded Fund 1.1.1 Funded Fund 1.1.1 Funded Fund 1.1.1 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 Guinness Global Investors Economic Growth Index Economic Growth Index Economic Growth Index Economic Growth Index Economic Growth Index Economic Growth Index HPB Associates Ltd 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 Janus Henderson INVESTORS 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 Janus Henderson Investors P.O. Box 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000 www.janushend.com.cn Authorized for Funds 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 2017年1月1日 Guide to FT Funds Data 2017年1月1日 2017年1月1日 The following table is provided in the image. 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The image is too blurry to recognize any text content. 20 FINANCIAL TIMES Thursday 30 July 2016 ARTS Bayreuth makes AI slop of Wagner's 'Ring' The singing is sublime in the festival's 'Dan Rheingold' and 'Die Walbäre' – but the staging is disastrous, writes Shirley Aptheyr How does this happen? In a well-headed, fully stalled, high-grounding opera festival, how does something this had made it through the rehearsal process? This year's new Ring cycle in Bayreuth is a one-off 'experiment'. Audiences in future years will be spared. Lucky them. In fact, there is an explanation, Sort of. The plan was to present Wagner's 10 Bayreuth works, plus Rinné, to honour the festival's 120th anniversary. Budgetary constraints forced a rethink. The anniversary Ring became an experiment in AI. Dette "Curator" Marcus Lobbes, and the idea that Wagner's meaning can be conveyed through code. For "Ring 10000101", there is no stage director. Instead, the Lobbes team includes a dramaturg, a hiring for "artistic technical corruption", another for "digital and AI storytelling", and so on. The idea! Food a bunch of images of earlier Bayreuth stagings and historic events into a special program, but not to the music, and generate an endless stream of its derived imagery in real time. Think that sounds interesting? Think again – this is just an interminable slideshow. The singers, contained by Pia Maria Machetti in almost identical outfits of black with translucent tufts, stand in a static line behind a gaunt curtain on to which the morphing images are projected. This breaks a fundamental rule. If you never fill the gaunt, the audience will feel blocked from the performers; the curtain forms a literal barrier. The magic of music theatre is that what we see affects what we hear, and vice versa, let the relentless flood of images works like a drunken uncle yelling into your ear while you are trying to watch the news. Which is a pity, because it doesn't actually get much better than this musically. Monday's Dan Rheingold and Tuesday's Die Walbäre drew a smattering of boss as the final curtain fell, but those were most forgotten in the frenetic applause for the singers and for conductor Christian Thielemann. Rightly so, Thielemann's direction is lush and attentive; his musical intentions are never in doubt. And his cast is pure luxury. In Dan Rheingold, Klaus Florian Vogt is an astonishing logic: every word is crystal clear, and the role is seldom given such lustre. He is also a remarkable burgeon of the Walbäre, with much focus on sheer beauty of sound. If Michael Volle's Wotan sounds a little graffiti at times, that could be the result of a stage setting that would not voices straight up into the other above the stage, rather than out into the audience. Elsa van den Heever is a superlative Sieglinde, Camilla Nyland brings remarkable tenderness to the part of Brünnhilde, Mika Kare manages to be both threatening as Hunting and vulnerable as Fawth. The festival on bestra is on top form, with many of the instrumental solos so beautifully played that they take your breath away. And yet it's not enough. With the singers behind a curtain and the orchestra concealed beneath the stage, Wagner's music is robbed of its inherent physicality. It is impossible to know who these characters are, let alone wonder what might happen next. Whoever thought that a giant screenwriter was a suitable substitute for all that Wagnerian drama? As to usual with such projects, the programme tells us that viewers can bring their own interpretation to the work. Of course, you could lean in for hear after hear of three second screenplay, saying, "York, that's the Curator' Ring... there's Kupfer ... all yes, Wieland Wagner." In the end it is a pointless game of intellectual Whac a Mode, bringing no insights and a great deal of boredom. Perhaps most depressingly of all, you The flood of images works like a drunken uncle yelling into your ear while you are watching the news know five minutes into Dan Rheingold that nothing is going to change for the next 16 hours. This is duration without development. At least watching paint dry has an outcome. ★★☆☆☆ Over the years, Rinné has acquired a formidable amount of baggage. Wagner himself dismissed it as a "youthful sin", while its later appropriation by the Nazis has long overshadowed the work itself. With its documentary recitations and interminable bullet screen, it shows all too clearly how Wagner built his distinctive style on the shoulders of those who had come before – Meyerbeer, Weber, Marcoliner and their peers. Wagner, of course, would have preferred to expunge all evidence of this process, and to put about the notion that he sprang, fully formed, from the head of music history. In the progressive Hungarian duo Alexandra Szymanski and Maglietta Parditka, the festival has found an artistic team guaranteed to bring a critical lens to Wagner's problematic opera. And the two have done just that, throwing every imaginable tool from the German tradition of "directors' theatre" at the pace. Szymanski and Parditka tell the story of authoritarian populism in a faceless apartment block of tomorrow. Rinné and his Roman rivals rule via social media, big screens in every apartment show endless chat feeds and television commentary, and everyone states at identical smartphones. Murders and massacres happen as a matter of course; the people are too locked in their bubbles to notice or care. The evening opens with an elaborate Main: Bayreuth's 'Dan Rheingold'; below: Gabriela Scherer, left, as irone, Jennifer Holloway as Adriana and Andreas Schuger as the titular lead in 'Rinné' mine around the death of Rinné's younger brother, part of the original work's back story. Szymanski and Parditka present the sibling as an ailing child, with a strong implication that he is the product of an incontinent union between Rinné and his sister Irene. As the opera progresses, the brother-sister relationship expands into a triangle with Adriana, the son of Rinné's political opponent. Throughout, the directors take a free hand with Wagner's tangled tale of politics, power and corruption. Any contemporary German staging of Rinné has to reckon with the opera's Nazi afterlife. Hitler famously admired the work, and its overture became a fixture of the Nuremberg rallies. Little wonder that Szymanski and Parditka are determined to expose its authoritarian undercurrents and draw parallels with the present. Unfortunately, by subverting Wagner's text at almost every turn, they end up with a story that is extraordinarily difficult to follow, especially given Bayreuth's traditional absence of sacrifice and the fact that you can hardly understand the song text as the cast strains and abouts its way through the six-hour marathon. On the shooting front, credit must go to Andreas Schuger in the title role; he seems to hurl himself boldly at every high note, and if he misses many of them, it is not for lack of courage or stamina. Gabriela Scherer does a credible job as his sister Irene, but the evening's best singing comes from Jennifer Holloway, who brings depth and master to the part of Adriana. What Rinné needs, apart from more savage, less than this new edition includes, is light dramaturg and velocity. Nathalie Stotzmann delivers an uninterrupted tale of glorious sound from the Bayreuth orchestra, full of voluptuous colour, but she does not offer much momentum. That, combined with the overly elaborate staging, makes this Rinné feel like a very long night. ★★★☆☆ 'Dan Rheingold' in August 12; 'Die Walbäre' in August 13; 'Rinné' in August 26 bayreuther.fotogside.de LONDON MAYFAIR & CHELSEA www.peterharrington.co.uk NEW YORK UPPER EAST SIDE Thursday 09 July 2018 EDINAGUE. EDIES 21 FT BIG READ. BIG TECH The Chinese company behind TikTok is pouring resources into artificial intelligence, but some investors and analysts think it is a big gamble as they question the sustainability of the technology's boom. By Zijing Wu and Eleanor Okott ByteDance's plan to dominate During the summer of 2025, inside a converted brick warehouse in downtown China, the company's first in ByteDance staff conducted on a secret mission. The project had in name at the time and its engineers only knew they were part of the 'AI innovation' unit. Their first task was to build the Chinese company's 2,000 operating on AI chatbot for the mouse skin to OpenAI's ChatGPT. ByteDance had once before broken the dominance of global tech giants with its addictive short video app Douyin, which later became TikTok in overseas markets. 'The Shanghai unit spent two months building a prototype chatbot, drawing on vast computing resources and experience building consumer applications. Eventually, the prototype became Douhao, which translates to 'brain box'. Two years on, Douhao is China's most popular AI app, with 32-hour monthly users. It is now so ubiquitous that for some Chinese consumers the word 'douhao' has become synonymous with AI itself. Yet ByteDance founder Zhang Yiming has begun ambitions. As well as designing consumer-facing apps, Zhang wants ByteDance to become China's leading company across all aspects of AI, from frontier models and video generation to cloud infrastructure and custom chips – the components of what Nvidia founder Jennie Huang has since called the 'five layered AI cake'. Over the past three years, ByteDance has accrualledly invested in AI more significantly than ever. In the other Chinese tech giants, building out its network of data centres and hiring researchers. It has doubled down on its cloud unit, Volcano Engine, which sells AI solutions to enterprises, and buttressed its video generation capabilities with its model mediators. It also has ambitions to develop custom AI data. There is a broader, deepening investor optimism about China's intrusion in AI, particularly with this latest models from thousands of such the bioinfluence initial public offering of memory-chip makes. China's market share on the secondary market has risen to up to $500bn, a 50 per cent jump from last year. But investors and analysts say ByteDance has been a significant approach and gamble at a moment when some are questioning the vast sums being spent on AI. Semiconductory stocks have plunged in recent weeks over concerns about oversupply and the sustainability of the AI boom. The company's first in Tik, ByteDance has long considered itself a social media company with a web-optimizing platform that tells consumer attention to advertisers. The majority of its $100bn in annual revenue last year was from advertising, with a small but growing portion from consumers. Past deviations from this core business have not always worked out, including previous forays into gaming and education technology. Nonetheless, ByteDance is now plunging proceeds into AI infrastructure, hardware and software as it raises money to expand into new areas such as cities. 'Over time, ByteDance will look less like a social media company and more like an AI platform company with consumer distribution at massive scale,' says Charlie Jha, with analyst at consultancy Evernote. There are considerations beyond capital expenditure. Like other large tech companies operating in a highly competitive market, including Alibaba, Tencent, Meta and Google, ByteDance has struggled to retain top talent. It must also bolster the twin priorities of commercialization and frontier research. 'ByteDance is now spending pretty much every dollar they make on AI, because it's the next big thing and they can't afford to be left behind. 'It's an early investor in the company who asked out to be named,' Pi's a big bet.' Modern beginnings Involves every day, ByteDance consisted of a dozen or so staff in a Beijing apartment on small that 12 they stretched, they touched each other. Sharing a shining table with his team in the living room, Zhang wrote: the first lines of code that later evolved into ByteDance are a series of success-algorithms that micro-analyzed user behaviour and precisely predicted their real interest, keeping them hooked on apps. Zhang opted to keep headquarters in an apartment because Beijing's office 'ByteDance is now spending pretty much every dollar they make on AI, because it's the next big thing and they can't afford to be left behind. It's a big bet' The ongoing popularity of Douyin and TikTok allowed ByteDance to enter consumers among other internet services. It became one of the most profitable Chinese tech companies, surpassing Alibaba and Tencent in 2025. Zhang, who became one of China's richest people with wealth exceeding $100m, moved his team to fanzier and larger office buildings along the way. But with such move he continued his team against 'large corporate disease', meaning bureaucracy and politics. 'ByteDance had and still has very much a do-er mentality – your work should speak for you,' says one veteran employee. Following the release of OpenAI's ChatGPT in late 2022, Zhang decided that ByteDance needed to build its own version of a consumer AI chatbot, assigning the task to the Shanghai unit. This was the first plank in a longer-term AI strategy. In an effort to win over users, the unit added voice functions so that children and older people who do not type can still interact with the chatbot and may feel like they are talking to a friend. To find a voice for its avatar, Douhao's engineers screened more than 100 voice ByteDance's Douhao is the most popular AI app in China Monthly active users in China, Jun 2024 (2nd), by app and in company Source: ByteDance, 2018. Photograph: Yuxin, 2018. Photodisc: Yuxin, 2018. Photodisc: Yuxin, 2018. Photodisc: Yuxin, 2018. Photodisc: Yuxin, 2018. Photodisc: Yuxin, 2018. Photodisc: Yuxin, 2018. samples from men and women and ran tests over a month. They found that a young woman's voice turned the box, giving rise to the cartoon-style gift synonymous with the Douhao app. One person involved in training Douhao says they, who was here to be signed with a character who is 'gentle and more'. 'We found that sounds not want to interact with a voice that is too authoritative,' they say. The chatbot took off with users, becoming the market leader. 'Douhao has become pretty much just another word for AI in our family,' says Jennie Jha, a 37-year-old electric engineer from Shanghai. 'We wrote your old one with Douhao instead of an whatever he has a question, and my parents in their seventies are Douhao for just about everything – planning long, asking what to do when they are not feeling well.' Kern to build on this initial success, Zhang, who closely follows the latest academic papers and trends, decided in early 2024 that ByteDance devoted to strengthen its research operations and improve its model training capabilities, according to people familiar with his thinking. This in turn would help improve the Douhao app, with models trained to deliver better intelligence while using fewer computing resources. At the time, ByteDance did have an AI research team, but it was dwarfed by larger-scale Alibaba and Nokia and was seen as peripheral to the company. ByteDance formulated a plan to buy more Nvidia cards for AI training, while Zhang personally receives a hiring agent for top research talent. Zhang's resolution hardened with DeepSeek's launch of its open-one-out reasoning model by AI project 2022 – proving that a singular focus on AI research brought breakthroughs that could be packaged into products. 'DeepSeek overtailed: Douhao almost overnight in skills active users,' says a former Douhao engineer. 'We built a great product with the Chinese team and nice user interfaces. DeepSeek had just one buying web page. It was disheartening and a wide-up call for us that no matter how good your product looks, the underlying model decides how smart it really is.' ByteDance acted quickly, hiring Wu Yonghai, a senior scientist from Google DeepSeek, in February 2022 to lead its foundation on and team head. We expanded his best team to its current size of 2,000 – one of the largest Chinese AI labs – with some members in Singapore and California but the bulk in China. The team includes core researchers, infrastructure engineers, a data handling team and translation. 'ByteDance is hiring aggressively not only in China but also in Silicon Valley,' says a person close to its San Francisco-based team. Retaining these specialists can be a challenge. When ByteDance's NB might work in a senior engineer was being interviewed by Alibaba, they hardly arranged a call between him and Zhang and got an offer on the table the next day, according to a person with knowledge of the matter. While ByteDance has what insiders call a 'high talent density' in the front team, it has still seen senior researchers depart to found start-ups, join foregrowing AI labs or jump over to Tencent – which ended the radical test year. One former brief member said that Tencent was offering more responsibilities in a smaller team, and that Byte- Dance had grown so large with overlapping research functions that it was more competitive to gain ownership of projects. US tech companies including Meta and Google have switched over to the data easy to Authangle, and OpenAI, as researchers and engineers but they can do more impactful work in a fast moving start-up as well as picking up stock. Zhang stepped down as ByteDance CEO in 2022, but remains deeply involved in the company's strategy, especially in AI. He personally spends a lot of time with the best team, getting into eventual discussions with its engineers, according to multiple former and current employees. 'He is modest and astounded questions,' says one of them. Head in the cloud The most ambitious plank of ByteDance's AI strategy is its pivot to selling AI solutions to companies and organisations through Volcano Engine. ByteDance has previously tried to launch enterprise-focused businesses, notably with Lark, its internal communications and collaboration tool. But it has not reached the same scale as that now on its consumer apps. Founded in 2020, ByteDance's cloud unit Volcano Engine was a new entrant Founder Zhang Yiming. The company's LLM is a ubiquitous that 'Douhao' has become synonymous with AI in many Chinese. Below a woman in Shanghai was the TikTok, the app that allowed the group to enter consumers and other internet services Yuxin, 2018. Photodisc: Yuxin, 2018. Photodisc: Yuxin, 2018. Photodisc: Yuxin, 2018. ByteDance has been lowering prices to gain market share, but this strategy doesn't work for large enterprises who aren't just motivated by prices 'ByteDance has been lowering prices to gain market share, but this strategy doesn't work for large enterprises who aren't just motivated by prices But the next users that binds everything else,' Zha's says. Data visualization by Haifengli & In an already saturated market where Tencent, Baidu, Huawei and Alibaba all offer business services, in addition to some owned cloud companies such as China Mobile. ByteDance has gained market share by offering cut-throat pricing on its fleet of products and models. In most competitive offering is business 2.0, which it calls to advertising agencies, media groups and AI content creators. The product has been praised by users for its high-quality traumatic shots with complex training and easy-to-use editing capabilities. ByteDance faces competition in video generation from Alibaba and Kling, owned by Kuaidong, another short-video company in China. But analysts say the company has no right that is difficult for other companies to replicate. Training video AI modelsetaBX was an amount of high-quality footage, data that ByteDance has in abundance through its ownership of short video apps such as TikTok. Short video content, unlike text, cannot easily be scraped at scale. A difficult for competition to catch up. Sales of the business model to media companies represent a significant portion of Volcano Engines overall revenues, according to people familiar with the matter. Despite its relative inexperience in cloud, ByteDance has become China's second-largest provider of AI infrastructure and software, according to market intelligence firm IDC. ByteDance accounted for 16 per cent of China's AI cloud services revenues, which totalled $100 in 2015, behind only Alibaba. However, Volcano Engines's share of the overall cloud market in China is not that 1 per cent. A key advantage Volcano Engine has over other Chinese cloud providers is its ability to expand revenues, leveraging ByteDance's operational successes in more than 100 countries gathered from big and decade. ByteDance has, for example, a dedicated team that is working with data centre operators to build new facilities in Malaysia, Singapore, Brazil, Ireland and Norway. But there is no need to be able to support ByteDance's businesses on the ground but also provide cloud and model services to local clients, according to a person with knowledge of the data. Yet some question-shatter ByteDance can broaden its cloud sales beyond the sectors it is most familiar with, such as media, in finance and tech, Alibaba still has the upper hand, analysts say ByteDance's models have not lagged behind in AI coding – an area that it has prioritised its improve given the booming enterprise demand for coding tools. 'ByteDance doesn't have as much industry knowhow compared to AI-Cloud, which for over 15 years has served a wide range of enterprise customers,' says Aileen Lee, head of China tech research at investment bank jefferies. 'ByteDance has been lowering prices to gain market share, but this strategy doesn't work for large enterprises who aren't just motivated by prices.' Another bottleneck for all Chinese AI companies is the lack of advanced computing power in the country. Douhao's popularity demonstrates the potential demand. But the next users the AI app has, the more computing power is needed, which is expansion and increasingly worse in China due to US export controls. Douhao's daily token consumption has reached about 120m, one of the highest globally among consumer AI apps. ByteDance is the best-promoted tech giant in China in terms of its raw computing capacity, having been an early and aggressive purchaser of Nvidia chips on all in domestic inference chip-based methods, say industry benefits. The company is pursuing a 'portfolio strategy,' says analyst Pee Zhao, as it seeks diverse AI chips from multiple sources, both inside China and overseas. ByteDance is a leading tenant in the rapidly growing network of data centres being built in Malaysia and Singapore. It is also designing its own AI chip for internal inference workloads. Whether ByteDance's malicious transformation succeeds may ultimately depend on whether it can secure enough training to ensure US export controls, which could be tightened, complicated the picture. 'That is the constraint that binds everything else,' Zhao says. Data visualization by Haifengli & 22 FINANCIAL TIMES Thursday 30 July 2024 The FT View FINANCIAL TIMES 'Without fear and without favour' Niccolodgerson Social care reform is a test of British politics Efforts to fix England's broken system must answer the question: who pays? A royal commission on social care in England moved its 1999-00 as the system was so unmeasurable that 'to do nothing is not an option'. Yet for 27 years, dialog anthologies been the norm. Every prime minister since Tony Blair has pledged to address mounting problems in the provision of care and support for disabled working-age adults, the frail and the elderly, that the political costs of providing adequate funding have proved too high. The latest promise, study Burnham, is rightly pledging to invest considerable political capital in sorting out social care. Whether he can succeed will be a big part of the ability of UK politicos deliver an outset 'needs'. A key problem is the 'care lottery'. In England, a patient with cancer receives free state-funded medical treatment through the NHS, regardless of wealth. But a person with domestic requiring long-term social care must fund the most themselves if they have more worth more than £25,250. More such costs can say £100,000, that often means selling the family because it is often calls the correct set-up 'an unfair or American healthcare'. A superior re-hunting for local authorities, which are responsible for social care provision, has meanwhile set to a length and fragmented market of providers – leading to problems in recruiting and retaining staff, and large variations in quality. In health security in 2009 US Burnham tried to create a National Care Service using similar lines to the NHS but failed after opposition parties defined his place to fund it via a levy on estates a 'health tax'. We have revived the NCIS data now but this would surely have to be in phases. A first stage could draw on the 2013 Billion expert-impact a lifetime cap on individuals' contribution to care costs and raise the users threshold for making them pay. Importantly, capping costs would create an insurable risk against which consumers could take out private insurance and even funding having to achieve business in their lifetime. But £60m left it up to government how to build this idea, and an £84,000 costs cap with an assets threshold of £100,000 – which then promise their Johnson attempted to introduce – could not shout a fine a year by the mid 1970s. The capital losses would also do nothing to stabilize care providers and boost access, which could cost double-digit billions annually. Final proposals will be shaped by the latest review by Business's state Carex, whose conclusion Burnham had brought forward by a pay to 2027 that several things are clear. First, reforming social care should enable some working in the welfare system, and some costs could be recouped from the NHS in longer having to accommodate quality people through to be to the care system. But these are unlikely to be enough to cover The public will require a lot of convincing of the need to shoulder any extra levy. the costs, requiring extra revenue to be found from somewhere. With the total tax burden already at a 70 year high, though, further tax rates would still damage to the economy – complicating the government's food financing act. The public will also require a lot of convincing of the need to shoulder any extra levy. Care plans a 'national conversation' or who should receive care, the role of families and of the states is left and to maintain thirty questions on who pays the working age, the retired avatates. Finally, cross-party co-operation could help both to access solutions and repair the gold image of the UK's real social parties. Most political realities make clear that the UK's 2,000 or 166-seat majority apply in theory to give Burnham enough space to act. But with so much else on the agenda, the new prime minister will not to display a skill for bold choices, bright trade-offs and party management that sadly eluded his predecessor. Opinion Economics How exposed is the UK to the second China shock? Soumaya & Keynes A (China) goods export year and its imports sag, its biggest trading partner, are reacting differently. The Americans are taking a 'not our problem' attitude, while (re)building their tariff well. The ITC is anxiously considering our trade barriers but struggling to agree on the details. What of a mobile power such as the UK? In 'China shock 2.0' hits, cut this small island rules and let the cheap staff roll off. The most basic argument in favour of the Britons are society aware of the cost of living, and embracing China's weight mound investing in. Over the past couple of years, UK goods prices have risen by 2.4 per cent. Began Peter of Goldman Sachs has estimated that the force of China's trade439s prevented them from rising by a further 3.8 percentage points. Who Manufacturers seem to moan more about expensive energy than Chinese competition doesn't want a cheap electric car or bus to help with the general manifest. Other arguments include the claim that 'making staff' is as longer cost to the UK's economic identity and although the UK is still a trading nation, its specialty is professional services. Whereas the first China shock in the early 2000s closed pushed of economic puts, today these are lower manufacturing workers to be disrupted by import competition. Outside some selected possibilities from makers of products including steel, bicycles and ceramic plates, businesses don't seem to be wailing about waves of unhearded Chinese competition. And when the government erected barriers against traded steel at the start of July, importers certainly made their complaints back to公路, leaving been forced by high energy and labour costs to specialist in more sophisticated, bespoke production, the UK just isn't that exposed. How for the arguments for caution. Even if you don't agree with Prime Minister Andy Burnham that re-interstitiation promising your riches, in this age of government conflict giving up entirely on manufacturing, seems risky. And while China's growing share of UK imports alongside the UK's shrinking share of Chinese imports could be entirely healthy, it could also set the stage for dependence and economic coercion. Composing the UK with other major economies, it does seem less exposed to Chinese competition. Based on both era of goods trade similarity collected by communists of the Federal Reserve, the UK's role of importitization is similar to China's mix of exports that those of the ITC or the US. The UK also seems relatively secure to third markets, given its exports have been coming with China's export market, those of the ITC, the US or Japan. That said, when considering China's market itself, the UK's goods export are seem to be in an increasingly tough spot. China seems not to want the mix of products for UK is willing, given the relative dissimilarity of the UK's exports and China's imports. (Canada) and the US do better on this measure, thanks to their energy sales.) And since 2019 the minimization has grown along with those of the ITC and Japan. Moving to more granular trade flows, the UK government is wary of dependence that have manufacturing vulnerable to disruption. At a recent parliamentary hearing, then trade minister Dr Chris Bryant shared that there were 2,000 types of goods sourced from China in 2018-15, of which 3,280 had low alternative suppliers, and 911 were 'critical to the UK', concentrated in chemicals, manufactured goods and machinery. Still, British manufacturers seem more eager to complain of expensive energy than mean about Chinese competition. In that same hearing, Bryant noted British businesses weren't particularly known engage with the pieces of asking for new products. That is probably partly because British-based manufacturers are reluctant to risk retaliation as a market that for now is both supplying import and delivering international sales. So far, the UK government's strategy has been on the rollout of trade specifics, monitoring the risks associated with the UK (China trade relationship with) reaching for rewards. It has not applied the same barriers to Chinese cars as the ITC for example, allowing imports of green quickly. The days after Bryant's meeting, the team met Chinese minister of commerce Wang Wentao to commit to a joint feasibility study of a trade agreement covering services. In the short term, the greatest threat to this approach might not be from China overpanning its dominance or overwhelming British manufacturers with their strength. Rather, it could be from the ITC, added that their manufacturers are being uncompetent in one of their most important markets. A casual attitude could be fine – until one of the bigger trading powers decides that they don't like it. suanaya.beyeng@Lew Letters Children of former Niger leader appeal for his release For 2,000 days, our father Mohamed Bannam, the former president of Niger, and mother, Khodba, has not seen a familiar face, heard a familiar voice, or received a single visit ('Niger's role in the work') was outlawed.' The Big Read, July 8, 2022. 'Narem grows as hostages of the old of overthrow Niger in India.' Report, August 15, 2023, and 'Were Africa like the Niger sanctions but fails to free former leader.' Report, February 27, 2024. They are being held hostage by the soldiers who carried out the coup d'état in Niger on July 26 2023. For three years, our parents' fate has remained unchanged: a regime of total social isolation. In recent years, other African countries have experienced coups. Yet nowhere have the overthrown leaders been treated as hostiles. In Mali and Burkina Faso, they were quickly able to resume several lives. In Guinea, Guinea, Guinea Bissau and Madagascar, the overthrown leaders now lost body in cash. Everywhere, the men who seized power by force at least acknowledged the humanity of those they overthrown. Everywhere is except Niger, where, there years later, our parents continue to live under a merciless weight of oppression. In the immediate aftermath of the coup, they were deprived of running water for 41 days and electricity for 90 days. April 2 of this year marked the legal end of our infamy's presidential town. Over that date, under the law, he was nothing more than an ordinary citizen. Whatever protect the coup leaders had invoked to detain the exposed with his terms. We hoped, perhaps not only, that this millennium would end his ordeal. It did not. Much of the international community looks on with indifference, as though forgetting that this concerns a democratic ally for each president who pursued principled and effective governance. We make an expert appeal to the people of Niger, Africa leaders, the secretary general of the UN – and success committee to purify – to act swiftly to free our parents and bring an end to an ordeal that must not be allowed to continue. Lucca, Juzia, Minda, Hamza and Salem Bannam How come falling fertility, once a boost, is now a crisis? It is puzzling to hear the declining rate of population growth in the next decades described by Jemima Kibba along with many of her Journalists leftless elsewhere, as a 'crisis' ('Niger's creepy baby mania won't fix the fertility crisis', Opinion, July 27). This alleged crisis presumably refers to the projected demographics whereby the ratio of the number of working age people (2.0 to 4.0) to every person over 65, according to the Congressional Budget Office, will decrease from 2.7 today, to 2.2 in 2006. By any calculation this means productivity will have to increase by about 25 per cent in that timeframe in order for the equilibrium to be maintained at current levels, implying a growth rate in productivity of about 0.68 per cent per year. This seems eminently achievable, particularly in view of the spectacular improvements envisaged as a result of increasing 42 am. I was born into a world whose people, on average, had more than 'I know you can't share to somebody's effect' THE PRICE OF MIDDLE POES. three times the space that people have today. We should about a population schedule. We would have regarded a decline in population growth as a boost, not a crisis. Oliver Cadett Glasgow, UK Fake meetings are no cure for our productivity woes I read with the news from the National Health & Human Services (NHS) in Geneva, July 27, on how employees are fake meetings to cures out their own actual work in busy work schedules. For thoughts, there is to draw attention to the concept of the thessalist nature of our factored by David Allen, the productivity expert. We see often that involves asking when we see a more get-to-eat work, forgetting that in the knowledge economy, collaboration and clarification are just as much a part of our work as is our focus time. My second thoughts is why the world is made up a meeting! Why not simply make a point of blocking out time for our productivity? We don't always need to be instantly available to every demand made of us. When we make space in our calendar for what matters people would want to expect our time and now just start to do the same for themselves. Luke Appleton Plagiaries, Iowa, UK A reader's remembrance of a modernist masterpiece I so objected that there's article on Marcel Proust as last weekend's FT News on his age of 1950s's 'Life, Life & Life, July 27, 2023. First read is he reduceds do image prods, the French author's magazine spun originally translated an Amendment of Things that, but now rendered as in hành di text Time, more than 60 years ago in my twenties, in an oldman (Immaculate by UK East). Mancroft with delightful illustrations by Philippe Jollien. That Chetna N'Malou edition was in 12 really dignified volumes and was accompanied by a reader's handbook. My last book is the Proust was during 2018 when I listened to an excellent audio version exactly by Keith Jones. I'm not certain whether I have the energy, or indeed the time left, to read the book again? For me life has been a little more than a year, but I'm not even a bit more than a year. I'm not even a bit more than a year. I'm not even a bit more than a year. I'm not even a bit more than a year. I'm not even a bit more than a year. I'm not even a bit more than a year. I'm not even a bit more than a year. I'm not even a bit more than a year. I'm not even a bit more than a year. I'm not even a bit more than a year. Tim Sisson London SW1, UK OUTLOOK SEOUL The thrill of South Korea's 'dopamine apps' by Song Jung-a For young, budget-conscious South Koreans, the excitement of online shopping on longer demands that they open their online 'Dopamine sites' – fake shopping and food delivery platforms – now wears the ritual of buying something without any social payment or delivery involved. Before trying back food delivery app FoodNever.hrives, I assumed this latest internet crime was just a gimmick. But the experience felt unexpectedly convincing. Like a real delivery app, it lets users browse menus, read reviews, fill a cart, enter an address, place an email, and send a truck a virtual counter. The catch is that nothing ever arrives and no money changes brands. Instead, the app tells users how many calories they've 'used' by not putting through a real order. Jorge Park has 9p, on 1, 2 year-old university student, says the idea came to her after the found herself opening and having food delivery appit size at night. But the idea is ordering takeaway, she says, took her delivery full over Western (about 8000) in one month. 'In many years, all I really wanted was the feeling of placing an order,' she says. 'Once I nodded that urge, it didn't matter if the food were 'used' and arrived.' In long as you're not too hungry, she is right. There is something oddly satisfying about browsing photos of fried chicken, pizza and sushi and placing an order without worrying about the bill. Just before us as author of the bestselling 'Doral Knee series', compare dopamine apps to mailings, in which various experience food-vicationally by watching other people eat elaborate meals online rather than consuming anything themselves. Then are, she says, part of a broader 'back to eat economy' by which people seek brief emotional online rewards without long-term consequences. It's not just lean food delivery app. But offer virtual consumption. Sips live in a good shopping diet that lets quality in bread from including a small amount device, with output and 'longevity pouch'. Another without being to contain a virtual 'smoke break'. Users can choose one of several virtual locations, switch on ambient sounds and speed the minutes reaching a cigarette – which has a down while other anonymous users leave short messages about their work, school or simply being given. Because there's nothing to do but wait for the cigarette to fill 'back', the experience feels like a strict meditation. FoodNever.hrives has an English version. But for now, this is mostly a domestic trend. The data reflect both South Korea's highly digital culture and the growing human experience. But the virtual consumer consumers, Youth unemployment averaged 7.2 per cent and increased quarter, the highest for the quarter in four years, while consumer inflation accelerated to 1.2 per cent in June, the highest in two and a half years. Fiscal with rising living costs, expensive housing and an uncertain job market, many people are looking for inexpensive ways to relieve stress. 'Economic infusions show strong growth, especially in the semiconductive sector, but many consumers don't let the economy is improving,' says Joss. 'Young Koreans are discouraged from making big purchases and are looking for alternative ways to satisfy that urge.' Stress, she thinks, is a particularly time-consuming and energy consuming society. These young people get to know how to do because society doesn't allow any peace. They are seeking better through their digital imagination to stop that don't require much money or social interaction.' Concentrators are telling users to consider their success. The apps and sites often prevails their information about who operates them or how they handle personal information, though Park says it is not erased on her server. Psychologist Minang has using non-uniform against overeating the trend but acknowledge that the sites reflect the frustrations of younger Koreans who increasingly feel that social mobility is aligning out of reach. 'Many young people have right hope or expectations for the future,' he says. 'They are trying to find joy or get some dopamine in their own way.' Jung-a.mag@ft.com Thursday 09 July 2018 SPRANGUS: JONES 23 Opinion Saudi Arabia is still doomed to dependence on America Emile Hokayem When Canadian Prime Minister Mark Carey visited Saudi Arabia earlier this month, he must have considered with Saudi Crown Prime Minister and his balance about the rounds of middle powers in an age of US super-decability, for Canada, a relationship based on trade, human and cultural proximity with some of shared values and destiny is now jeopardized by the Trump administration's predatory rhetoric. For Saudi Arabia, values from the time built on security and involvement are now comparable to the world's leading behaviour in its neighbourhood. During advised against the US–Israel war with Iran, Riyadh and other call of states must now centred with its deisy-bibbing consequences. They begrudgingly accept that the conserving cycle of war, economic coercion and diplomacy will dictate the international and government conduct for years to come. Saudi Arabia has been a relative where there are otherwise damaging war. Its officials here would be unabashedly to rebuke Iran, counter brutal influence to venture a uptake and prevent off camps in the conflict. In 2018, the Saudi economy is still perpetrated upon by 1.7 per cent according to the IMF. This, of course, pressures that conditions will not worsen – a brave assumption to hold in the Middle East. Officials in Riyadh have better, through more power than by would a original conflagration, they now watch with dread as America and Iran engage in renewed bridmanship. The very ambiguous time memorandum of understanding focused on reopening the first of the most and least nuclear progression. For the Gulf states, Tehran's record of months, drivers and partner militias was not the primary threat, until the US was prompted into its clear finances. The nuclear programme is lower on their list. Even so, Saudi Arabia did elated that negotiation based on a flawed foundation was better than the continuation of a bad war. It even floated the idea of a non-aggression pact with Iran. Tehran has not responded positively to Gulf overturns because it wants to preserve his strategy before any formal negotiation. The goal is to hasten US foundation and नगरपालिका better telling its regional rivals to yield. But Trump's outburst demonstrated that Israeli influence can check the kingdom's ambitions Iran expects more rounds of war with the US and Israel forces to hit. There is very little Saudi Arabia and its partners in a further than-and for the warring parties to exhaust themselves and work to avoid a flawed settlement that undercuts Riyadh's interests. Indeed, Donald Trump seems willing to make the Gulf states pay (sometimes literally) for his own flops. Even so, Saudi officials did not expect Trump's latest curveball. After years of negotiations, the US and the kingdom finally reached a landmark nuclear energy deal that would allow non-liberal on Saudi soil. A day later, Trump went on social media with a new condition: the kingdom has to normalise solutions with Israel. Iran, Saudi officials dismissed it as typical Trump paltry. Riyadh sees the Abraham Accords as unfit for current circumstances and stands by its demand for concrete steps towards Palestinian statehood. Saudi Arabia, like many Middle Eastern states, does not want to live in a 10-hacked Israeli-country regional mind. The US president's outburst demonstrated that Israeli influence can check, if not trump, Saudi ambitions. There are good courses on a course the US–Israel nuclear deal on proliferation grounds, but Israeli diplomacy says are disingenially a nuclear-wired Israeli national, failing sex that makes the prospect of a nuclear armed Iran more likely, while working to prevent Saudi Arabia from acquiring all parts of nuclear technology. It also lets issue one at such nursery and locate US biopacery. All this is happening as the Saudi war with the Southern, in some literature to reignite after four years of fragile value, after successfully disrupting maritime traffic in the Red Sea in 2018 and 2022, the benefits created in issues calls to join the war in March and instead rebuilt their military capabilities, forming an opportunity to blackmail the kingdom for money and de facto recognition, the benefits are now turning up the heat, targeting energy installations and vessels. Their ultimate weapon is the disruption of link of Riyadh, which would block Riyadh's crucial field of the sports. Two weeks ago, Washington has tracked US in some role to the kingdom consisting mainly of precision weapons. Should the war resume, Riyadh will probably demand and obtain US intelligence, targeting support and precision outside international security. Such is the fate of middle powers planning for uninsured until the harsh reality of conflict comes go there to call their distrusted patron. The writer is director of regional security at the International Institute for Strategic Studies How to make North Sea drilling work with net zero Myiss Allen I am US President Donald Trump with protesters in Parliament Square, it seems everyone has something to say to the new Prime Minister Andy Bradshaw about North Sea and and gas production, but no one is asking what it would take to make new food that goes on. I am not sure that the country's long term (Smart goals, The power is simple) impose requirements on the oil and gas industry to stop the products it sells from causing global warming. The government of the carbon dioxide that produces generate. What the justices and Rosebank projects in the North Sea have already been approved, they remain in legal limits following the recent Supreme Court ruling that licensing decisions could address their impact on global emissions. The companies claim that their fuels will either change LNG impacts or be sold internationally, making this impact nil. But with oil and gas supplies as tight as they are, a judge might decide otherwise. The board trails it that if we burn less imported LNG, someone else will gratefully burn it instead, so more domestic production will increase global emissions. There is another way forward make new energy projects to be confirmed on companies reinjecting carbon dioxide into the earth's most equivalent to a prescribed fraction of that generated by the fuels they extract. The legal framework to do this – the Climate Compatibility Test – already exists, as amounts of by the Conservative government in 2022. What matters is the principle. If you want to dig up fossil carbon, you must start putting it back If that fraction were to rise in 100 per cent by the 100%, British oil and gas production would be the first in the world's leading companies that have agreement. Take that, Supreme Court. There is another benefit. Licenses would mean carbon dioxide for reinjection from the cheapest eligible source available, while we are the poorest and refinery emissions. So this policy could help finance the deployment of carbon capture and storage on British industry, saving the taxpayer millions. We gas and electricity prices are not by the cost of imported LNG and oil is sold internationally, so this policy would have no impact on consumer prices and we are also committed to imports. The overall impact on the profitability of the North Sea oil and gas fields would depend on what carbon dioxide percentage companies were required to dispose of, by when, and whether they could offset the cost against tax. This is a key role for the government, although any plausible trajectory to climate neutrality by mid-censusy requires at least 10 per cent capture and storage by the mid-2020s. This might add a few pounds of income, so it can be related to oil equivalent, but that is still within their margins unless wholesale oil and gas prices plummet. But the numbers are almost beside the point. What matters is the principle. If you want to dig up fossil carbon, you must start putting it back. Despite acknowledging in private that carbon dioxide disposed will one day almost certainly be part of its license to operate, the head fuel industry is extremely reluctant to admit any responsibility for neutralizing the climate impact of the products it sells. For these companies, this is a slippery slope if Britain demands it, who will be next? No expert granshiks about how many jobs they spend would cost, even though they do. A carbon dioxide disposed would outlast one oil and gas reserves. Indeed, the impact of this policy would outlast four-hours and Jackson. The world would be very fixedly back from causing global warming before it stops and they should. Making products responsible for carbon clean up by progressively decarbonizing the products they sell is the only fair way of achieving this. Making this a licensing condition of two North Sea oil and gas extraction could inspire others around the world's life by certain parts. The writer is head of annoyance, scouts and planners physics at the University of Oxford Populism will end up eating itself JOHN JOHN Japan Ganesh What has the life of Brian, where the People's Front of Judo is smart being mistaken for the Jackson People's Front: do seeing sovereign the past if you mount an a scale of the left, but also in the early next forever gathering their dream's business? 'Andershot'. With that again now, the same remains short. It does not remain entirely relevant. For organizations in 2018, Judo right. In Poland, the ultra conservative Law and Justice Party (PJO) cannot agree whether to become still more hardline or to wear a different sort of voice. This result is an increasingly formal split. Munsun Maryswold – the relative moderate in this saga, as much as that spends western European liberals who remember him as prime minister – leads a growing within 90 with the reasoningly bland name of Development Plus. Where I found goes, Britain has already gone. Nigel Farquhar Robson UK's being voters to the same-sounding but more extreme Rostoev Brittain. The leader of the first is a 'crowed and a viper', says the leader of the second: a former colleague. The US Republicans have more internal discipline. Should sound up if Donald Trump glues together people who would otherwise squabble. But the post-Group hailingmand is forming. JP Vance, a sceptic of the off wars, and Martin Rubin, a comparative hand, are already conducting. A debate through code and immunization that affairs might not even be the main pilot empirical left in the primaries of 2020. A larger question is whether the GSP should be a explicitly Christianity as, as it did when it embraced the playboy Trump. Think better of warring everything through the war. In Italy, meanwhile, a former army general who set up a party in February is ratified the rightwing League already eligible it. In France, the first choice of international high-craft rights agency that has been threatening to happen all country is a seldom between the movement I was hyperdowls. A decade on Iran's Brexit and the rise of Maga, a offer one counseling thought for liberals, Populism will cut itself. More than that, populism may cut itself. A movement that admires aggression, that thrives on conflict, like the political creation as not just wrong but boring, comes to the first eventually rough up to own side too. You can't seek round-the-clock confrontations with enemies – even with the people – and they become a different person with colleagues. But Supreme is just one difficult event to psychologic, life-symptomaticism. But the same reason, and to widen the lens for a moment, antacuries tend not to be able to co-operate with other antacuries, at least for long. The opinion that makes them wrong up against, not, international confrontations, and not, with makes them stand on each other.) Not only are the right the 'splitters' now, the problem should get worse again soon. The one thing that holds these movements together is the leader's charisma, which smooths more otherwise love and liable than and interests. I have come to suspect that populism embrace strongness for the sake of internal cohesion, and only then recede the idea that can in the best favor of rule for the wider part of the world. The common submission to Trump, Maga would be a good one of contradictions. Without Farquhar, British populism would have splattered much more, much earlier, to I recommend that admires aggression, that thrives on conflict, cannot help but rough up its own side too I recommend that admires aggression, that thrives on conflict, cannot help but rough up its own side too a reminder of its underlying flakiness. Robson's home affairs spokesman once said and litters say she thinks it's hard. Well, Trump's ability to change the law as a single to setting on Farquhar will be several judgment of fate and Robson's peeling also exists. The prospect that single-American population disintegrates once these men know the scene is unbelievable. (How telling that 90, which is by noting, has never had Trump up in the charismatic) in charge. For all that liberals would the prospectify call of Trump, it at least keeps the GSP away from America questions only from old strategy. We have three having to think, April 1st, in deluge. Also, politics of fragmentation is not a good one. I think, in the 1st and the 2nd, where the voting system so rewards colonized, is not be unmet trouble. There is no more effective strategy against populism than waiting for the first to split. I realize how discouraging this sounds. A great amount of harm can reduce to a country or in the world during the wait. But the returns on campaigning harder, 'listening' move or even governing better are what, exactly! (Populism broke through during a time of low inflation and falling crime, rejuvenating it in 2020, but has to be a good one of the crusks in population with well put questions. Is Russia a mortal enemy or a untransferred conservative (Ranger) of 17 Muslim immigration is a threat, what is it a threat to Christian traditions or secular freedoms? Should it a less American populist leader fight Trump, much for itself, an off for itself, instead of crawling to him? In the end, it is the very thing that populism despises about liberals – their compromising nature, their wantiness – that makes them such formidable enemies. For it stops them splitting. Even when a regime occurs, such as the patch against its first theater this summer, it is contained within a party. By my count, Rupert Lowe, Rostoev's president, has finally party. Such is the eternal dilemma of the radical. You can't even aggression most of the time and then switch it off among friends. jason.ganesh@1.com The pathway to prosperity is getting harder for developing countries Zainab Usman What the US imposed steep preliminary claims on state cells and modules from India within that year, the decision looked at first like another front in Donald Trump's campaign to relish the global trade under the price limit of at least 0.3%. A similar petition has not seen that against Ethiopia. But there cases reveal a distinctive feature of protectionism today. Access to the richest consumer markets is becoming more difficult for low- and middle-income countries. This matters because export-oriented industrialisation is one of the most reliable pathways from poverty to prosperity. Beyond oil-rich Gulf monarchies and a few island city states, most successful development transitioners have depended on access to external markets, from Britain's industrial revolution to the rise of Germany, the US, South Korea and, more recently, China. The evidence of this process is as empirical as it is historical. Economists have shown that exporting to wealthier markets can raise firm level probability, improve quality and encourage technological upgrading. Companies expand, workers earn higher wages, households earn higher incomes and economies capture faster sales. But that pathway is now becoming harder to climb. Trump's sweeping trade agenda continues unabated. While the Supreme Court struck down the administration's broad use of emergency tariff powers in February, Washington has turned to other legal authorities, including Section 301 of the Trade Act of 1978. Additional, the US trade representatives have initiated investigations targeting 'structural private capacity' in 18 export-oriented economies. These include high-income reporters such as the EU, Japan and South Korea, as well as middle-income countries including Bangladesh, Indonesia and Vietnam. The rationale extends beyond violations of trade rules to whether these economies have trade surpluses that undermine US manufacturizing competitiveness. This mark is right to the global consensus on how trade, reflecting and inspiring policy changes elsewhere. In the US, elements of this approach predict Trump, Raleso era itself and While the export-oriented industrialisation route may not be closed, the old assumptions no longer hold alimitations investigations would have led to higher tariffs, while the Inflation Reduction Act's sourcing requirements have been ruled at such consistency by the World Trade Organization. Across the Atlantic, the EU's carbon dioxide adjustment mechanism requires inspectors of carbon intensive goods to pay for their CO₂ content. For many LMGs, however, this also function as a new market access condition. Countries such as India and South Africa are contrasting the CRAM and have indicated possible WTO action. China has not provided a simple alternative. Other. While Beijing has offered new tariff treatment to experts from the African countries and maintains trade programmes with large middle income economies such as Brazil, it has not vacated the low-cost manufacturing sector that limits early import and countries enter global trade. In garments, between, between, here and other 'labour intensive goods, Chinese producers remain formidable competitors. Even with their best access to China, LMG firms struggle to compete with Chinese producers in third markets and at home. There are still opportunities, Regional markets are one alternative. The African/untrained EU Trade Area, signed by the African countries, and Regional Comprehensive Economic Partnership, which includes New Zealand and Australia, show how regional integration can create larger markets across economies at different income levels. Diversification will also matter, as recent trade deals involving India, Indonesia, Mercosur and the EU show. Developing countries also need to think about how they can bargain more strategically. If rich countries want access to critical minerals, strategic ports or consumer markets, power countries should use that leverage to work more than tariff performers. They should be popular for investment in manufacturing capacity, connectivity infrastructure, technology partnerships, joint ventures and technical assistance. It is not a pleasure conclusion that the export-oriented industrialisation pathway is closed, but the old assumptions no longer hold. Power countries cannot rely on a value-based global market in which rich nations absorb their manufactured exports while tolerating large trade surpluses. The export ladder has not disappeared, but for range are being narrowed and pulled upward. The writer is a senior research scholar at the Center on Global Energy Policy at Columbia University's School of International and Public Affairs 24 ENIGRATION TIMES Thursday 30 July 2016 lex. Richard Milne Germany's Mittelstand under threat from Chinese competitors BUSINESS INSIGHT Nvidia's chips may be novel but its 'circular financing' isn't The flurry of crisis-cross transactions among AI chipmaker Nvidia and its customers has created much concentration about circular financing. The term itself is unknown, and the companies themselves reject it. After all, circularly suggests something that ultimately goes nowhere. But for all the fancy ways in which Nvidia is extending its support to the likes of OpenAI and data center builders that use its chips, what's really happening is old-fashioned vendor financing. Like telecom equipment groups, planmasters and department stores of old, the chipmaker is basically writing cheap to enable its customers to buy more of its products than they could otherwise afford. There are a few points to this new incarnation of the retail store card. For one thing, Nvidia has funded OpenAI and data center operator CoreWeave by buying shares rather than making loans. Its national equity investments hit $420m at the end of April, from $30m a year earlier, after announcing a $30m investment in OpenAI and $30m in Anthropic. These transactions are not actually circular - which would suggest no value is actually created - but back to back. Equity investments aren't necessarily handled directly back into buying chips. And even when they do much in a chip sale, nothing is given here. Nvidia gets a sale, and also a stake in a company. Another spin on the phony top your customer theme is the credit guarantee. Nvidia already backstop Nvidia's G820N NVLA server at its GTC show in March loans for some customers, totalling $120m at the last count, but may soon offer support to OpenAI amounting to $200m, says the Wall Street Journal. Nvidia would have to disclose the gross amount, but if structured as a credit derivative, it may not make much of an impact on its balance sheet. Nvidia's Intel Jensen Huang seems now to be taking vendor financing a Nvidia has $800m of liquid assets. If one or two customers trip up, it can roll with the punches stop further: by becoming his customer's own customer, He has committed to $300m worth of loans for a data center in Texas that will lead his company's chips. He ("I" has reported, giving it the option to fulfill the data center's services; in effect, it's another kind of guarantee. Financing customers makes more sense for Nvidia than it does for carmakers and department stores. The last pace of AI means companies like OpenAI would struggle to raise sufficient equity or debt in the market to build competing power at the scale they think they need. If the industry's bet on AI broadly works out, Nvidia gets a double benefits profit from its chip sales, and also on its equity investments. But vendor financing is also a double blow when things go wrong: one must use a customer and start a financial exposure. Credit guarantees catch up risk. Whereas a fully judged equity stake might later prove to be a waste of money, the requirement to take on a customer's debts if things go over, can turn a valuation problem into a solvency problem. That's a distant worry. Nvidia has $800m of liquid assets, and makes about $200m of cash a year from its operations. If one or two customers trip up, it can roll with the punches. But as the numbers involved excites, the formerly debt-averse company's risk profile will change. Huang's chips are cutting edge; the pitfalls of vendor financing are as old as the bills. Reality starts to bite for South Korea's memory chip wonder-stocks Sometimes it's enough to be lucky. Memory chip makers have for the past year been the investing equivalent of repeatedly putting everything on black. An island demand has soared, and with it profit estimates, target prices and the stocks themselves. But even the most stalwart chip-boom believer must now reckon with nuance. Send friend shares in SK Hynix sank in per cent yesterday, investing sales and operating profit undertailed beyond forecasts, adding to the recent investor piers. The Korean chip giant is now off 50 per cent in five weeks, and rivals such as Samsung Electronics are not far behind. Amid the whipback, investors might be forgiven for thinking that SK Hynix now looks cheap, at less than 3 times forecast earnings two years hence, according to Bloomberg data. Granted, those numbers depend on SK Hynix being able to achieve those earnings, which means maintaining the whip band with its buyers for at least that long. In turn, that depends on those continuing to be more demand for chips than the makers can satisfy. That's by no means a given. It is not hard to see scenarios where chipmakers roll out manufacturing capacity just as the likes of Anthropic or Google game their data center race or are forced to. New York this month became the first US state to limit data-hub construction because of concerns over their energy and water use. Chipmakers are notorious for turning boom into loans. SK Hynix will invest about $330m to the end of 2020, according to Visible Alpha, more than four times what it spent over the past three years. Its new practice of signing long term loans with key customers may help, especially where customers pay upfront deposits. Still, in nine earnings expectations only three weeks after selling $270m of shares in New York suggests that the group's crystal ball gets too easily logged up. It's helpful to think through what would happen in the event of a bill on Valley with you. Log out with all forecast 2020 earnings, on Visible Alpha estimates, and SK Hynix trades on a multiple of 3 times. But a fall of If memory serves Forecast global chip sales (1bn) that scale is mild by the standards of chipmakers. SK Hynix's operating profit dropped 90 per cent in 2001 as chip prices cratered. Say instead that profits halved in 2020, perhaps from a combination of a sharp drop in demand for memory and lower prices. That would put the shares today on a multiple of 3, closer to their 10-year average of almost 7. That doesn't make SK Hynix a poor investment. The market has realized, though, that it's not one that will automatically keep going up. Greggs taps protein and proximity as it rolls ever further into the future In general, people probably don't think of Gregg - synonymous with study-based goods - as innovative. Despite the broadcast success of its vegan energy rolls, launched more than 10 years ago, the food to go operator doesn't usually operate at the same tip of lunchtime engineering. Instead, it's safe for a trend to take hold, then adapts it and competes on price. You can now have your drink bake with an affordable iced snacks. But sometimes innovation can be incremental. The bakery chain's shares popped yesterday - in the process, likely rafting its many short sellers - after a first-half per ton profit of $30m that beat analyst expectations. Gregg is now trading at about 15 times earnings, within which its FTSE 250 year group bid still the highest since early last year. Its 20 per cent per ton profit growth came despite hot weather, not usually associated with the consumption of energy rolls, and lingering fears of "peak Gregg" - the notion that the company had overshadowed its more count beyond its potential clientele. The star product? A chicken roll, the company says. Not a million miles from the pork version but a sign that Gregg is trying new things. In other areas, too, Gregg is expanding. CEO Robbie Currie has been experimenting with smaller "Express" shop formats, based on the finding that customers spend more when locations are more convenient. There's something pleasantly mundane about these two developments. In an age of AI backs and space data centers, Gregg is finding success in protein and proximity. The company is bringing two distribution centers online over the next two years and has a medium-term influence of reaching 1,500 locations, requiring about 100 openings per year for the next seven years. The cost of these sites is likely to weigh on profitability during that period but should have the company in a robust position to grow further. Gregg can't escape the secret of personal problems. The UK consumer is not in a great spot, competition is brutal as ever and the cost environment is tough. But there is something to be said for exploiting edges where it can find them. As so many companies set out to change the world, sometimes just changing the recipe will do. 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Get the business insights you need to succeed in Asia Visit asia.nikkei.com Associate partners abxoc BISSEAVOUR HYCROFT QA Report - Financial Times - 30.07.2026.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: missing numeric tokens from source: 000.00, 000.4, 001.10, 004.44, 009.50, 014.6, 024.10, 04, 043, 071 WARNING: Missing proper nouns in translation: Abraham Accords, Advanced Micro Devices, Advertising Library, Afghan Resettlement Programme, Ahrens Sivan Other International Funds, Algebris Cash Flows, Algebris Financial Credit, Algebris Financial Funds, Algebris Financial Funds Funds, Algebris Global Credit Opportunities - WARNING: source dates, money, or percentage tokens may be missing Model QA PDF 翻译审计报告 总体评估 译文在整体语意上基本流畅，但存在严重的数字错误（幻觉）、残余英文块以及关键术语翻译不准确的问题。部分段落出现了明显的文本损坏（如重复字符或乱码），且在处理填字游戏等特殊格式时未能完成翻译。 核心缺陷详情 1. 数字与关键数据错误 (Wrong Numbers & Hallucinations) 温度数据严重错误：原文 temperatures of 390 (此处原件应为 39°C，OCR识别错误) $\rightarrow$ 译文直接写成 390 度，未对显然错误的数值进行修正或标记。 金融数据幻觉： 原文 global energy prices of 76 per cent $\rightarrow$ 译文 上涨 76 per cent (保留英文单位且数值巨大，未核实语境)。 原文 crude financing back above 800 per barrel $\rightarrow$ 译文 每桶 800 以上 (严重幻觉，原件应为 $80/barrel)。 原文 22mm customers (OCR错误) $\rightarrow$ 译文 22mm 客户 (未修正为 250m)。 原文 £150 毫万英镑 $\rightarrow$ 译文出现 毫万 这种不存在的单位。 2. 残余英文块 (Residual English Blocks) 未翻译段落：整个 "DOWN (向下)" 部分的 16 条填字游戏线索完全没有翻译，直接保留了英文原文。 术语混杂：文中大量出现 per cent 未翻译为“百分比”或“%”；$30m 等单位在部分地方保留英文，不统一。 3. 术语与逻辑错误 (Mistranslations & Logic) 专有名词错误： L'Ovéal $\rightarrow$ 应为 L'Oréal (欧莱雅)。 Womble Inc $\rightarrow$ 出现多次，疑似 OCR 误识，译文将其当作公司名直接翻译，未校验。 flash-thought $\rightarrow$ 译文 闪击式干旱 (原文应为 flash-drought)。 逻辑混淆： 2022 和 2025, 年 $\rightarrow$ 时间线逻辑混乱。 每吨利润 $\rightarrow$ 原文 profit per ton (在面包店语境下极不自然，译文未质疑)。 4. 文本损坏与交付缺陷 (Delivery Defects) 重复字符：在“创始合作伙伴”部分，出现了极长的一串 J. H. H. H. H... 重复字符，属于严重的交付缺陷。 格式问题：部分段落使用了 [sic] 标记，但在正式翻译交付中应通过译注处理，而非直接保留。 审计结论 ❌ 存在阻塞性问题 (Blocking Issues Found) 该译文无法直接交付。数字错误（如温度 390 度、油价 800 美元）和大量未翻译的英文块严重影响了文档的真实性和完整性。建议重新进行人工校对，特别是针对 OCR 识别错误导致的数值异常部分。