[!WARNING] 翻译质量评估未完全通过 (Quality Audit Failed) 发现以下潜在质量问题： - missing numeric tokens from source: 016.6, 04.9, 1237.29, 1290.38, 157.24, 21.5, 22.18, 22.23, 22.34, 22.72 - Missing proper nouns in translation: Academic Achievement Gap Is Obvious

Don, Accelerate Its Social Pipeline

By Anna Gualterini, Achmanian Commonwealth, After Tuesday, Air Force One, Alaska Airlines, All Rights Reserved

By, Ambassador Mike

Wolfe, Ambitions

By Dan Mccowan Ann, America Act

• source dates, money, or percentage tokens may be missing

The Wall Street Journal - 29.07.2026.pdf 中文镜像版

THE WAY STREET JOURNAL

BROW JOHNSB. Wood Energy. WEDNESDAY, JULY 29, 2026 - VOL. CCLXXXVIII NO. 24. WSL.com U.S. Edition BURA 12747.22 x 137.24 12:00. NABARA 24074.91 x 0.25. STOCK449 x 60.09 x 6.81. 100-OK, THRAS, x 9.92, 1448.4, 6000. OK, 574.26 x 32.35. GOLD 54.00x30 x 238.20. BIRD 31.1887. YEN 162.07

What's News (新闻速递)

Business Of Finance (金融商业)

Basing agent 另一个季度仍处于亏损状态，尽管其净亏损有所收窄，因为它投入了更多资源用于开发新的总统法案并积累商业活动的生产。B1 The P&A 增加了几乎所有方面的数百名波音 737 MAX 乘客，对于公司安装的电缆用户来说，这在紧急情况下可能会证明是危险的。B2

Major U.S. stock holdouts 最终走势不一，标准普尔 500 指数和道琼斯指数分别上涨 0.2% 和 1%，而纳斯达克下跌 0.2%。B10

Bank Indonesia John Perry Wadley 在一次意外行动中下台，这可能会引发关于这个东南亚最大国家央行独立性的担忧。A7

Apple 与 Klamis 推出了一项产品联动计划，允许客户按月支付新设备费用，然后进行更换升级或购买。B1

Visa 在最近一个季度的营收有所增长，因为消费者在面临货币压力的情况下继续增加支出。B3

CBS News & adding “60 Minutes”记者的整体最高水平，随着新执行制片人 Nick Bilton 管理这部标志性的新闻杂志节目。B4

Coca-Cola boosted 其年度收益展望，得益于该公司的营销努力，包括其世界杯宣传活动，帮助带动了销量。B5

FIFA, soccer's highest 足球最高管理机构——正探索通过出售一家新商业企业的股份来筹集超过 $4 亿资金。B3

Worldwide (全球动态)

Iran launched a surprise ballistic missile attack on American forces in Jordan, a violent acculation that plies new pressure on Trump to renew his war in search! (伊朗对约旦的美国军队发动了一次出其不意的弹道导弹袭击，这次激烈的指控给特朗普重启其搜寻战争带来了新压力！) A1 Trump's new crisis 特朗普与总理本雅明·内塔尼亚胡在白宫会面，在经历了两百次战争后，面对增长 100% 的情况，美国的私人部门比任何人都想象的更加复杂。B1 Iran rejected a proposal 拒绝了 Simon 的一项提议，该提议位于霍尔木兹海峡对面，旨在平等划分欢迎地的控制权。A6

The bonds confirmed 由 Clayton 确认担任国家情报主管，一个在最近几周经历了人员削减的机构团队经历了长期接触。A4

The Trump administration plans to end a publicly program that helped hold down pressure on the Medallion drug plans, potentially leaving many owners to face higher rates for prescription coverage next year. (特朗普政府计划结束一项帮助减轻 Medallion 药物计划压力的公共项目，这可能会使许多所有者在明年面临更高的处方药保险费率。) B2

Rescue operations 正在进行中，在一次全量级地震袭击确认意图后，超过 2,000,000 人接到了撤离指令。A7

A cabinet secretary 特朗普的一位内阁秘书和一位 Oucermonted 主管——成为了纽约市市长 (Zaman-Mansian) 设置沉重第二住宅的潜在目标。A7

The teenager who committed a deadly mass shooting at a high school in Windsor, Va. in 2024 was sentenced to life in prison without the possibility of death. (在 2024 年于弗吉尼亚州温莎一所高中实施致命大规模枪击案的青少年被判处终身监禁，且没有死刑的可能性。) A6

CONTENT John H. Smith, 2016. B1 Jones & Tracy, 2016. B1** (×5 table rows collapsed)

B1 Jones & Tracy, 2016. B1** (×4 table rows collapsed)

B1 Jones & Tracy, 2016. B1 Jones & Tracy, 2016. B1

© 2025 John H. Smith, Inc. All rights reserved.

Graham Praised as 'American Original' (格雷厄姆被赞誉为“美国原创”)

TRIBUTES: 总统唐纳德·特朗普、副总统 JD Vainio 和内阁成员周二参加了 Jno. Lindsey Graham 在华盛顿国家大教堂的葬礼。这位南卡罗来纳州共和党人、特朗普的高级外交事务顾问于 7 月 11 日去世。A4

Meta 的 AI 支出狂潮遭遇债务成本上升

Meta Platforms 正指望华尔街来承担其人工智能支出狂潮带来的后果。而它选择的这个时机，正是各大投资者开始感到吃力的时刻。

作者：Peter Budzynski, Jack Parker 和 Armidilario Andreotti

今年大公司的借贷狂潮导致大型债务投资者出现疲劳，并推高了整个行业的资本成本。周一，投资者要求 Meta 启动的一项新国有项目（EIT Ross, China, based by Meta）所发行的债券提供比去年类似项目更高的收益率。

对于更多 AI 调整后债务到来的担忧，尤其是在上周 AlphaNet 的 Google 发布了一份激进的支出预测，引发了科技股的亏损，并有助于压低微软和 Amazon.com 等公司的债券价格。

根据美国银行全球研究部（Bank of America Global Research）的数据，今年 AI 公司新发行债券的供应量在 7 月初达到了 $270 亿，几乎是 2025, 全年筹集资金的两倍。尽管存在此类担忧

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诉讼对 Meta 的雄心构成了威胁... B1 Heart on the Street 正在核算成本细节... B10

特朗普向小肯尼迪施压，要求削减儿童疫苗接种

作者：Liz Eauxe Weems 华盛顿——据知情人士透露，在 5 月 1 日总统在北弗吉尼亚州举行的金奖活动启动仪式上，特朗普总统询问卫生与公众服务部部长罗伯特·F·肯尼迪（Robert F. Kennedy, Jr.），为何他没有采取更多行动来调查疫苗与自闭症之间所谓的联系。据其中一名知情人士称，特朗普告诉肯尼迪，卫生部长告诉了法官。

肯尼迪此前被认为对疫苗接种持有长期反对意见，知情人士表示，白宫政治顾问曾要求他在中场休息前降低其针对疫苗的力度。

现在，是三军统帅在推动将疫苗与自闭症的研究作为更高优先级。一些知情人士表示，总统几乎在与卫生部长的每次谈话中都会提到这个问题。

据知情人士透露，总统的主要目标之一是减少联邦指南建议儿童接种的疫苗数量。他们表示，总统希望随后看到自闭症发病率下降，即使这种效果可能需要数年时间才能显现。

收益拉动蓝筹股

投资者继续抛售芯片和存储股，导致纳斯达克指数在周二下跌 0.2%。强劲的收益拉动了蓝筹股，后者上涨 1%，标普 500 指数上涨 0.2%。B10

指数表现，仅三天

1. B1

2. B1

3. B1

4. B1

伊朗向美国军队发动导弹袭击

出其不意的袭击标志着德黑兰战略的转变；所有飞行物均被拦截

一名美国官员表示，伊朗对约旦境内的美军发动了一次出其不意的弹道导弹袭击，这一联邦革命向特朗普总统施加了新的压力，迫使其认真重启战争。

作者：Michael Amon, Land Enfgangs 和 Shelly Holliday

美军表示，导弹已被成功拦截。但这次袭击引发了美军可能不得不做出回应的前景，而此时重新开放霍尔木兹海峡前沿并最终向和平谈判推进的谈判正处于加速阶段。

此次袭击标志着伊朗的转变，此前伊朗通常是在其自身领土上针对美国飞机对美军开火。

通过这次无端启动的导弹袭击，伊朗表明它愿意在另一个战线上将战斗带给美国，试图以此迫使特朗普采取行动。

在针对约旦安曼的袭击后不久，美军宣布，美国和沙特阿拉伯的战机周二对伊拉克的伊朗核团体发动了袭击，这些团体此前受伊斯兰革命卫队的指示攻击美国军队和沙特能源基础设施。美国中央司令部表示，这些针对美军的袭击并未成功。

在伊朗密集炮击之前，特朗普周二表示，如果无法达成停火协议，美国将重启对伊朗的袭击。

“他们知道如果他们不达成协议，我就会这样做，”他周二告诉“You & Friends”。“桥梁已经……”

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Strains (Hill U.S. reception for Netanyahu... A4 中国规避战斗以获取中东石油... A7

请转到 A2 页

特朗普向 A's Jr. 施压以削减儿童疫苗接种

这一问题一直是两人之间持续的紧张点。据知情人士透露，在红办公室的一次冷淡会议中，总统认为 Kenneth the 1st 做得不够。

这些人表示，总统已明确表示，他认为已经给了肯尼迪足够的时间，并指出卫生部长没有取得更多成就。

一些知情人士表示，总统告诉助手，如果肯尼迪在这一问题上没有取得进展，他将被视为失败。

特朗普在 5 月底签署了一项行政命令，要求肯尼迪管理的机构削减儿童接种计划中推荐的疫苗数量，称美国没有任何其他疫苗的价值，而高级卫生官员对该命令感到困惑和惊讶，因为他们此前遵循白宫的一条信息，即放慢其疫苗接种工作。

知情人士表示，总统对一项法院裁决表示沮丧，该裁决阻止了卫生部长试图在 1 月份实施的削减疫苗接种计划。特朗普已敦促肯尼迪对他们双方都认为在该案件中是一名政治化法官的人采取行动——

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地下反应堆引发堪萨斯农村分歧

作者：Karo Moose and James H. B. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H.

堪萨斯州帕森斯（PARSONS, Kan.）——这个养羊社区的居民在许多事情上达成共识。但关于是否要在他们城镇下方的一英里深处安置一座实验性核反应堆，则并非共识之一。

当选官员表示，有些人认为这是一个创造就业机会的机会，并能吸引数据中心和制造商来到这个经济状况比周边乡村还要低迷的竞争地带。而另一组人实际上在说“不要在我家后院”。

“我向我的房子投入了 $125,000，现在一座核反应堆要来到镇上，”计划在帕森斯退休的 IT 专业人士 Jerel Johnson 说道。“我想不出有什么更糟糕的主意了。”

在现在之前，没有人尝试过在地下深处运行商业核反应堆。所谓的“重力反应堆”（Gravity Reactor）是由 Las Mallas、一名 1st Air Force、加州大学伯克利分校物理学荣休教授兼发明家 Richard Muller 共同创建的。他们创办了 Deep Fission，一家成立三年的美国公司，在过去一年中筹集了约 $350 million，其中包括上个月通过首次公开发行筹集的 $40 million——

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英国一团糟，至少还有“性感讲台男”

音响工程师成为政治延续性的罕见象征——而且长相英俊

作者：Karo Lowe

伦敦（LONDON）——英国新任首相上周抵达唐宁街，承诺给这个在七年内更换了六任首相而感到困惑且疲惫的国家带来稳定。

然而，Andy Burnham 的第一个举动，威胁到了许多人认为英国政治中唯一有价值的东西：“性感讲台男”（Hot Podium Guy）。

在多年的剧烈政治动荡中，唐宁街 20 号的这位音响工程师一直扮演着巨大变革的定心丸。Googles 的工作很简单：在任何首相即将辞职或向全国发表首次演讲时，推出演讲台的木质支架并将其留在原处。

他成了机构延续性的罕见象征。在一个政治更替的旋转木马中，他是一个保持冷静并继续工作的常驻角色。多年来，一些粉丝甚至建议 Googles 应该成为下一任首相。这位 42 岁的人，嗯，长得相当帅，这对他没有坏处。

“这改变了人们对英国政治中长相出众者的看法，”法院就职团体 Open Justice UK 的联合创始人 Melissa Truett 说道。

因此，当 Burnham 决定打破传统，在周一的就职演说中仅配备一个麦克风支架时，电子设备的忠实支持者们担心他们失去的不仅仅是那个支架。 请翻至 A11 页

内部页

个人日志 一份关于如何监管您的退休账户的日常指南。A10

体育 大联盟棒球赛（Major League Baseball）中的终结者（Closers）突然处于灭绝边缘。A16

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A2 星期三，29, 2020

华尔街日报（THE WALL STREET JOURNAL.）

美国新闻

罕见的不确定性：马克：这次红色会议

作者：NICK THURMAN

到美联储开会时，华尔街通常已经知道了结果。但这次并非如此。

问题在于，个人指向了某家确定银行，根据一个事实，七位经常帮助改变预期的官员已经阐明了什么将促使他们加息——而该州可能仅仅是一个了解该情况的好原因，从而将关于可能加息的辩论转移到了 9 月。

然后大约在上周，随着美国州共议会早前对能源价格的上涨，关于 7 月加息的市场议论开始自我强化。

流畅地，9 月的辩论成为了 7 月的辩论。周二，期货市场指向了三分之一的加息概率，而主要市场的概率略低。

惊喜加息的理由较少，因为利率设定委员会的成员已经发出信号，除非主席 Kevin Wands 出于自身原因建议加息。

这些事情是如何转变的。

决定

维持原样将是普遍的道德举措。这是在 Jane 软化通胀数据后，数据所指向的结果。这也是通常发出美联储思考信号的官员引导市场所向的方向。此外，根据更多解读，这也是 Wands 本人在两周前的证词中所指向的，当时他没有做任何准备让市场迎接变动。

如果美联储维持原样（正如他所看到的离散情况），一两票反对维持原样将凸显委员会内部压力是如何积聚的。

如果美联储提高成本，这将代表一个巨大的变化。这意味着推翻了那些发出与美联储当前立场一致信号的官员，削弱了他们下次所说任何话的价值。这也将产生政治影响。白宫在过去一年中的大部分时间里都在要求降低利率，认为利率太高且通胀已受控。特朗普自己提名的 Wands 若加息将传达相反的信号，并打破 Wands 正在执行总统意愿的任何说法。

策略

加息，最重要的是，将击垮市场。Wands 将自己塑造为结束多年来美联储 25 目标之上偏差的主席，而采取更多行动而非等待将证明这一点，其效果是任何演讲都无法比拟的。

这一策略仍然存在争议。通过加息来证明某些事情依赖于一种逻辑，而利率设定委员会副主席、纽约联储主席 John Williams 在本月早些时候否认了这种逻辑。“维护数十年建立的信誉的方法是根据数据做出你能做出的最佳决策，”他说，“而不是试图利用货币政策来影响信誉。”

加息将创造一个更大的谜题。当 Janet 解释了紧缩政策将如何应对现任总统时。

解释

无论美联储怎么做，Wands 现在看来都在其中。他花了两个月时间在划桨，以恢复价格稳定，并增加关于该机构对通胀负责的看法。如果美联储保持稳定（正如大多数分析师预期的那样），问题在于他为什么放弃这个证明投票不仅仅是口号的机会——以及需要什么才能这样做？

如果美联储提高利率，Wands 给出的理由可能会决定市场的反应方向。如果将其定位为对美联储新通胀目标计划的回应，它将标志着连续几次加息的开始；一些分析师预计长期利润将下降，因为他们认为美联储终于打算降低通胀。如果将其定位为一种新的过激反应，其信号意义则较小。

反应

第三方分裂

Kansas

接前一页 在发行中，主要用于资助在帕森斯（Parsons）的工作。

帕森斯，人口 50000，位于堪萨斯市和俄克拉荷马州塔尔萨（Tulsa, Okla.）之间。Deep Fission 在今年春季在 100 英亩的土地上详细规划，该地主要是一个地上的工业园区，计划建设高大的变异掩体和外部食物。

在最近的一天，Deep Fission 的高级工程总监 Manrico LaBustman 展示了从该公司第一口井中取出的完整花岗岩，并表示如果印度人能卖更多，将是一个不错的对冲。

一个空钢制集装箱放置在清空的 600 gal. 区域，等待今年钻第二口孔。计划是保持另一个加载核燃料的站点，在 2007 或 2009 年钻第三口孔，以加热一英里深地下的水并在地面产生电能——按照行业标准，这是一个令人震惊的短时间框架。

Veritas Edinger 是一位曾领导前市委员会的保险代理人，现在他对这一前景感到非常兴奋。“大多数时候，你把核反应堆放进一个洞里，这有点疯狂，”他在办公室里说道，周围环绕着堪萨斯市参议院的备忘录和签名。“它在这儿。我们成了实验小白鼠，这有点糟糕。”

该项目受益于特朗普政府通过精简法规并向该行业提供数十亿美元的贷款和燃料供应投资，以适应“核能复兴”的努力。特朗普总统去年签署的行政命令旨在到 2000 年将美国的核电量增加到四倍——由于过去三十年行业再保险的深度冷却，这一进度已放缓到某种程度；核电运营商约占美国电力的五分之一。

重新燃起的兴趣出现在能源电力需求增加之际，其中大部分来自人工智能的数据中心。

Deep Fission 的项目是能源部试点计划中的 15 个项目之一，该计划旨在建造和测试小型先进反应堆，为商业用途铺平道路。参与公司可以在传统的国家实验室设置之外建造反应堆，并使用快捷的环保审查程序。

“这让我们能够在一个此前不可想象的时间框架内开发首个反应堆，”Deep Fission 的首席执行官 William Mulder 博士说。

包括一个来自能源部另一个计划在内的四家初创公司，已经实现了临界状态，或

从左向右顺时针：堪萨斯州帕森斯地下核反应堆的示意图，地下反应堆将安置的位置。帕森斯警察局局长 Robert Speiss 以及核反应堆的文本。

地下核反应堆

利用其反应堆设计实现自持核反应。Deep Fission 使用的是一种常见的、缩小的反应堆设计；其创新之处在于将其置于地下。

该计划的关键在于避免对安全壳建筑的需求。相反，一英里深的深孔将提供必要的压力、冷却和封禁。单个反应堆将仅产生 15 兆瓦，足以供应约 $2,000 户家庭，但 Mulder 构想了一组 100 个或更多反应堆，提供超过 1 吉瓦的电力，足以满足一个数据中心的需求。核能监管委员会将过度批准商业

水系统运作方式

许可，这是出售电力的必要条件。

数十家公司旨在实现反应堆商业化，并且有几家已经开始建设，但尚未有公司在美国商业化运营。像 Deep Fission 这样的公司必须证明他们能够满足短时间表、控制成本并克服该行业的历史挑战。

核能工作坊可能会被认为行政速度过快且走捷径。今年春季，美国州检察长们认为，规避标准的环保审查将使社区面临风险等问题。“这简直无法接受”

Deep Fission 的核反应堆将位于 大平原工业园区（The Great Plains Industrial Park）下方。

美国制造 (MADE IN U.S.A.)

“甚至考虑免除 Deep Fission 在 Parsons 地区针对高放射性核废料保护提交纯粹审议的环境影响声明，”来自 Beyond Nuclear（一个反对核能和核废料的组织）的 Paul Gatter 表示。

能源部表示，政府正专注于安全与安保。

Lee Mulder 表示，Deep Fission 将乏燃料储存在地下并在销售中。最终，Deep Fission 可能会将其放置或存储在另一个地点。但她和她的父亲此前创立了 Deep Fission，该公司设计核废料的地下处置方案。

他说，Deep Fission 计划在 Parsons 开设一间办公室，当地居民可以在那里提出问题。“该项目”绑定在我们的政策中，与社区合作，并某种程度上形成了他们对自身经济发展的愿景。

当 Deep Fission 在 12 月进场时，一些居民感到震惊。大平原工业园区（一个已退役的深层弹药基地）在没有进行公众讨论的情况下批准了该项目。

儿科护士 Marjorie Reynolds 迅速组成了一个

综合体。他 Prairie Stig Alliance，以反对该项目。Reynolds 担心环境监管以及对水的潜在风险。她质疑该公司将如何进行地下维护，以及谁在油层下运行——在石油-地下法规而非核电法规下运行。如果 Deep Fission 破产了，该怎么办？

“这是一个核实验，”第七代 Kamala 说道。

Mulder 表示，Deep Fission 的反应堆太深，不会影响冷漠（apathy），且将遵守所有核能和油气法规。他补充说，其反应预计持续六到七年，因此需要维护的可能性较低。“在需要维护的情况下，钱并不多。我们已经广泛简化了反应堆增益。”

Parsons 的警察局长 Robert Speiss 表示，他不担心潜在的污染，并认为反应堆可能是该市在能源成为巨大吸引力时所需的快速动力。

“这是一项被证明的技术，只是应用在一个新领域，”他说，“如果这是一个能够吸引其他制造业并带来大量就业机会的触发点，我认为那是极好的。”

房价

增长加速，

调查显示

美国房价增长在 5 月上升，但各地区趋势不一。S&P Cotably Cup—Shike 全美房价指数在截至 5 月的 12 个月中上涨了 3%。 调查称，由于 5 月 4.2% 的通胀率大约比价格涨幅高出三个百分点，美国房屋价值连续第 12 个月在实际 terms 中下降。

“5 月的数据表明，美国房价在实际 terms 中继续下降，”S&P Dow Jones Indices 大宗商品副总监 Rebecca Kaufman 表示。

新数据表明，东北部和中西部的主要大都市区记录了同比增长。Mulder 表示，“5 月份西部和中西部仍面临压力。”Kaufman 补充道。

“芝加哥在 5 月份以 63% 的年度增幅领先所有指标，其次是纽约和克利夫兰。拉斯维加斯跌幅最大，同比下降 13%，西雅图、丹佛和坦帕（佛罗里达州/Pa.）同样在出现回落。”

—Wesica Gauri

美国消费者

感到

信心不足

Conference Board 的一项调查显示，随着消费者对未来商业和劳动力市场状况的担忧在 7 月连续第三个月增长，消费者信心有所下降。 该研究机构周二表示，其消费者信心指数在 7 月从 6 月的 92.2 降至 95.8。

消费者对当前商业和劳动力市场状况的评估下降了 5.6 个点，至 19.6。与此同时，基于对收入、商业和劳动力市场状况短期展望的预期指数保持在 74.7 不变。

Conference Board 表示，对就业状况的认知有所下降，主要市场差异——即认为工作“容易获得”的消费者比例与认为工作“难以获得”的比例之差——“下跌至 21%”。经济学家关注这一劳动力市场差异，以衡量家庭面对的劳动力状况有多么严峻。

密歇根大学本月的一项独立情绪调查报告称，随着汽油价格回落，消费者情绪有所改善。然而，一些经济学家指出，中东冲突的升级可能会在未来几周导致汽油价格再次攀升。

—Wesica Gauri

消费者信心指数

来源：The Conference Board。

华尔街日报 (THE WALL STREET JOURNAL)

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关于 UST SUMMIT IS AT NELLODENTHO 的爆料

更正 (CORRECTIONS)

扩充 (AMPLIFICATIONS)

美联储主席 Kevin Wands 在 6月 15 日与部分央行同行举行了晚宴。在周二的部分版本中，一篇关于新任美联储主席的报道错误地将其表述为 6月 10 日。

读者可以选择《华尔街日报》（星期日版）以阅读其他文章或更多关于该公司业务的文章，并发送一份《华尔街日报》（星期日版）的副本。

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2026年7月29日, 星期三 | A3

美国新闻 (U.S. NEWS)

联邦医疗保险药物计划补贴将结束

作者：Anna Wynn McMeen

特朗普政府计划结束一项旨在降低联邦医疗保险（Medicare）药物计划保费的补贴计划，此举可能会导致明年许多参保者面临更高的处方药承保费用。

此举将取消一项估计在该年度向保险公司提供 540 亿美元补贴的计划，以应对联邦医疗保险处方药计划（即 Part D）的保费上涨。据政府官员称，该计划将在 2026 年后结束。

高昂的药物成本是一个长期存在的问题——特别是对于收入固定的老年人而言——而医疗负担能力是衡量国民健康状况的关键因素（此处原件出现大量重复 OCR 乱码）。

一名特朗普政府官员表示，额外的补贴鼓励了保险公司提高费率，因为他们知道政府会承担额外成本。他表示这些补贴已不再需要，而其他有助于降低 Part D 成本的政策依然有效。

“我们正在稳定市场，因此这项业务不再需要，”联邦医疗保险和医疗补助服务中心（CMS）主任 Michael Su 在社交媒体的一篇帖文中表示。

该特朗普政府官员表示，如果该计划明年继续生效，超过一半的补贴资金将流向少数几家大型公司。一名相关公司发言人表示，公司“致力于与 CMS 合作，确保参保人能够获得负担得起的处方药”。

根据健康政策研究机构（KFF）的数据，今年 Part D 计划的平均保费每月约为 30 美元。

该政府官员表示，约有 20% 的联邦医疗保险 Part D 计划成员明年的保费将保持持平。此外，10% 的人的月账单增加额将低于 20 美元。

对于剩下的 6%，他表示，增加的幅度主要在 20 美元左右。

他表示，如果老年人选择更换计划，应该能够找到较低的保费，并补充说，可负担的选择仍然存在。

联邦医疗保险药物承保保费正在上涨，因为这些计划受到了药物成本增加以及其他特种药影响。2022 年《通胀削减法案》实施后的变化也推高了保费。该法律降低了许多联邦医疗保险参保者的自付费用，但要求保险公司承担更多成本。

KFF 副总裁 Janette Calasanti 表示，这些保费预计在 2025 年将继续上涨。

联邦政府咨询机构联邦医疗保险支付咨询委员会（MedPAC）估计，旨在稳定 Part D 的这项补贴计划在 2025 年将 Part D 计划的平均保费降低了约 40%。今年，它将平均费率降低了估计 27%。

税务名单是对纽约市精英阶层的警告

市政府公布可能需要缴纳“度假屋税”的业主名单

一名内阁秘书、特朗普总统的侄女以及一名奥斯卡提名导演，均在市长 Joshua Mamdani 针对奢侈第二套房产征税的潜在目标之列。

作者：James Powell, Rebecca Picciotto 和 Greta Brock

Mamdani 政府在上周发布了一份在线名单，列出了可能需要缴纳奢侈第二套房产附加税的业主，此举发出了一次警告。该名单包含了业主的姓名、地址以及房产的市场价值。

这份名单的发布威胁到市长与该市精英之间现有的紧张关系。市政府还开始向房主发送长期通知，告知他们可能需要缴纳这项新税。“如果你在纽约市拥有一套价值超过 $500 的第二套房，当你回到这 21st boroughs 时，请检查你的信箱——因为你将面临愤怒，”市长在社交媒体的一篇帖子中说道。

知名商业团体“纽约市伙伴关系”（Partnership for New York City）总裁兼首席执行官 Steven Foley 表示，该名单看起来像是用来针对和塑造某些个体的工具。

“在旨在增加收入的政策的同时，公布个体看护者的名单，这传递了一个隐含的信息，即这些人做了某些错事，而不仅仅是由于城市选择对更多人征税，”Foley 说道。“市长已经赢得了选举——他不需要通过公开点名来证明政治观点地进行治理。”

这项于 7 月 1 日生效的新附加税针对价值 $5 million 或以上的第二套房产。它可能轻易地在某些房主的城市税单中增加数千美元。

财政部表示，该名单是根据州法律发布的，将用于识别应纳税业主。其中包含的此类信息长期以来一直处于公开状态，房地产律师对此均已知晓。

名单中包括一套价值 $57 million 的房产，商务部长 Howard Latteda 为其受托人。特朗普侄女 Mary Trump 拥有的房产被列为潜在纳税对象。名单中还包括 Trump Park Avenue 奢侈公寓大楼的 4 组以上的单元，特朗普、Jared Kushner 以及总统的前律师 Michael Green 曾居住于此。

名单还包括曼哈顿上东区一套价值近 $70 million 的联排别墅，该房产由亿万富翁 Dauncer John Paulson 的前妻所有，以及一套由 (Slimmides' Darren Assembly) 拥有的房产。

所有被点名的个人均无法就此置评。

新发布的名单是初步的，涵盖了全市约 2.7 million 套单元中的大约 900,000 套房产。这远远多于官员预计最终将适用“度假屋”附加税的数量。纽约市 Kathy Nichols 办公室此前估计，该税项仅适用于大约 10,000 套第二套房。

州议会今年早些时候在 Mamdani 的敦促下通过了“度假屋”税。Mamdani 是一位民主社会主义者，他通过推行一项宏大的灵活性议程而当选，并希望通过对富人征收年度税款来实现该目标。作为市长，他敦促州立法者通过提高高收入业主和大型企业的税率来筹集数十亿美元。Rachel Kallner 反对这些税项，但支持“度假屋”税，其办公室估计该税项每年将为城市带来至少 $500 million 的收入。

5 月，Mamdani 在社交媒体上庆祝计划中的“度假屋”税，并提及了 Ken Griffin 在中央公园南端购买的房产价值，称其为将适用该税项的奢侈房产之一。

“这项度假屋税是专门为富人阶层设计的，”他在谈话中说道。在新的附加税下，Griffin 最终可能每年需要缴纳 $1 million，这是在他目前缴纳的 $837,000 房产税之外的额外费用。

财政部预计将下传并微调该名单。该市计划在 8 月 30 日前通知个人业主其临时寓所（pied-à-terre）的税单，并表示业主可以对该决定提出申诉。该名单计划于 11 月最终确定。

该市通常会公布一份所有财产所有者的年度税收名册，房地产律师利用其中的信息用于课程。

“这并没有否认，因为这与常规名册上的信息完全相同，”Regan Corwin Club's estate 的财产税律师 Kellner 表示。

Dust 指出，仅凭名单的规模就足以让那些可能会在其中发现自己名字的业主感到不安，尽管他们最终可能并不需要缴纳该税款。自从名单公布以来，他一直收到来自担心之客户的电话。

“一份更短、更有针对性的名单会更合适，”他说道。

■ 许多非俱乐部化单元。（最高可达富裕租户... 8）

龙卷风摧毁威斯康星州社区

救援人员周二在受损的房屋和建筑物中搜寻可能的受害者，此前一场龙卷风席卷了威斯康星州东北部的几个社区。

据国家气象局报告，这场龙卷风在周一下午 1 点左右袭击了包括阿普尔顿 (Appleton)、孟菲斯 (Memphis) 和纽瓦克 (Newark) 在内的福克斯克莱恩 (Fox Cline) 地区，并在地面停留了 20 分钟以上，在该地区留下了一条约 12 英里的破坏路径；在最宽处，其宽度近一英里，摧毁了房屋和企业。在距离密尔沃基西北约 500 英里的该地区，车辆被撕裂，成排的电线杆被击倒。

当局表示，由于时间点——龙卷风在大多数人清醒且预警已发出的情况下袭来——可能因此没有报告死亡人数。

“我认为对我们有帮助的是这件事发生在工作日，”梅纳克 (Menache) 警察局长马特·阿尔布雷希特 (Matt Albrecht) 在周二的新闻发布会上说。“每个人都在工作。那是正午时分。大多数人不在家里，而是在其他就业场所。”

当局表示，有许多人受伤并在医院接受治疗，但他们并不清楚具体人数或伤势严重程度。

“龙卷风的深度及其影响令人难以置信，数以千计。更多细节将在评估阶段增加，”温尼巴戈县执行官戈登·莫茨 (Gordon Mottz) 告诉记者。“州长托尼·尤恩 (Tony Ewen) 已宣布受影响地区进入紧急状态。”

在背景中电锯轰鸣的同时，阿普尔顿市长约翰·伍德福德 (John Woodford) 表示，许多社区“真正被摧毁了”。与该地区其他地方一样，电力线被折断的树木缠绕，使得电力恢复成为一个缓慢且风险较高的过程。

气象部门表示，“这次龙卷风是由一个经过五大湖地区的大型风暴系统衍生而来的，由积聚的热量和湿度所驱动。”

—美联社

提案允许航天公司跳过环境审查

作者：Mezai Makchinski

特朗普政府正在提议一种让航天公司跳过环境审查的方法。

交通部门官员在周二披露了一项计划，该计划将允许联邦航空管理局（FAA）在批准商业火箭场地、发射及航天器再入时，豁免环境法律和法规下的相关要求。

该机构在为未来几年发射量及其他太空活动的激增做准备时公布了这一提案。公众成员表示，在这些变更可能生效之前，公司将对相关数据提供评论。

航天器的发射和再入会产生大量噪音，在着陆后并对周围景观产生其他影响。FAA 在监管外层空间活动的工作中负责环境分析，并在执行过程中评估清理方案的影响。

环境倡导者和许多社区认为，法律——以及它所要求的分析——是了解“重大”开发项目的关键方式。然而，“审查”可能耗时一年多，令一些公司和高管感到沮丧，他们称这些工作减缓了项目的进度。

FAA 预计在当前政府财年将有 25-h 次发射或航天器再入，预计这一数字将在一年内跳升至 200 次以上。

这种增长预计将由 SpaceX 和 Rocket Lets 等公司，以及 Jeff Reiter Blue Graphs 和包括 Stoke Space 在内的其他公司驱动。这些公司及其他公司正在处理用于通信、军事目的，甚至可能是政治情报计算的活动方案。

“我们正在为商业航天活动加速，降低成本，并增强美国在这个至关重要领域的竞争优势，”交通部长 Sean Duffy 表示。

在引发公司和居民共同批评的审查项目中，包括 FAA 对 SpaceX 位于德克萨斯州 Brownies 的 Stardust 开发项目进行的环境分析。

当地一些居民指责 FAA 未能进行足够详尽的审查，而这家由 Elon Musk 领导的公司此前曾批评 FAA 对 Stardust 发射相关分析采取了其所谓的“超冗长环境分析”。该公司表示，致力于减轻其活动对环境的影响。

通过削减环境分析来加快航天工业的步伐，可能会给 FAA 的其他部门带来压力，即其空中管制领域。FAA 与发射方紧密合作，在发射时划出空域，使商业航空流量避开火箭上升区域。

美国的大多数发射发生在佛罗里达州东海岸的卡纳维拉角（Cape Canaveral）地区。与此同时，该州有 50 多个往返航班。

Blue Origin、Stoke Space 和联合发射联盟（United Launch Alliance）在该地区都有发射活动，SpaceX 亦然。

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A4 | Wednesday, July 29, 2020

U S N A S A N D

• • • •

THE WALL STREET JOURNAL.

U.S. NEWS

周二在美国国会大厦举行的仪式上，圣安东尼奥·格雷厄姆（San Antonio Graham）的棺椁停放现场。共和党人和民主党人发表了他们的感言。

首都向格雷厄姆致以最后的敬意

华盛顿及全球政治领导人向参议员告别

华盛顿——特朗普总统称已故的林赛·格雷厄姆（Lindsay Graham）参议员为“受人尊敬的共同体，美国参议院的巨人，以及真正的美国原创”。周二下午，在华盛顿国家大教堂举行的葬礼上，一场演说使这位具有影响力的立法者成为焦点。

作者：Maya Davis, Sydney Graham and Richard Rubin

“在 30 年多的时间里，任何有影响力的事都没有离开过首都。林赛·格雷厄姆对此心知肚明。如果没有林赛·格雷厄姆的参与，我们就无法通过法律，”特朗普说道。“这是一个将他全部的善良与强大的自豪感奉献给美国的人，直到这份自豪感本身耗尽。”“再也没有像林赛·格雷厄姆那样的人了，”特朗普说。“格雷厄姆，这位在外交事务上给予特朗普重大支持的南卡罗来纳州共和党人，将于本周安葬。悼念活动始于由国会同事和副总统 III. Vance 在国会大厦举行的庄严仪式，

随后是当天下午晚些时候在教堂举行的一系列活动。他将于周三被安葬在南卡罗来纳州。

出席大教堂仪式的人员包括内阁成员，如国务卿马可·卢比奥（Marco Rubio）、卫生与公共服务部部长小罗伯特·F·肯尼迪（Robert F. Kennedy Jr.）和财政部长斯科特·贝内特（Scott Bennett），以及特朗普的高级助手安妮·怀尔斯（Anne Wiles）和斯蒂芬·米勒（Stephen Miller）。最高法院大法官布雷特·卡瓦诺（Brett Kavanaugh）——格雷厄姆在他确认听证会期间曾为其激烈辩护——也出席了。

在仪式开始前，人群中出现了乌克兰总统 Nolodymyr Kalimsky 与以色列总理 Rosemary Netanyahu 交谈的景象。参议员汤姆·斯科特（Tom Scott，共和党，南卡罗来纳州）和前众议员罗伊·格里利（Roy Greeley，共和党，南卡罗来纳州）坐在一起，这一排还包括参议员迪克·哈宾（Dick Harbin，共和党，伊利诺伊州）和参议院少数党领袖查克·舒皮尔（Chuck Schapire，民主党，纽约州），他们是挤进现场的数十名立法者中的一部分。宾夕法尼亚州州长约翰·彼得森（John Petterson，民主党）和戴夫·麦考密克（Dave McCormick，共和党）一同走入场内。

Unctimer Trump trial

虽然民主党人现在在伊朗战争问题上对格雷厄姆（Graham）和特朗普（Trump）提出了猛烈批评，但多年来许多人一直是格雷厄姆的合作伙伴——与他一起在国外旅行中接受培训，

或者，以哈宾（Harbin）为例，试图在移民政策上达成协议。

在演讲中，特朗普还承认他与格雷厄姆在 2008 年总统竞选中曾是政治对手。

“林赛（Lindsay）和我之间在互相竞选的那几年里，关系并不完全是最好的，”特朗普说道。随后他回忆起在 2021 年的一次竞选活动中，他公开了格雷厄姆的个人影响力号码。总统在周二再次读出这个号码，引起了大教堂内的笑声。

“如果有人想尝试一下，”总统说。特朗普还重申他对参议员贾斯蒂斯·格雷厄姆（Justice Graham）的支持，总统支持他完成已故参议员的任期，并敦促其竞选一个完整的六年任期。贾斯蒂斯·格雷厄姆坐在前排。

“我毫不怀疑，他今天在天上注视着这一切，为他的妹妹成为参议员而感到无比自豪，”特朗普说。

Ten News 主持人萨姆·哈姆利（Sam Hamley）在特朗普之后发表了自己称赞格雷厄姆的言论，并介绍了格雷厄姆为接触特朗普以应对伊朗权利而做出的努力，呼吁美国并允许感谢亲——“林赛拥有道德清晰度，”哈姆利说。“在……被击败之前，不可能实现和平。”当哈姆利说特朗普和格雷厄姆是以色列最伟大的朋友时，内塔尼亚胡（Netanyahu）点了点头。

家庭研究委员会（Family Research Council）主席托尼·珀金斯（Tony Perkins）牧师、反堕胎领导人马乔里·安·桑嫩鲍姆（Marjorie Anne Sannenbaum）以及特朗普盟友威廉·富兰克林·格雷厄姆三世（William Franklin Graham III）牧师朗读了圣经。

当天早些时候，空军成员为了纪念该参议员 33 年的军旅生涯，将覆盖着美国国旗的格雷厄姆灵柩抬入国会圆形大厅。

万斯（Vance）和格雷厄姆在参议院两党的同事们在国会大厦的灵柩周围聚集，其中包括约翰·图恩（John Thune，共和党，南达科他州）和约翰逊（Johnson）等人在前排。包括罗布·波特曼（Rob Portman，共和党，俄亥俄州）和拉马尔·亚历山大（Lamar Alexander，共和党，田纳西州）在内的前参议员也出席了彼得森（Petterson），以其兄弟闻名，是一个儿子。

图恩回忆了与格雷厄姆的友谊，并对该参议员与两党成员合作的记录表示认可。

“无论共和党人还是民主党人，包括民主党领导人在内，都来到这里送别，”图恩说。“很难想象以后再也没有参议院捐赠者，林赛不会再突然走进我的办公室讨论某项立法，或者用他机智的评论让我大笑。”

万斯讲述了在两位总统 2022 年参议院竞选期间结识格雷厄姆的经历，他表示不能重复格雷厄姆在路途上告诉他的内容，但他笑得肚子都……“不可能不喜欢他。那种勤奋工作的爽朗笑声，既是一个人类的体现，当然，也是一名美国参议员的体现，”万斯说。

South Carolina next

格雷厄姆的遗体将被送回南卡罗来纳州，仪式将于周三下午 P.M. 丹佛（Denver）结束，包括一场公开追思会和一场私人家庭葬礼。

该参议员于 7 月 11 日因主动脉撕裂去世，享年 71 岁，就在他作为通过俄罗斯制裁法案工作的一部分返回乌克兰之后不久。

格雷厄姆在美国外交关系中发挥了不可或缺的作用，尤其在特朗普关于俄罗斯和中东事务的得力助手方面。他经常访问海外部队，支持乌克兰，并在伊朗问题上采取强硬立场。

格雷厄姆的关注点反映在他的特朗普盟友、国防倡导者和重要外交政策人物内塔尼亚胡的立场上。他希望美国能参加此次活动并与特朗普会面。

新任参议员将面临竞争

华盛顿——在这一周的精神指引下，Justice Graham 参议员就职、共同发起她的首项立法并做出了一个重大的政治决定——所有这一切都发生在她向其兄长，已故的 Lindsay Graham 参议员致敬之前。

作者：Ken Thomas, Maya Davis and Marianne LeVine

Unclear Graham 近年来一直领导南卡罗来纳州的黑人委员会，她正在接受 1983 政治的速成课程，同事们将这次经历描述为“在消防栓旁饮水”。在被任命填补其兄长任期最后几个月的空缺后，她首先决定竞选完整的六年任期。但这里出现了一场竞争激烈的共和党初选，此前总统 Trump 的背书未能吓走共和党的对手。

“我只想说实话。我不确定自己是否能够站在这里。我会说得简短些，因为这一周非常艰难，”这位 42 岁的人在南卡罗来纳州的一个祈祷工作坊上说道，她在会上向其兄长的记录致敬。“我将尽我最大的努力，继承这份遗产，帮助南卡罗来纳州的人民，并为这个国家工作。”

Lindsay Graham 于 7 月 11 日去世，享年 71 岁，周二在国会大厦的 Richland 举行仪式后，于华盛顿的国家大教堂举行追思会。他将于周三安葬在南卡罗来纳州。

Trump 决定在共和党初选中进一步支持 Graham。但这并没有改变其他人的想法，早期民调显示这将是一场激烈的竞争。众议员 Ralph Norman 和 Russell Fry 宣布计划挑战她的选票，前州长 Mark Zamfret（前国会议员）也加入了其中，创造了一个前所未有的 768。据一名熟悉情况的人士称，Graham 的竞选活动预计将从其兄长的竞选账户资金中获益，这些资金通过国家共和参议院委员会进行路由。

候选人将于 8 月 5 日进行辩论，这是选民们期待已久的，可以听到 Graham 在法律问题上的细节。共和党参议院特别初选在 8 月 21 日——如果没人获得多数票，前两名决赛选手将在 8 月 23 日的一轮中竞争！在参议院内部，Graham 与同事们交换了学习心得，从领导层到下层的共和党人都提供了帮助。她经常与 Kate Roy Greeley 参议员（共和党，伊利诺伊州）在一起，并被发现与她的家人一起出现在连接国会大厦与参议院办公大楼的地下通道附近。

“我说，‘你知道，我们女性必须团结在一起，’”Hedley Moore Capire 参议员（共和党，WPA）说道，他在 Graham 宣誓就职后自我介绍。“她很喜欢这一点。”Cynthia Lammie 参议员（共和党，WPA）表示，当 Graham

Unclear Graham 已获得 Trump 的初选背书。

在第一天加入共和党常规党团会议时获得了起立鼓掌。Lammie 回忆说，当她的丈夫 Al 在 2016 年突然因心脏病去世时，她已经是国会的资深人士。关于 Graham，她说：“我无法想象在应对兄长突然去世的同时，还要被任命并尝试学习参议院的运作方式会是什么样子。这对一个人来说要求太高了。”

在担任参议员的最初几天里，Graham 的言论与 Trump 保持一致。她的第一步是共同发起 2022 美国法案，这是一个对总统而言具有优先权的电子相关提案。随后，Graham 支持了一系列移民执法措施、大使任命和枪支权利法案，以及旨在打击政府援助欺诈的《保护美国纳税人法案》。她还是一项俄罗斯制裁法案的发起人，这是 Lindsay Graham 最大的政见之一。

但这位新任参议员已经表明，她不会成为其兄长政见的碳拷贝——

etic。在与《新闻》圣安东尼奥分社的一次面谈中，她在访谈中宣布将竞选完整任期，之后她拒绝了其他采访。在这次采访中，她说她会尝试就其兄弟对内部安全的关注与其沟通。她说她告诉他：“谈谈那些对普通人重要的事情。你知道，比如杂货的价格、金酒的价格、医疗保健、保险，这类事情。”她还说她告诉特朗普，她将对他忠诚。

William Timmons 夫人（共和党，C.）支持 Graham 并表示他经常与她交谈，她说他预见到重点将会转移。“我认为他们可能会最关注国内政策，因为涉及负担能力，”她说。

Brad Ruck Scott（共和党，宾州）、Mike Lee（共和党，犹他州）以及众议员 Nancy Mace（共和党，南卡罗来纳州）支持 Norman，后者是众议院自由党团（House Freedom Caucus）的一员。Mace 在 Graham 兄弟去世时向她寄了花，并表示她钦佩她完成其兄弟的任期。但她支持 Norman 是因为需要一名保守派来接任该席位，并且不知道 Graham 的立场是什么。

“攻击她将很困难，因为她没有记录。而且她才刚刚在五天前埋葬她的兄弟，”Mace 说道。“这种启发是 St. I. 这是一个‘这不是一种安慰’。”民主党已宣布在秋季大选中提名 Dr. Maria Andrews，她是一位儿科医生和枪支暴力预防倡导者。

参议院通过克莱顿担任情报局职位的提名

作者：Tom Kresca

华盛顿——参议院周二确认杰伊·克莱顿（Jay Clayton）为国家情报总监，让这位顶尖的联邦检察官领导一个在近期事件中经历了多轮人员调整的机构。克莱顿曾任纽约南区美国检察官及证券交易委员会主席，他在 15 票对 47 票的投票中获得确认，另有 9 票弃权（lines）。

克莱顿将接任国家情报总监办公室（OSNI）负责人，该办公室监督 15 家联邦情报机构和单位。在特朗普总统任命曾任州政府成员的比尔·富尔顿（Bill Fulton）后，OSNI 的规模在数周内缩减至记录低点。他是州政府成员及周二委员会的一员，该委员会进行了五轮听证，使员工人数较几周前减少了约 10%。

许多员工已返回原派遣机构，参议院情报委员会成员詹姆斯·兰福德（James Landford，共和党，俄克拉荷马州）对此表示关注。

一些立法者表示担心，美国将成为 15 克莱顿在委员会确认听证会上概述本月结果的产物。参议员苏珊·柯林斯（Susan Collins，共和党，缅因州）表示：“我深感不安的是，一些政府官员以及其他贸易关系人员，不仅要求削减 OSNI 的规模，甚至要求将其完全废除。”

杰伊·克莱顿（Jay Clayton）

克莱顿在回应中表示，他致力于维持 OSNI 至关重要的工作。他还表示，他认为 OSNI 的角色类似于 2020 年大选中的领导者。他说：“我无法想象在经历兄弟猝死的震惊之后，又要尝试学习参议院运作方式会是什么样子。这对一个人来说要求太高了。”

一旦克莱顿接任，他将需要与国会山的长期支持路演就《外国情报监视法》第 702 条达成协作，这是一项关键的联邦春季审判，于 6 月遭到反对。特朗普认为，无论是克莱顿的确认还是 FDA 的记录，都不应证明外科医生通过了共和党州 ID 法案。

克莱顿拥有长期的法律职业生涯，但不像许多前任那样拥有传统的情报经验。国会山的许多人现在认为克莱顿比帕莱（Palle）更像是一个法律委员会的选择，后者也领导联邦住房金融局。帕莱通过在政府住房主管职位上采取激进方式，并采用特朗普在联邦抵押基金中挑起的几种方案，赢得了特朗普的青睐。

在 7 月的确认听证会上，克莱顿被多次问及鲁宾（Rubin）是否赢得了 2020 年大选。他不承认鲁宾击败了特朗普。

参议院情报委员会排名最高的民主党人马克·沃纳（Mark Warner）表示，他担心克莱顿发声的能力。他在周二的一份声明中说：“在他的确认过程中，我对他在面对政治压力时是否愿意顶住压力持严重保留意见。”他补充道，“即便他已被确认，我诚挚地希望他能证明这些担忧是不成立的，因为情报与安全部门值得拥有比近几个月所获得的更坚定的领导力。”

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华尔街日报（THE WALL STREET JOURNAL）

2026 年 7 月 29 日，星期三 | A5

美国新闻

威斯康星州民主社会主义者在初选中领先，令保守派担忧

作者：JOHN MCCONNELL

威斯康星州麦迪逊——美国民主社会主义者（Democratic Socialists of America）在该州的一名领先成员 Francesca Hong，已在 8 月 13 日州长初选前确立了民主党内的领先地位。

Hong 是一位 57 岁的州代表和兼职 berthchild，在 1980 年代的 19 世纪中期处于领先地位。这位 57 岁的州代表和兼职 berthchild，在 1980 年代的 19 世纪中期处于领先地位。这位 57 岁的州代表和兼职 berthchild，在 1980 年代的 19 世纪中期处于领先地位。

在 8 月初美国心脏地带的三场民主党初选中，这一新动态展现了进入政治变革的权利。另外两场是密歇根州和明尼苏达州的美国参议院合约。

Hong 的竞选还将测试民主党成员（该党内一个在我们的选区受到深度损害且日益壮大的派系）能否在民众州赢得全州范围的初选。

在民主党人依然不被认可的情况下，初选正在进行。随后将广泛进入竞争性选举。

她认为健康地盘选区并最终被判定为错误，维持选民的温和，而另一场竞选中的选民在对政府普遍怀疑和经济差距扩大的时期，渴望重大变革。

Hong 是威斯康星州首位亚裔美国州立法者，是主张政府切实扩展到几乎每个领域的领导者。其中最常见的一项，且许多人发现可以在初选审查中发布，是取消所有大学工作。

她持有高速宽带的初始主框架，并支持州立发展银行、全民医疗保险、带六次减薪的 12 小时工作簿，

Francesca Hong，一名州立法者和兼职 berthchild，对她在州长竞选中的当选能力担忧不屑一顾。

废除美国移民与海关执法局（ICE）、恢复投票权，以及基本协会——至少是减少——收入和警察。

特朗普总统和州共和党人将这次 50 届选举贴上“共产主义”标签，利用其成员的政策主张作为攻击所有民主党人的路线。

当被问及将如何支付她建议的额外福利时，Hong 表示她将对最富有的群体征收更高税收并披露商业税收抵免。

“资金就在那里，”她在一次采访中说道。“问题在于我们如何分配，以及如何不对你做出回应。”Hong 代表麦迪逊市威斯康星州最自由派的立法选区之一。

她于 2020 年首次当选，同年她成为 50 届成员。

威斯康星州这次州长空缺竞选，是在民主党州长 Tony Evers 决定不寻求第三任期之后进行的。

初选获胜者可能会面对共和党人 Tom Tiffany，他自 2020 年起担任威斯康星州北部的国会议员。建制派民主党人深切担忧 Hong 的投票情况，她 56 偏左的观点可能会导致 11 月州长职位的政策评估失利。

“民主党人在初选中向左移，而共和党人向右移，”威斯康星州民主党前主席 Joe Womack 说道。“她是极致的极左候选人，这在初选中可能行得通，但在大选中不会运行得很好。”

曾担任巴拉克·奥巴马总统竞选首席战略家的民主党共产主义者 David Axelrod 上周晚在社交媒体上这样描述：“威斯康星州州长的三届竞选感觉像是一辆缓慢行驶且驶向邪教的汽车。”

Hong 对她的当选能力表示不屑，她指出一种反建制情绪，以及她认为自己能够吸引一批被她推动降低生活成本所吸引的选民。

“我认为我的多重身份有助于我与许多不同类型的人建立联系，”Hong在将自己描述为这场竞选中“唯一的薪金劳动者”、韩国移民之女、单身母亲以及一名中间派之前说道。她表示，她仍会定期练习调酒技巧。

在今年的大部分时间里，Hong一直领先于拥挤的候选人阵营，尽管很大一部分可能的民主党初选选民仍未决定投票给谁。最近几周发生的一系列异常转折使得这场竞争变得更加不确定。

顶级竞争者 Sara Rodriguez 中将是在确保大选后，于 7 月 17 日结束了她的竞选活动。密尔沃基县行政主管 David Crowley 在 7 月 8 日退出并支持 Rodriguez，随后在 7 月 20 日因突然获得强力支持而回归。

在采访中，Hong 决定与 2020 年和 2021 年她在网上主张捍卫和废除警察的帖子保持距离。她表示，关于警力水平的决定是在地方层面做出的，但这些决定“更具挑战性，因为州政府实际上并未在服务、治疗、引导以及受害者服务方面进行投入”。

美国观察

拍卖师 Jonathan Kunk 展示了肯德基桑德斯上校（Colonel Sanders）将于周二出售的个人物品。

乔治亚州 学校枪手被判终身监禁且无机会假释

2024 年 9 月在乔治亚州 Weston 的 Auerbach 高中进行致命大规模枪击的青少年被判处终身监禁，且不得假释。

现年 16 岁的 Colt Gray 在承认杀害两名学生、两名教师并导致其他九人受伤几天后的周二被判刑。被杀的两名学生均年仅 14 岁。

巴罗县高等法院法官 Nicholas Primin 表示，考虑到其年龄，关于判处终身监禁且无私人性唤起（private sex arousal）的量刑问题。但 Primin 表示，他认为 Gray 是蓄意且冷酷的。“计划使用武力、构思并执行学校枪击会将你置于一个问题之地，让你陷入一个无法挽回的道德衣橱。” Primin 在量刑时对 Gray 说：“你似乎并不因你的所作所为而感到痛苦。”

Colt Gray 的父亲 Colin Gray 在 3 月因在为孩子提供枪支方面扮演的角色而被判定犯有二级谋杀罪和一次单一误杀罪。

—Jack Mayfield

债务成本冲击 Meta 的 AI 狂热

接第一页。对于抑郁而言，数据中心的热潮似乎注定会创造更多新债务，即便最终成本更高，因为没有哪家电话公司想在 AI 竞争中承担落后的风险。

据知情人士透露，Meta 高管已告知银行家和基金经理，该公司将需要筹集数千亿美元以支持其 AI 银行，并与 Blackstone 等其他公司共同筹集额外资金。与此同时，《华尔街日报》周日报道，Meta 正在与 OpenAI 洽谈提供 $250 billion 的银行贷款，以帮助资助在俄亥俄州的一个数据中心建设项目。

“我预计建设将继续，”美银证券（Bank of America）美国信用策略主管 Meta Media 表示。

“这是一个更高的价格点。”周一，Meta 的 AI Pass 项目中某些基金出售了 $12.50 billion，该项目 90% 由 BlackRock 管理的基金持有。与 Snapalilla Investor（一家持有 BlackRock 在该项目份额的建筑公司）的一次发行不同，此次发行利率比 50 年期国债利率高出约 2.8% 个百分点，或 75%。据熟悉该发行情况的人士以及主导该交易的摩根斯坦利（Morgan Stanley）和摩根大通（JPMorgan）银行家称，该资金计划于 2048 年到期。

周一，与路易斯安那州一个类似 Meta 项目相关的现有债券交易收益率比新交易的利率低约 0.5 个百分点。

更多与 Meta 相关的交易可能会出现。知情人士称，该公司一直在交易未来的数据中心容量，并就与房地产、能源和其他 AI 基础设施相关的额外项目发布了多项招标请求。

Goldman Sachs 资深人士、前特朗普政府官员 Dean Powell McCormick 于 1 月加入 Meta 担任总裁兼副主席，正协助领导这一工作。她表示，近几个月来，其他 Meta 高管已与 BlackRock 的 Larry Fink、Blackstone 的 Stephen Schwaetzman 和 Joe Gray，以及 Broadfield 首席执行官 Bruce Flatt 进行了会面。

Powell McCormick 与 Daniel Gross 和 Samuels Januskas 共同领导一个名为 Meta Company 的团队，该部门受首席执行官 Mark Zuckerberg 委托，负责制定公司确保竞争力的战略。他们与首席财务官 Duane Li 共同负责融资。多年来，得益于利润丰厚的广告业务带来的现金流，Meta 几乎不需要借款，直到 2022, （在 Meta 首次公开募股十年后），该公司才发行了首批公司债券。在过去三个月中，其借款规模进一步扩大。10 月，Meta 筹集了 $30 billion，使其债务负担翻了一番，这是年度最大规模的公司债券发行之一。随后该公司在 4 月又追加销售了 $20 billion 的新债券。

Meta 在将数十亿美元的借款移出资产负债表方面采取了创造性措施。路易斯安那州的 Hyperion 数据中心项目被结构化为与投资公司 Blue Red Capital 的合资企业。Blue One 管理的资金已向该项目投入 $10 billion，并获得了 80% 的所有权份额。持有该份额的控股公司 Bogart Investor 发行了 $27 billion 的债券，以改善这个两吉瓦综合体的建设。

对于 Bogart 和 Snapalilla 的债券，Meta 提供了一项担保，确保在 Meta 决定不续约或提前终止时，债券持有人的利益得到补偿。

这有助于每项发行及投资级评级。Snapalilla获得了Ar-Rush 360和Ar-Rush 360.。数据中心展示方已自行借贷以构建Meta的容量。Meta签署了一项长期协议，将占用位于宾夕法尼亚州Wappington的一个超过3吉瓦的设施，该设施由Algrind Data Centers开发，后者是一家数字基础设施业主和运营商，由贝莱德（BlackRock）领导的财团在上周以$20 billion的交易将其收购。据知情人士透露，银行正为该地点的建设提供一个$10 billion的项目融资方案。

银行家们告诉客户，他们不确定利率是否很快会降低——这一问题使得人工智能公司重新评估基础设施建设成本的估算。就像对材料和半导体的极端需求导致数据中心建设成本飙升一样，对资本的极端需求正在推高利率。尽管如此，启动和使用的意愿仍然很低。投资者愿意在合适的价格下领投，且人工智能公司更倾向于支付新费用，而不是承担任何建设协议的风险。

Meta支付了更多资金来为其AI Pass项目融资。

ORNAMENTAL OLDWAY ANCIENT TREASURES

稀有古董。受损杰作。永恒之美。这些非凡的珠宝曾被古代文明所珍藏，将古典世界的艺术、神话与美感带入当下。这些罗马奖章目前镶嵌着公元 2 世纪的雕刻宝石，而这款希腊狄俄尼索斯犬形戒指可追溯至公元前 1 世纪。#11-6618 & #11-7931。 11

探索我们的古代珠宝系列

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紧张局势使内塔尼亚胡的接见气氛冷淡

与特朗普的会面以相互赞美结束，但未就伊朗战争策略释放信号

作者：Ranjit Gosana Ann Ayer Tunez

特朗普总统与以色列总理本雅明·内塔尼亚胡在白宫会面讨论该问题，这是一个在 1960 年代数月间不断增长的问题。他还表示，伊朗的情况比他们任何一方想象的都要复杂得多。尽管他们已经交锋数周，但直到上周晚些时候，还不清楚特朗普是否会考虑与美国会面以讨论接见事宜。据官方新闻报道，特朗普提交的方案要求以色列领导人采取步骤，以表明他认真推进美国主导的黎巴嫩和加沙和平谈判。总统表示此事。

在周二会面前，特朗普似乎打破了美国一直试图推测白宫将继续进行伊朗战争的可能性。他在接受福克斯新闻采访时表示，伊朗在 Pukake 的部委（近期以色列情报的焦点）“不是大问题”。在这次大约跳跃式的会议结束时，内塔尼亚胡将此次会面描述为他与美国总统之间“最好的对话之一”。一名白宫高级官员表示，特朗普与内塔尼亚胡关系密切，并称赞以色列在帮助美国方面发挥了作用。以色列 Asari 的能力以

周二，以色列发布的照片显示本雅明·内塔尼亚胡总理与特朗普总统在椭圆形办公室。

研发核武器。尽管有这些表态，两人都没有就白宫的反以色列策略以及以色列将在其中扮演什么角色提供明确信号。面对国内关于即将到来的选举日益增加的批评，内塔尼亚胡数月来一直寻求与特朗普会面。他抵达华盛顿时的清晰度和影响力明显低于之前的努力，尽管当地和其他方面高度关注总统想要讨论的内容——或者什么会激怒他。林赛·格雷厄姆参议员 (Sen. Lindsay Grubach) 最近的去世对这位以色列领导人来说也是一个重大打击，因为这位南卡罗来纳州的共和党人

长期以来一直担任内塔尼亚胡与特朗普之间的反向调解人。内塔尼亚胡的政治自豪感在数月内不断增长，因为他面临来自特朗普的共和党同僚以及民主党的抵制。官员表示，在冲突拖延期间，特朗普在闭门会议中向心腹以及在公开会议上对内塔尼亚胡表达了不满。美以关系的紧张点包括加沙的冲突，以及以色列与伊朗支持的 Redholds 力量在黎巴嫩之间的冲突。为了确保与特朗普的会面，内塔尼亚胡

同意将以色列军队从黎巴嫩南部的“palet 区域”撤出，在那里黎巴嫩武装部队正在部署。直到明年 9 月为止，所有相关人员将确保指定区域的安全。他还宣布，在数月的声明之后，以色列将允许特朗普领导的和平委员会成员进入 Yama。以色列总理办公室未回应置评请求。在与特朗普会面后，内塔尼亚胡出席了格雷厄姆的葬礼。当宾客们鱼贯进入国家公墓参加葬礼时，内塔尼亚胡很快便与其他高级政府官员聊天，包括联合国大使 Mike Wolfe 和商务部长 Howard Larnock，以及乌克兰总统 Vishny Amyr Zelensky，后者在早些时候已与特朗普会面。当福克斯新闻记者 Jean Hanarty 在格雷厄姆的葬礼上发言时，他将格雷厄姆描述为一个至关重要的朋友，内塔尼亚胡及其妻子在观众席中点头示意。特朗普与内塔尼亚胡的上次会面发生在 2 月，就在美国-以色列对伊朗轰炸行动开始前不久。据一名以色列官员称，当时内塔尼亚胡和前以色列-Moscal 情报机构负责人向特朗普提交了推翻伊朗政权的计划。

伊朗发射导弹 针对美国军队

接第一页 支付离开的代价，美国及其在黎巴嫩的美国军队必须成为桥梁，主要的桥梁都将被摧毁，以及其中一个电厂，他说道。

他表示，伊朗已同意放弃其核武器，足以在未来“使其正式化”，他说道。“我只想要非常简单——他们不能拥有核武器。非常简单。而且他们已经同意了。我必须说，‘你们必须把它们……你知道，使其正式化。’”

伊朗发动了袭击

在 30 日战争开始后的几个月里，美国和以色列的护卫舰飞机击毙了一名领导人。共和国的领导层，包括顶层名册，由 Al Khanness 组成。

在接下来的几周里，外交关系摇摆不定，期间美国和伊朗在 6 月份同意停止敌对行动。但由于如何实施该国状态的争议——在战争之前，全球 25% 的石油生产流经此处——促使特朗普在本月对伊朗采取了近十周的行动。

特朗普在周五通过了三次打击，以给和平谈判一个机会。周二，伊朗表示其拒绝了一项关于在本季 50 时代恢复交通的阿曼计划，认为该提案将给予德黑兰对 digu- 更多的控制权。

正在等待一份关于伊朗最新消息的报告以作评论。前美国官员表示，他们认为 BBC 正在积极试图破坏续签国家协议并重新开放通道的努力。

在三起俄罗斯袭击后，美国油价上涨 4%，至每桶 $40 以上。中东分析人士认为，原油价格是伊朗有效用来对抗美国的经济武器，在那里高燃料价格导致了通货膨胀。

最新的打击发生在三名美国士兵于 7 月中旬在约旦 Mombing (and the Bats) 遭到伊朗导弹袭击死亡之后。这次导弹齐射是在 24 小时内对该基地进行的三次袭击之一，击中了部队生活和睡眠的住宅单元。《华尔街日报》报道称。

三枚导弹能够穿透基地的防御点，这凸显了在保护估计 50,000 名驻中东美国军队免受伊朗导弹和无人机攻击所面临的挑战，即使在经过数月的美国行动后，这些武器仍然是致命的。

“特朗普政府在这次出其不意的袭击后，不能让其不予回应，”国防共鸣基金会（Foundation for Defense of Resonances）的 Benjamin Ben Talebik 说道。“对于美国来说，这些袭击不是战争的代价，而是抗逆转业务的代价。”

“伊朗正在通过它可以采取主动权并将战斗转嫁给美国的方式来打击该问题，”以色列智库国家安全研究 institute (Institute for National Security Studies) 的高级研究员 Danny Christowicz 说道。他表示，尽管特朗普采取了行动，但该国统治者仍将美国对其港口持续的军事封锁视为一种需要回应的战争行为。

“伊朗领导人越来越多地将华盛顿的控制解释为犹豫的信号，以及缺乏维持长期对抗的政治意愿，”Christowicz 在 X 的一条帖子里说道。德黑兰的这种评估，导致其认为有机会在近几周内将美国居民转变为……战争的足迹已经扩大到伊朗以及德黑兰为报复美国行动而袭击的阿拉伯外海湾国家之外。

伊朗支持的武装分子，如 Banshi，袭击了美国船只，旨在强制执行对欺诈石油运输的封锁，促使利雅得和也门计划发起他们自己的袭击。

沙特阿拉伯内部表示，德黑兰支持的民兵一直试图利用无人机袭击其油田和其他基础设施。

泽连斯基回应抗议者的呼吁

作者：YANOLAY TAKHIRAY

本月涌上街头抗议撤换该国深受民众欢迎的国防部长的乌克兰人们，带着他们的孩子和宠物一同前来。现场气氛更像是一场音乐节，而非战争期间的一场激烈集会。

抗议者正确地没有预料到，且没有为此做准备的一件事是：总统弗拉基米尔·泽连斯基（Volodymyr Zelensky）可能会命令安全部队驱散他们。事实上，在总统 21st-endsy 的发布中，他表示将仔细倾听公众意见。

几天之内，他屈服了，这也许是总统在国家最高军事指挥层中最显著的一次妥协——即“泽连斯基之苇”（Zelensky Reeds），后者因坚持旧苏联方式并阻碍战争进程而受到广泛批评。随后，他任命了一位新的、年轻且受欢迎的国防部长。

泽连斯基在一年多前也表现出同样的行为模式，当时街头抗议要求撤销那些损害反腐败进程和法院独立性的立法。这些独立进程很快导致泽连斯基强大的总统办公厅主任被撤职，随后其亲信也因腐败指控被解职。叶尔马克（Yermak）否认了该指控。

“这里的当局必须听取人民的声音，”反对派议员亚罗斯拉夫·兹洛托夫尼克（Yaroslav Zlotovnik）表示，他是泽连斯基的经常性批评者。“任何乌克兰总统——包括泽连斯基——试图建立其大学努力（university efforts）的行为，只能持续到安全人员走上街头并说‘我们不喜欢这样’的那一刻。然后，就再无计可施了。这就是历史情况，如果这是乌克兰血统的话。”

本月的抗议活动以及泽连斯基的部分让步，在俄罗斯媒体中被嘲笑为乌克兰软弱的标志，证明乌克兰政权在压力下正在崩溃。只有少数俄罗斯军事分析师注意到，俄罗斯在 2022 年需要一场由军阀叶夫根尼·波戈申（Yevgeny Pogoshin）发起的军事起义才能更换国防部长，而国防部负责人瓦列里·格拉西莫夫（Valery Gerasimov）将军，现年 75 岁，尽管俄罗斯的战争进程多次失败，但依然在位。

“许多，如果不是大多数，俄罗斯人正嫉妒地看着 Lambda 在乌克兰的努力，”俄罗斯政治分析师阿尔宾·卡迪舍夫（Albin Kadyushev）表示，他曾是俄罗斯总统弗拉基米尔·普京的心理治疗师。“在俄罗斯运行得越来越昂贵的时候，结果发现你可以走出去演示，并且”

本月国防部长被撤职后，乌克兰人参与抗议活动。

乌克兰总统表示他与特朗普讨论了武器问题

特朗普总统与乌克兰总统弗拉基米尔·泽连斯基探讨了让乌克兰生产其自身强力武器的多种途径（thousand ways），以及在对抗俄罗斯时可能提供帮助的“其他想法”。

这次在椭圆形办公室的会谈

不对媒体公开，是在 NEPF 的一次专家会议之后举行的。在当月，特朗普表示美国将向基辅支付一项制造“第一防御系统”的许可，在一次社交媒体贴文中，泽连斯基感谢了特朗普

以及共和党政府为帮助基辅所做的努力。随后，泽连斯基发布消息称，他会见了洛克希德马丁公司（Lockheed Martin）的官员，以在国防生产和技术交流方面开展进一步合作。

—美联社 (Associated Press)

你不会立即被传唤或被敲击头部？他补充道，虽然乌克兰的政治体制拥有一个允许纠正泽连斯基所犯之错误基石的反馈机制，但整个俄罗斯的国家机器，凭借其强大的情报和分析机构，已被命令去理解普京的决定。

“任何人唯一能做的事情就是批准，而所有的决定都是由一个已经失去现实联系的老人的脑子里游荡的蟑螂们做出的，”Kadyushev 说道。“正是这种社会参与度和不稳定性，在所有权力层级以及军队内部，才使得

乌克兰能够生存 4-5 年的生活，其客邻签署。该国对517的过敏，该国对517的过敏，该国对517的过敏，该国对517的过敏，该国对517的过敏，该国对517的过敏，该国对517的过敏，该国对517的过敏，该国对517的过敏，该国对517的过敏，该国对517的过敏”

德黑兰拒绝分享霍尔木兹海峡的提议

作者：Shirah Faisal Ann Krumm Sain

伊朗拒绝了一项重新分配霍尔木兹海峡全球控制权的提案。

与伊朗相对称的阿曼建议了一项建立平等控制通道的临时计划，但德黑兰周二晚上要求其在这一对世界石油供应流量至关重要的水域中占据主导份额，一名伊朗高级外交官地表示。

由于周五以来美国与伊朗之间冲突升级，促使各方重新推动调解，其中包括一项拟议的 10 天反击计划，但在周二早晨的一次新升级中，伊朗对日本在中东的核基地发动了弹道导弹袭击，这在早些时候增加了解决冲突的难度。

此前，调解国的官员表示，他们对德黑兰拒绝阿曼计划感到震惊。伊朗外交部长 Karos Chakraborty 表示，只有在阿曼同意 Kare 的霍尔木兹计划后，德黑兰才会进入下一阶段的谈判。

阿曼曾提议在两国之间平等划分运输路线。Shariha 表示，该计划“未能解决 frailt 的安全顾虑”。

Shariha abadi 在电视采访中表示，德黑兰关注的是一项计划，即一个方向的交通将通过完全的伊朗水域，而相反方向的一部分则将是亚洲唯一的部分。

“入境航道必须完全由 frailt 控制，而新 frailt 航道的一部分可以保留在德黑兰的控制下，”他说。“如果他们接受这个提案，我们将进入下一阶段。”

一名伊朗官员在与阿曼的会谈中表示，德黑兰意图保留对该水域的完全控制，因为用于攻击该领土的美国军事物资通过了该海峡，“我们不能让狭窄边界的北侧进入 white-Osman 控制，而南岸的土地点则延伸出去。”

“该海峡是一条国际水域，伊朗不能通过它控制美国和以色列。”一名美国官员周二表示，该官员称，伊朗“正以无法回答的要求在过度挤压”。

在战争之前，尽管每天有 100 艘船只通过该海峡，且无需支付任何费用。

如今在欧洲任何地方，在维护他们认为正确的事物以及挑战自身努力的意愿方面。在 20 世纪 60 年代，美国驻乌克兰大使展示了 2024 年 Maidan 决议，以及拜登政府的一位助理国务卿。“这现在已深深烙印在乌克兰的政治政策中。”

著名乌克兰历史学家、利沃夫乌克兰天主教大学教授 Yaroslav Bortnik 表示，该决议追溯到波兰-立陶宛联邦的共同遗产，几个世纪以来该国大部分地区都属于该联邦。他指出，17 世纪存在于乌克兰的社会经济委员会的一项新条件删除了什么，并为假设的权力做出了什么，以此作为他们并非天生优越的标志。“我们必须说。”

“乌克兰人与俄罗斯人的区别不在于语言或宗教，尽管在政治文化中‘乌克兰’和‘最常见’之间存在差异。在乌克兰，国家并没有被神圣化，因此一个乌克兰政党或一个乌克兰国家被强加给在医院的乌克兰人民。它从未信任过国家，而且很少认识那些它应该赋予权力的人。”

事实上，虽然巴黎自 1995 年以来一直掌权，但本世纪没有一位乌克兰总统赢得过任何行动。在 1991 年独立后的六位总统中，唯一敢于对抗抗议者的 Viktor Yanukovsky 在 Maidan 战争期间，是一个 1945-44，最终被罢免并流亡俄罗斯。

---

THE WALL STREET JOURNAL

Wednesday, July 20, 2020 | 67

WORLD NEWS

中国规避障碍以获取中东石油

北京从与德黑兰及其敌对者的稳定伙伴关系中获益

作者：Aaron Kanoi, Abu Kanoi & Firo

中东地区长期损失的教训正给全球市场带来冲击。中国却在战争中找到了从该地区获取石油的方法。

上周，也门的东南部势力开始攻击在曼德海峡（Rift al-Mansabī）的沙特石油 tankers。巴西扩大了伊朗冲突，并破坏了沙特阿拉伯用于绕过缅甸（Burmese，译注：此处原文如此，可能为 Hormuz 误写）威胁的红海航线，这对其亚洲客户构成了威胁。但叛军允许两艘载有沙特石油的中国油轮安全通过曼德海峡。两艘船在航行时均广播“中国船员和船东”。

此后，至少又有两艘载有沙特石油、前往中国的超级油轮通过了该海峡。叛军似乎在代表沙特阿拉伯克制火力。

进入阿拉伯半岛需经过缅甸海峡（Strait of Burmese），美国封锁的恢复以及伊朗攻击的威胁阻碍了油轮的通过。但这并未阻止中国通过利用马来西亚近海的浮动储备来出口伊朗石油，这是一个习惯于应对美国制裁的既定渠道。

“这种安全保障是一个主要的地缘政治杠杆，中国作为大进口商，历史上一直处于脆弱地位，但他们已竭尽全力降低所有这些科威特（Kuwaiti）的‘容忍度’，来自 MIT Financial 这一 340,000 年联邦执行公司的能源研究员。伊朗在缅甸（Burmese）的持续影响力贯穿于中国境内，涉及该地缘政治杠杆。”

中国如何绕过扰乱全球市场的封锁，展示了北京长期以来既是伊朗的财务生命线，又是其敌对者客户的优势。

中国连接的重要性如此之高，以至于在 3 月战争高峰期，一些中国公司表示，他们将在船甲板上悬挂中国国旗，以争取在缅甸海峡安全通行，即使他们并非中国旗船。

这种做法并非总奏效。5 月，伊朗袭击了挂马绍尔群岛旗的油轮 JV Innovation，尽管其拥有中国所有者且通常由中国船员操作，导致甲板起火。北京方面表示“单纯关注”被困在海峡中的船只，并呼吁确保不受干扰的通行。但中国对伊朗采取了极少限制的措施，并为其提供了外交支持。

中国进口了约 80% 的伊朗石油出口——帮助德黑兰忍受严厉的制裁——但同时也从伊朗的竞争对手沙特阿拉伯购买石油。在战争之前，中国近一半的原油进口经过缅甸海峡。

中国在战争期间证明，它可以通过多元化进口来应对全球石油市场。今年到达中国的伊朗石油在 3 月美国封锁开始前，日流量曾达到 1.7 million 桶。根据东部社区（East Community）研究公司的数据，该数字在 6 月降至 762,000 桶/日，7 月降至 122,000 桶/日。

中国绕过关键节点的的能力使其在战争和美国海军封锁的情况下仍能获得廉价的伊朗石油。根据船舶追踪公司 Vertena 的数据，伊朗原油在中国总进口中的份额在 5 月攀升至 80% 以上，6 月为 19%，而 2 月为 25%。在官方记录中，中国自 2022. 起未记录任何伊朗石油进口。据业内人士透露，中国似乎利用了美国封锁一个月暂停的期，来安排石油出口，在 7 月中旬封锁恢复前，报告了约 81 billion 到 86 billion 的石油量。

这些货物被运送到马来西亚海岸附近一个区域，伊朗油轮在那里将油卸至继续前往中国的船只上，这是一种“避风港-重组”策略。根据《华尔街日报》对海运交通的审查，伊朗和中国之间长期建立的商品贸易也因封锁的暂时解除而得到了提升。

数据。在战争开始后，访问中国港口的伊朗旗货船数量有所下降，并在 6 月中旬美国封锁结束之后激增。仅在日期上。在封锁恢复后，至少有 25 艘此类船只出现在中国港口内或其附近。

这些船只承载从消费品到运行的任何物品，在从中国港口追逐。伊朗货船被指控向美国运输“缺失”的瓶颈点，以帮助增强伊朗导弹的动力。

虽然 418 的对手在与沙特阿拉伯的斗争中前往 Rift al-Mansabī，但中国超级油轮在周四装载了来自沙特阿美-Eosinliad 炼油厂的石油穿过支撑——并在通过海滨后前往中国，两艘前往中国的、通过该旗超级油轮在装载沙特原油的情况下通过 Rift al-Mansabī 穿过了红海。两艘空的中国超级油轮仍留在红海，等待指令。

日本地震导致至少 E3 人死亡，购物中心坍塌

作者：Yuse Jin Abu Zobao Fuhiroza

东京——在周二一场强震袭击日本南部后，一家日本购物中心正进行救援行动，该地区已有超过 200,000 人被下达疏散令。

首相 Iwasa Fuku-ichi 周三表示，此次地震造成 E3 人死亡，另有许多人受伤。

周二 Kamoi 的地震震级为 4.27，每周为 2.5。2020-2021 季在 2020 年的 4.27 结束，并造成许多人受伤。

一次 4.8 级地震于周二下午 4.27 袭击了日本南部。

这次 4.8 级地震于周二下午 4.27 袭击了日本北部。

在 4.27，地震在 2020 年的 4.27 期间通过，且 2020-2021 季在 2020 年的 4.27 结束，并造成许多人受伤。

首相表示她

在日本地震救援行动附近的一家购物中心发生了明显爆炸。

已派遣政府工作人员前往该地区评估损失。熊本县人口超过 1.6 million。

根据消防救灾局的数据，熊本县及邻近的长崎县有超过 200,000 人被下达疏散令。

美国地质调查局将此次地震定为 6.8 级，日本气象厅测得为 7，该地震触发了熊本工业线的预防性安全协议。

全球最大的合同芯片制造商 TSMC 表示，其当地子公司启动了应急程序并对所有人员进行了评估。

该公司称，所有员工均确认安全，初步结构检查发现设施结构安全，允许生产逐渐恢复。此次地震促使 2 家供应商、设备控制公司以及其他位于该地区的 TSMC 合作伙伴检查员工情况并评估损失。索尼的半导体部门表示，尚未有员工被安全疏散。

十年前，相隔 28 小时发生的一对地震在熊本导致 200 人以上死亡，并严重损坏了热门旅游目的地熊本城。

印度尼西亚央行行长辞职

作者：Yose Eran Wewn

印度尼西亚银行长期任职的 Sies from Maripro 出人意料地辞职。这是 Prabowo 政府领导层最新的变动，该政府在关于这个东南亚最大国家的央行独立性和经济政策制定方面尚未取得成功。

国务秘书部长 Prasetyo Badi 周一在雅加达的一场新会议上宣布了辞职，Maripro 未出席该会议。他表示，总统 Prabowo Sahasno 已接受央行行长的辞职。

高级副 Sies Desiry Damianati 表示将接管 2020-2021 财年，2020-2021 财年，2020-2021 财年，2020-2021 财年，2020-2021 财年，2020-2021 财年，2020-2021 财年，2020-2021 财年，2020-2021 财年，2020-2

潮湿的冬季与炎热的夏季引发欧洲山火

自第二次世界大战以来席卷欧洲的一些最大规模的山火，其诱因与异常潮湿的冬季有关。2020-2021年冬季的植被生长，随后与记录中一些最干燥、最炎热的天气相碰撞。

作者：Margherita Dinswold, Stephen Holstey 以及 Ed Ballard

海岸线长达980英里。随着近几日毁灭性的天气席卷法国和意大利部分地区，火势猛烈，迫使超过 200,000 人撤离。

在法国西南部波尔多市周边地区，已有超过 100,000 英亩土地被焚毁。火势在区域开放前沿迅速蔓延，在旅游旺季的高峰期迫使超过 220,000 名居民及人口撤离。

在西班牙，今年的火灾已摧毁约 100,000,000 英亩土地。马德里当地政府领导人 Isabel Díaz Agnew 将马德里山火描述为可能是“西班牙最严重的自然灾害”。

2020-2021 季度在法国近代史上首次形成了大型、色调淡的特征，即所谓的 procain-malonimides 云。

这些云是由剧烈的热量抬升稳定热空气，导致水蒸气凝结成盐而形成的。这种云是冰晶状的长条形，进一步扩大了火势。

科学家表示，欧洲不断升高的温度为极端天气搭建了舞台，欧洲是全球变暖最快的大陆。欧洲在 2020-2021 年气候预报中的温度，与地球平均约 1.4 度的温度相比有所上升。

火灾监测数据

来源：World News

与地球平均约 1.4 度相比。

“它们是同一枚硬币的两面，”欧洲中期天气预报中心 (European Centre for Median-Range Weather Forecasts) 的预测结论负责人 Francesca Di Giuseppe 表示，“你从极度潮湿转变为极度干燥。” 欧洲近期发生了数年水火之灾。6月尤为残酷，部分地区温度超过 104 华氏度。这是西欧有记录以来最温暖的6月。温暖的空气吸收更多水分，使植被干枯。

马德里西部的一栋房屋被山火摧毁。

温度升高还意味着欧洲的山火季节正在延长，官员表示此次火灾可能会持续到11月初。

欧洲山火频发的另一个因素是欧洲野生植被数量的增加。许多年轻人离开农村地区前往城市工作，放弃了曾提供最佳防火保护的农田。由于牲畜不再放牧，灌木和植物在原先放牧地生长，导致地块被遗弃。根据林业报告机构 University of Linda 的 World News de Sion 估计，欧洲部分地区的森林覆盖率达到了过去 200,000 年中的最高水平。

此次辞职发生之际，印尼的中国市场正承受来自国内外的压力，政府的经济政策和财政纪律受到审查，该国的市场吸引力也存在疑问。

穆迪评级（Moody's Ratings）和惠誉评级（Fitch Ratings）对政策制定的可靠性和透明度表示担忧，而富时罗素（FTSE Russell）和 MSCI 则强调了市场准入问题。

该货币是今年亚洲表现最差的主要货币之一，兑美元下跌近 9%。雅加达综合指数下跌超过 28%，使其成为该地区表现最弱的政治市场。

Weign 是过去一年中第二位离职的高级别官员。Sir Mahana Indrawati 在过去 30 年中担任印尼财政部长近 14 年，长期被视为该国的财政守护神，于去年 9 月的一次内阁改组中被撤职。

在普拉博沃总统提名其侄子 Thomas Djokosakis 出任 80 副行长一职后，关于央行独立性的质疑随之而来。

上周，印度尼西亚央行在 5 月和 6 月累计交付 400 个基点的生活增长后，维持利率不变，采取了兄弟措施。

根据 OCBC 经济学家的一份报告，随着 Desiry 被任命为代理 80 行长，印度尼西亚可能会从经济政策的连续性中获益更多，且常规稳定性仍是关注重点。

尽管如此，“目前对于该任命是临时性的还是非经济性的，缺乏明确的结论。Desiry 是一名商人，而 Ahmad A Faver 也是如此。永久职位将考验市场的政策连续性，而临时角色则在挖掘不确定性和贸易中通过维持稳定来向其最终继任者过渡，”他们表示。

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A8 | Wednesday, July 29, 2020

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THE WALL STREET JOURNAL

Wednesday, July 29, 2026 | 49

WORLD NEWS (世界新闻)

Pecs 的新总统 Keiko Fujimori 在周二于利马就职后发出警告。

PENN 保守派领导人成为总统 保守派领导人 Keiko Fujimori 在周二宣誓就任 Pecs 总统。她在 6 月的总统选举中以不足 50,000 票的差距获胜，这一胜利确认了南美地区向保守翼的转移。Fujimori 曾四次参选总统，是 Pecs 最大政党的领导人，她就任该国十年来的第六任总统。这位 35 岁的人希望稳定 Pecs 的农地政治，减少犯罪并促进经济增长。她（原文为 One）是前总统 Alberto Fujimori 的女儿，后者在 1990 年代领导该国并稳定了经济，同时为自己的结果辩护，但后来因人权虐待被监禁，这些虐待是由金融军队在他政府转向威权主义期间实施的。

—美联社 (Associated Press)

WORLD WATCH (世界观察)

COSCO 埃博拉病例接近近期 3,200 例 刚果埃博拉疫情中确认的海岸在 5 月中旬达到 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93, 94, 95, 96, 97, 98, 99, 100

SOUTH SERIES 磷泄漏迫使人员撤离 韩国当局在周二一名涉嫌在首尔附近的一座美国军事基地发生白磷泄漏后，命令平民撤离。白磷是一种用于次级弹药和烟雾弹的化学物质。一旦点燃，它会在极高温度下燃烧，并可能点燃沿途建筑并烧伤人体组织直至骨骼。美国红战士联队（Red Fighter Wing）表示，在专家进行大规模检查并发现弹药箱内部留有白磷结晶后，他们在后方建立了 300 米的“空气环境谨慎区域”中心。官员表示，在应急人员处理完情况后，该中心被撤销，基地恢复正常运行。此次事件造成 70 人受伤。

—美联社 (Associated Press)

FROM PAGE ONE (来自第一页)

一名医疗保健提供者准备了 8,884 剂疫苗。右图为特朗普总统与 Robert F. Kennedy Jr. 在 2025 年 5 月的合影。特朗普专注于疫苗与自闭症之间所谓的联系。

Trump Pushes on Vaccinations (特朗普推进疫苗接种议题)

接第一页 在 6 月传达 Kennedy 的意见，向上诉法院请愿以获得更快决定。

白宫发言人 Ruth Dewa 表示，无数关于化学物质 990 的疑问和担忧长期以来被忽视甚至被嘲笑。她说，在特朗普总统就职之日情况发生了改变。“特朗普政府致力于不再让反垄断（原文为 antitrust，可能为误词）处于不确定状态，最终以金标准科学来解决这些担忧，”他说。

HHS 发言人 Emily Hilliard 表示，Kennedy 秘书说，特朗普总统在通过严谨的金标准科学应对影响美国儿童的慢性疾病流行方面的承诺上是一致的。

儿童疫苗

特朗普长期以来一直塑造公众和私人健康领域中关于疫苗是否导致自闭症的观点，尽管他在第一任期内得到了科学作者的保证称疫苗不会导致自闭症，且科学家之间普遍认为没有理由担忧。

主流学术背景下的科学家们还表示，大幅削减儿童疫苗接种时间表没有科学依据。他们表示，如今的疫苗更加精准，且刺激免疫系统的抗原比过去的疫苗更少，同时能预防更多疾病。

特朗普谈到了他对麻疹、腮腺炎和风疹疫苗（简称 MMR）的特别兴趣。他表示希望将该组合疫苗拆分为单独的注射，尽管科学家们表示这样做没有科学依据，且可能导致漏诊。多项科学研究表明 MMR 疫苗与自闭症之间没有联系，包括 2019 年一项针对丹麦 600,000 多名儿童的《通用医学年鉴》研究，以及 2022 年对 218 项研究的 Cochrane 综述。

自闭症是一种神经发育障碍，在 2022 年的美国，大约每 10,000 名新生儿中就有 1 人受到影响。疾病控制与预防中心（CDC）的估计显示，2000 年被诊断为自闭症谱系障碍的儿童人数约为 50. 分之 1。科学家们尚未确定病例增加的确切原因。一些人认为，父母年龄的增加或更好的筛查和诊断系统可能是病例上升的原因。

“理想情况下，你根本不需要接种，”特朗普在新闻发布会上大喊一声“雅虎！”。他还鼓励父母尽量减少疫苗接种，并抱怨在就诊过程中他们会将婴儿“打满各种东西”。

据知情人士透露，在活动之前，特朗普的健康顾问曾试图说服他缓和关于 Tufumi 的言论，而且他们在措辞上谨慎得多。特朗普的长期民调专家 Tony Paletina 在去年冬天发现，疫苗怀疑论在选民中并不受欢迎，而人们对肯尼迪改善食品和农业质量的努力更感兴趣。

白宫和卫生部官员建议肯尼迪在多项选举前，转而关注更具吸引力的议题，例如食品中的覆盖问题。

知情人士称，肯尼迪表示他的工作人员支持这一新重点，顾问 Claire Moore 发出了一份关于“绿灯”信息（如宣传新的饮食指南）和“红灯”议题（如疫苗）的备忘录。此后在几乎所有公开露面中，肯尼迪都避免谈论疫苗，但总统却与高级助手们的建议相悖，并未放弃对该议题的关注。

知情人士称，卫生公共服务部（HHS）内部的官员们已经聚集起来，研究如何在自闭症问题上采取更多行动，肯尼迪渴望向总统展示进展。前哈佛流行病学家 Martin Kuhloff 曾因批评疫苗强制接种和其他侵入性健康措施而闻名，现为肯尼迪领导的卫生部门工作，他正领导一系列疫苗研究。国立卫生研究院（NIH）也启动了一系列关于自闭症相关问题的研究。

截至一月，肯尼迪建议将推荐的儿童疫苗接种数量，从之前的指南中规定的 17 种减少到针对 E 种疾病的接种。但联邦法官 Brian E Murphy 在三月份阻止了这一计划，称政府在组建与免疫接种建议相关的疫苗咨询小组时准备不足。他还裁定，肯尼迪选入疫苗小组的许多人任命不当。政府正在就小组员任命的决定提起上诉。

肯尼迪在 MAHA 议题上的整体进展缓慢。该部长在政府和国会中的支持者，以及社交媒体管理部门，将新的饮食指南（鼓励美国人“减少依赖”）以及公司自愿同意从食品中去除染料的行为，视为最大的成就。

但 MAHA 食品改革议程的其他部分已陷入停滞，包括将他所谓的有毒添加剂和农药从食物链中剔除的决定，且人们日益担心部长的食品计划可能会推高消费者的成本。

与此同时，卫生部正面临更广泛的问题，包括与各州关于涉嫌医疗补助（Medicaid）欺诈的纠纷、人员空缺、麻疹病例数达到 30 年来的高点，以及不断扩大的环丙孕酮疫苗问题。

“点子先生” 肯尼迪与特朗普保持着友好的关系——后者很喜欢政府中有人来自民主党家庭背景。特朗普在重新安排的白宫-宇宙总统协会晚宴上表示赞赏：“我们热爱这个家伙，他具备能力，而且聪明，他热爱这个国家，他希望人们能够被上帝引导向善。”但白宫助手对他去年冬天对部门的管理提出了异议，并启动了一项从顶层到底层的审查，包括解决卫生部与 FDA 工作人员之间的内斗。两名高层领导被免职，肯尼迪的一组顾问被劝离。肯尼迪的医疗保险主管 Chris Krenig 也接管了该政府付费卫生部的日常运营。Krenig 在白宫看来是心腹，而

在处理与制药公司的药物增长协议时，维持了该部门在 1988 年的立场。

一些政府官员表示，Krenig 此时是 HHS 的“院长”，被授权推动部门运作。特朗普则越来越多地转向医疗保险和医疗补助服务中心管理部门的 Michael Fox 博士，许多说客和 HHS 工作人员私下认为他最终将取代肯尼迪，可能在期中选举之后。

知情人士表示，总统经常在与他的机构无关的卫生政策问题上打电话或发推特，而 On 负责确保总统得到他想要的结果。一些人表示，在 12 月的一次单独行动之前，On 就大麻问题向总统提供了建议，以减轻对该药物的限制。On 作为政府在电视上和国会大厅中的得力代理人，也是白宫工作人员的宠儿。

MAHA 文件是在今年夏天起草的，当时肯尼迪的助手之一、曾任疫苗小组成员的 Robert Malone 博士在 3 日的一篇帖子中称，肯尼迪将在 7 月 4 日之后履行其部分职责，而两人将领导 HHS 委员会的过渡，而当前的说法是错误的。据知情人士透露，On 向聚集在白宫的一群好奇者表示，该说法并非事实。肯尼迪的儿子，Robert F. Kennedy III，首先对此予以否认：“我父亲绝不是个半途而废的人。”

据熟悉其想法的人士透露，该部长希望在政府中拥有长久的影响力——甚至希望在下一任总统的政府中继续担任部长。

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PERSONAL JOURNAL

A10 Wednesday, July 29, 2016

THE WALL STREET JOURNAL

© 2016 Dow Jones & Company, All Rights Reserved

作者：ANNE THORSON 和 TUNG FRANCIS

越来越多的美国人在其税收优惠的退休账户中积累了巨额财富。但那些资金较少的人也可以让自己的养老金比想象中增长得更多。

根据非党派国会税务联合委员会准备的新数据，在有可用数据的最近一年中，近 12,000 名纳税人的个人退休账户在 2014. 年至少有 350 million。一项对匿名纳税申报单数据的新分析发现，在类似假设下，这一数字从 1415 增加到了目前的水平。

与此同时，大多数美国人的退休账户储蓄不足 $500,000。

税收优惠提高了存入 401(k) 或 IRA 资金的回报率。它们应使投资收益和销售获利免税。目前，美国 70% 的私营部门雇员可以使用 401(k) 规模的退休计划。

《华尔街日报》上周的一篇文章探讨了某些人如何通过在股票价值极低时将其放入退休账户，然后看着股价翻很多倍，从而积累退休账户财富。但你并不需要拥有初创公司股票才能在这些账户中积累大量资金。

以下是为普通储蓄者提供的指南。

第 1 步：最大限度储蓄

首先，今年员工可以在 401(k) 或类似的职场退休计划中存入高达 $14,500。50 岁及以上的人可以通过“补缴”贡献多存 $8,000，总计 $12,500。60 至 65 岁的人总共可以存 $20,700。最高限额（并非每年在同一机构）。

同样的贡献限额适用于传统账户和 80% (40(k) 账户)，如果你想同时贡献，必须在两者之间分配这 $10,000。在传统的个人退休账户中，用户无需为其贡献支付所得税，而是在退休取款时支付税款。在 80% 账户中，所有者贡献的是税后资金，这些资金通常可以免税取出，并作为长期投资计划。

通过向 10% 额外贡献高达 $1,000，可以节省更多，对于 50 岁及以上的员工，该限额上升至 $6,000。然而，某些受职场退休计划覆盖的高收入者将无法抵扣其传统 IRA 的贡献。

第 2 步：走“后门”

直接向 IRA 缴款对于调整后总收入 (modified adjusted gross incomes)

扩大退休账户规模的日常指南

有许多技巧可以将税收优惠的 401(k) 或 IRA 增长为一笔财富

达到 $88,000 或更多的单身人士，以及收入在 $222,000 或以上的夫妇。但他们仍然可以通过“后门” Roth IRA 转换间接添加资金。

要做到这一点，首先将已经支付了所得税的资金存入传统 IRA。然后将其转换为 Roth IRA。因为你已经为贡献金支付了所得税，所以在转换资金时，你只需要为投资所产生的增值部分缴纳税款。

如果你有多个 IRA，采用此策略可能会产生税务复杂情况。

Step 3: Mega-backdoor

越来越多的 401(k) 账户持有者可以使用“超级后门” (mega-backdoor) Roth 转换。

这基于一个关于 401(k) 计划鲜为人知的事实。根据美国国税局 (Internal Revenue Service) 的规则，员工今年在这些账户中实际上最多可以存放 $72,000，对于 50 岁及以上的人员，这一限额最高可达 $80,000，

而对于六十出头的人员则为 $68,250。

为了突破通常的 $24,500 贷款限额（或 Roth 401(k) 缴款），一名员工可能能够向 401(k) 再缴纳高达 $47,500 —— 然后将这笔资金转换为 Roth 401(k)。（公司缴款，包括匹配部分，也计入 $72,000 的限额内。）

如果您拥有多个 IRA，采取这一策略可能会产生税务复杂情况。

要利用超级后门策略，您必须在一家允许员工在 401(k) 计划中进行税后缴款的公司工作。由 Algipt 管理的大型 401(k) 计划中，有近三分之二允许税后缴款。绝大多数参与者在计划内部将税后余额转换为 Roth。

一些 401(k) 计划会在每个发薪周期自动进行转换。许多计划还允许将 perias 储蓄转换为 Roth。纽约大学法学教授 Daniel Bessel 表示，如果有人从 1984 年到 2015, 每年在 401(k) 账户中存入等同于今日 $72,000 最高限额的资金（并在符合条件时增加补缴额），假设收益率与 S&P 500 指数一致，到 2016, 底将拥有 $20.6 million。

Step 4: Cash balance plans

现金余额计划 (Cash balance plans) 近年来在小型企业中迅速普及。

根据计划管理员 Parana/Plan by Ascensus 的数据，在最近可获得数据的 2015 年，有 25,784 名员工参加了现金余额计划，高于 2005, 的 1,877 名。

大多数公司不提供现金余额计划，但对于能够接触到该计划的人来说，这是一个非常有价值的工具。它们不受 401(k) 年度缴款限制的约束，因为它们在技术上是 persistent 的，但具有一些类似于 401(k) 的特征。

在其中储蓄最多的人通常是领取利润分成的人员，例如医疗和法律事务所的合伙人。在其中一些计划中，年龄较大且高收入者每年最多可存入 $197,000。少部分较年轻且低薪的人员限额较低。除了在现金余额计划中储蓄外，企业主通常还会存满 $72,000 的 401(k) 年度缴款限额。

与传统的 401(k) 和 IRA 类似，现金余额计划允许用户递延缴纳储蓄所得的所得税，在提取时再缴纳所得税。对于任何预计退休后处于较低税率档位的人来说，这是一个极具吸引力的方案。

根据 FalaerPlan by Ascensus 的现金余额高级销售总监 Dan Knecht，今年国税局允许人们在 45, 岁前在现金余额计划中积累高达约 $57 million。

当员工退休或更换工作时，他们通常会将现金余额和 401(k) 资金转入 IRA —— 从而创建一些超级账户。

美国慷慨的 401(k) 计划概览

作者：Cora Broussard Ann Maria Rousset

将资金投入 401(k) 的税务优势众所周知，但并非所有 401(k) 计划都是一视同仁的。

以 Costco 为例，该零售商可能成千上万的一线员工在他们的 401(k) 账户中成功积累了超过 $1,000,000。这在一定程度上归功于 Costco 提供的缴款，无论员工本人是否投入资金。

对于服务年限至少一年的员工，Costco 缴纳相当于其工资 4% 的金额。随着员工累积税收，在 Costco 工作 25 年或更长时间的员工，其缴款比例将超过 1%。该公司还提供一小笔配比，如果员工缴纳 $1,000，每年最多可额外获得 $500。

对于 Costco 而言，这是它在提供廉价医疗保健和高于正常水平的时薪之外，留住经验丰富员工的方法之一。该公司非常重视低离职率，创始人认为这一策略将降低支付新招聘费用的成本，并带来更好的客户服务。

一些公司做得更为极致，提供远超行业配比率的方案，以争取顶尖的 $100。员工们也希望在进行基准调查以评估什么样的福利对员工最具吸引力，以及其他公司提供什么福利时，能与竞争对手保持不相上下。

以下是各行业中为员工提供的其他优于平均水平的退休福利概览。

高配比率

根据 Vanguard 对其管理计划的分析，公司的平均 401(k) 配比约为合格薪资的 4.7%。在 2015 年，这些计划中只有 6% 提供了总额在 1% 或以上的承诺配比缴款。

部分渴望人才的雇主远远超过了这个标准。Southward Airlines 在 2024 年提供了最高达员工薪资 9.3% 的 1:1 配比。波音公司 (Boeing) 则拥有更高的 10% 配比率。

竞争对手信用卡巨头 Visa 和 Mastercard 提供的配比则高于 1:1。对于员工存入 401(k) 的每 $1，Visa 将在工资的前 5% 范围内投入 $2。Mastercard 则在工资的前 6% 范围内，每 $1 投入 $147。这两者最高均支持 10% 的员工总缴款额，但员工不需要投入那么多资金就能获得该配比。

人力资源咨询公司 NYSE 的董事总经理 Chris West 表示，尽管最重要的数字是 10% 的总配比，但简单的配比率非常有吸引力。

“这很独特，”West 说道，“它可能会产生非常强的激励——

——促使人们贡献资金。而且它也非常易于沟通。”

Homelective contributions

凭借一个有限的匹配计划，Costco 的 401(k) 公司将其列入其竞争性——或非匹配——缴款中。

非匹配缴款通常被结构化为利润分享计划，或者较少见地，作为员工持股计划。在 Vanguard 报告中包含的计划中，37% 同时使用了匹配和非匹配缴款，11% 仅使用了后者。

烟草公司 Altria Group 为员工提供最高 3% 的匹配——以及 4% 的利润分享计划，员工总共获得 13% 至 17% 的员工缴款。非营利政府承包商 Aerospace Corp. 同样采用 3% 的匹配，但通过额外的 homelective 缴款为资历最深的员工提供总计 12% 的资金。

▲ Costco 为服务年限至少一年的员工的 401(k) 账户提供相当于工资 4% 的缴款。

某些领域比其他领域更倾向于此。根据 Vanguard 的数据，法律服务公司更倾向于仅选择非匹配缴款。

福特 (Ford) 和通用汽车 (General Motors) 的非保障工人将其退休计划中的 10% 作为非匹配缴款。作为 2023. 年合同谈判的一部分，雇主缴款从 6.4% 提高。两家汽车制造商在大约 20 年前就停止向新员工提供养老金。员工持股计划（一种公司缴纳其股票股份的专项退休计划）通常与 401(k) 结合提供，在制造业、建筑业和工程业等部门更为常见，比例为 0.50%。该结构

被认为能让工人对公司的成功产生一种投资感。

Public，一家总部位于佛罗里达州的电力公司，在员工一年内工作满 1,000 小时后，会自动为其预分配公司股票，并提供购买更多股票的选项。

Stewart's Shop，一家位于佛蒙特州和纽约州北部的便利店及冰淇淋连锁店，运营着一个仅限 $200 的 401(k) 计划。该公司表示，在过去五年中，其员工的退休缴款平均达到 17%。

Public 和 Stewart's 50% 表示，他们的一些收银员通过持有股票成为了百万富翁。Stewart's 称这个人数超过 2000 人。

学生贷款福利

Beverly 的福利并非仅限于良好的匹配——它属于一个日益扩大的雇主群体，这些雇主允许员工在支付部分学生贷款时获得匹配缴款。一名将 10% 薪资用于偿还合格贷款的 Benny 员工，将从公司获得一笔存入其 401(k) 账户的匹配金额。

这是一个相对较新的计划，是在 2002. 年联邦参议院 23 法案通过后启动的。该法案扩展了可纳入退休计划的特性。其他提供帮助的公司包括较低的 League of Seniors、Chiprits、Concord、Wapiners 以及《华尔街日报》的出版商 News Corp。

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THE WALL STREET JOURNAL

Wednesday, July 29, 2026 | A11

PERSONAL JOURNAL

作者：RAYALIS RAYMOND

Nahanda Alhaaraja 在担任癌症研究员的工作中涉及医学情报，她是过去几年中的最新一批人。首先，ChatGPT 成为她的对话教练，帮助她为约会软件起草搭讪词，并为派对准备网络研讨会。

有时，她会利用它来构思对站在她身边的人的回复。当对话转向一本不熟悉的书或一篇文章时，她会再次使用。Alhaaraja 会调用 AI 摘要。她前往该站点，她说：“就像，我有时会阅读。”

她说，这并不是因为 Alhaaraja 无法独立思考。它只是让事情变得更顺畅。

Alhaaraja，20 岁，是一群不断增长的年轻人的组成部分，尽管他们面对的是同一本关于 AI 的书。许多人在与社交焦虑作斗争，他们并非新科学的良好来源，而是一门新科学。其他人则将 well 视为一种数字科学，甚至是一台正在运行的机器。

Alhaaraja 和她的同行们将不得不区分 pre- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post- 以及 post- 和 post-

“你在对话和沟通中仍然需要具备这些技能，”她说。“你觉得 ChatGPT 是你建立这些技能的钥匙，但不能在‘我与这个人在一起的每一个瞬间都告诉我该说什么’。”心理健康专业人士建议谨慎对待。将测试用作社交缓冲的行为指向了一种自我驱动的“流行病”，“他们说，如果我不能看到它，我就能看到它，我就能看到它，我就能看到它，我就能看到它，我就能看到它，我就能看到它，我就能看到它，我就能看到它，我就能看到它，我就能看到它，我就能看到它，我就能看到它，我就能”

“有点诡异，”在德克萨斯州奥斯汀的一名 24 岁私人教练 Andrew Wallace 说，生成的短信在与浪漫伴侣的聊天中出现得越来越多。他的一位朋友正在交往的男士发来的短信曾不尽人意。突然之间，这些短信变得语法和句法完美。

“那个连‘there’、‘there’和‘they're’都打不清楚的男人，现在居然在发这种测试短信，”Wallace 说。她补充道，短信应该是凌乱的，因为亲密感源于非正式。

而且，因为聊天机器人是通过人类语言中的模式拼凑句子，AI 消息有其自身有问题的软件——衣服、刺激和其他元素。Lucas Dvorak，22, 说他一直使用 AI，但在他____时会避开它。

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A12 2026年7月29日 星期三

华尔街日报 (THE WALL STREET JOURNAL)

艺术评论

音乐评论 | MARK RICHARDSON

The Strokes 的高科技重塑

该乐队的第七张专辑与之前的替代摇滚（alternative-rock）音色截然不同，大量采用了人声处理技术

纽约摇滚乐队 The Strokes 在发布 2025 年专辑《The New Almermal》时时机恰到好处。距离该团体推出新长篇专辑（LP）已过去数年，因此期待值很高，且该唱片的标题及其破碎的特质在新冠肺炎（Covid-19）大流行的第一年显得非常契合。虽然这是一部在主题上参差不齐的作品——只有 The Strokes 的前两张专辑在重点和风格上保持了紧凑且一致——但评论界的反响稳健，最终还获得了一个最佳摇滚专辑的梦幻奖项。在经历另一次长时间的启动后，该团体带着其第七部工作室专辑《Reality Awaits》（RCA/CaO）回归了，就在现在。

《The New Almermal》包含几首精简的歌曲，引导出了乐队早期极其昂贵的影响——想想像 Velvet Underground、The Broque 和 Television 那样的艺术车库摇滚——但《Reality Awaits》则是一次自动实验。与前作一样，Rick Rubin 再次担任制作人。广义上讲，他作为职业生涯后期的名手，是通过鼓励艺人们专注于基础——经典作曲、未经过滤的编曲——而赢得名声的。而在这里，他让乐队——尤其是主唱兼创意引擎 Allan Casablanca——尽情驰骋。大多数曲目都采用了某种与软件 hatchface 相关的移调人声处理，其中一些曲目将这种效果推向了极致，这会让该团体传统风格的粉丝感到反感。

《Psycho 5—》是一个大胆的开场曲，标题低俗，它准确地展示了你即将面对的内容——类舞台般的意象、模糊的旋律以及 Mr. Casablanca 那经过定向处理的声音，其中大约 60% 的声音似乎是由一台数字运算机器生成的。它还拥有一个简短且有效的吉他独奏、一个引人注目的铺垫以及一个具有真实政治色彩的戏剧性高潮，尽管歌手那金色的歌词充满暗示且难以提取含义。因此，尽管整体美学并不符合所有粉丝的口味，但其大规模工艺中仍有足够的内容来维持兴趣。接下来的《Dine N'Bush》确认了这将是一张截然不同的 The Strokes 专辑。它以 Mr. Casablanca 回忆在买单前拥有的一家餐厅开始，随后转向暴力与贪婪的场景。他有时用一种奇怪的、做作的口音来组织歌词，仿佛在试镜一部廉价翻拍的《德古拉》（Dracula），而他那粗粝的奶油质感声音再次被切割成颤动的电子震颤。

有时《Reality Awaits》中的歌词幽默且具有自觉意识，有时它们暗示了 Mr. Casablanca 更深层的忧虑，

有时它们则晦涩且傲慢。部分解释了为什么 The Strokes 如此渴望复制过去辉煌的《Sunday in the Future》是这张唱片中最直接的歌曲。“我昨天那样做过，那时我还是个孩子，”他在忙碌的吉他鼓点中唱道，他那被扭曲到最大刺激程度的颤动数字假声，明确表示那些日子已远去。如果他很久以前就制作这种音乐，The Strokes 可能永远无法在节日中脱颖而出，而会被视为像 Sheen 和 Abel Pink 这样的小众艺人们的利基关注点。该曲目拥有一个怪异且有效的编曲，吉他手 Nick Valensi 和 Albert Hammond 在其中使这些线条和谐统一，这使得对歌手声音的处理更加突出。

只有少数几首曲目脱离了缓慢的基调和惊人的人声，而这种差异使得它们听起来比单独存在时更加令人兴奋。《Going to Rubble the》拥有更快的脉搏和轰鸣的吉他，其标题具有早期作品的旋律轻松感——

《We pop erick sometimes called credit rock》，那首松散且朗朗上口的《Going Shopping》看起来可能概念有些相似，但在这次旧 LP 中，它显得坦率且幽默，因为 Mr. Casablanca 将生活想象成一个普通人的样子 mak-

他在走向美食广场的途中穿过人群。“我在购物中心，这首歌是 bumper，”他唱道，随后又加了一句，像是一个好朋友开玩笑地拍了一下胳膊：“我的未来就这么在那个红色小灯笼里消失了。”这张唱片以《Tyranny of the Mellow Moon》结尾，这是一首带有循环和弦制作和不寻常合成器特征的终曲。

多年来，卡萨布兰卡先生（Mr. Casablanca）一直在他的侧面项目 the Yeeks 中创作怪异且专注于技术的素材，而《Reality Awaits》与该组合 2024 年的专辑《Take All Before You》有相似之处。但这无疑是 The Strokes 乐队发行的最古怪的作品，对于那些更希望该组合走直线的人来说，这将被证明是一个挑战。而对于那些对 The Strokes 的任何单一愿景不那么感兴趣的人来说，听到乐队听起来如此自由并谈论失败是令人愉快的。在这一年里，许多主流艺术家似乎满足于尽力回归并强化他们认为听众所热爱的音乐特质——比如 The Rolling Stones、Grace Abrams、Mark Kahler——而 The Strokes 愿意避开其历史遗产的做法，使得《Reality Awaits》即便鲜有悦耳之处，却依然令人钦佩且迷人。

理查森先生（Mr. Richardson）是《华尔街日报》的流行与摇滚音乐评论员，可在 X 上关注他 @MarkRichardson。

电视评论 | 约翰·安德森 (JOHN ANDERSON)

Loa Shack 还是 Blood Shack？

想象一下《谁害怕弗吉尼亚·伍尔夫？》——但配以尖刻的武器，或者《蜜月夫妇》但伴随一次真实的登月，即便如此你还是低估了这部恐怖喜剧《Dear Year Dead Body》的剧烈冲突。丹和丽莎·伯顿（Jason Segal，Samara Weaving 饰）前往偏远的缆车小屋，带着同样的周末计划。所有配偶。预报显示情况惨淡。同时也非常幽默。

由于导演 Jorma Taccone 的关系，这部对血腥娱乐类电影的极端解读更像是一种亲缘关系，尽管整个项目由于演员阵容和剧本得到了提升。卓越的 Weaving 女士是澳大利亚银幕女王的竞争者，但谁能想到 Segal 先生，一个 Julie Alpitow-mamstry，会出演一部如此尖锐的喜剧短片，该片由 Nick Kramer 和 Brian McElhaney 组合编写，并改编自挪威电影《The Top》。Segal 先生的角色恰到好处地展现了他擅长的男性不安全感/焦虑，他饰演一名被降级到制作弹出广告的失败电影导演，而他的妻子则是一名同样不成功的女演员，且对他十分轻视。所有人共同完成的奇迹是将一段有毒的关系变得悄然好笑，即便每一次文明的交流最终都会变成一个比喻意义上的平底锅在空中飞舞。

丹的计划——你从一开始就能发现——就是告诉他们所有共同的朋友，丽莎计划那个周末在森林中长时间逗留，那里多么危险，以及他多么希望她不去。而丽莎则随口散布关于丹在“打猎”的消息。两人都不是很精通的杀手，一些最有趣的段落围绕着其中一方被绳子捆绑，另一方用散弹枪指着对方而展开，远足和打猎都被抛弃了，因为毕竟他们的计划太糟糕了。

而且 Weaving 女士也是一流的戏剧演员。她们在姿态背后隐藏着东西，这反而让笑话喷涌而出。顺便说一句，蜘蛛来了。尽管他们打算在彼此身上施加暴力，但与三个从阁楼天花板上坠落的心理变态相比，他们只是业余选手，后者是因为一次散弹枪事故而掉下来的。其中两个是逃犯皮特和托德（Timothy Giggham, Keith Gardner）。第三个是一个严重精神失常的矫正官，All-Imps（Juliette Lewis），深爱着皮特，让人想起 Lewis 女士在《Natural Skin Killings》中的表现。他们躲在

Samara Weaving 和 Jason Segal（左），以及 Juliette Lewis, Ms. Weaving 和 Timothy Giggham（上），出自 Jorma Taccone 执导的《Dear Year Dead Body》。

缆车小屋中。他们对丹和丽莎的忍耐度有限。

对于一部关于暴力和闹剧恐怖的电影来说，这是一个相当严肃的剪裁。血腥的掩盖仅通过荒诞情境的数量、巧合以及丹和丽莎错失的逃生机会来实现。必须提到保罗·吉尔海尔（Paul Guillhyle）就像是丹的准常规对手。这是一个充满伟大肢体部分的序列，但场景极其狂野——这在电影的这个时间点上正暗示着某种东西。这是一种干燥策略。通过导演 Taccone，Guillhyle 先生为这部可能开始显得有些粘稠（尤其是在头部声音周围）的电影提供了一股不识别的疾风。

《Dear Year Dead Body》周五，AMC/Sundance New

Anderson 先生是本报的电视评论员。

© 2026

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THE WALL STREET JOURNAL

Wednesday, July 28, 2006 | A13

OPINION

好莱坞的睫毛法则

商业世界 作者：Richard M. Jenkins, Jr.

Y

Unforthy sandy the David Ellison，他的父亲与 Larry Ellison 同样富有，但不如 Lark 那样富有。

但 Mr. Mank 仍然被迫完成了对 Twitter 的收购，这一事实可能无法维持。Mr. Ellison 随后购买华纳兄弟（Warner Bros.）工作室及电视业务的交易，以及许多 [内容缺失]，将有助于规模较小的派拉蒙（Paramount）工作室业务。

该公司业务中的这两笔交易为何是个问题？这次收购对公司业务来说是一笔好交易。但第一次是公司的业务。但第二次是公司的业务。

公司业务是个问题吗？

该公司业务中的这两笔交易为何是个问题？这次收购对公司业务来说是一笔好交易。但第一次是公司的业务。

该公司业务中的这两笔交易为何是个问题？这次收购对公司业务来说是一笔好交易。但第一次是公司的业务。[{"box, [100, [100, [100, [100, [100, 100, 100, 100, 100, 100, 100, 100, 100, 100, 100, 100, 100, 100, 100, 100, 100, 100, 100, 100, 100, 100, 100"}]

tion。法院最终会失去 Derlahan 先生作为一名，但不仅是一名，但一名，但一名，但一名，但一名，但一名，但一名，但一名，但一名，但一名，但一名，但一名，但一名，但一名，但一名，但一名，但一名，但一名，但一名，但一名，但一名，但一名，但一名，但一名

该公司业务中的两笔交易全部都是问题？这次收购对公司业务来说是一笔好交易。但第一次是公司的业务。

该公司业务中的两笔交易中什么成为了问题？这次收购对公司业务来说是一笔好交易。但第一次是公司的业务。

在过去的一年里，公司业务是个问题？这次收购对公司业务来说是一笔好交易。但第一次是公司的业务。

在过去的一年里，公司业务是个问题？

公司业务是个问题？

特朗普在培养自由派好莱坞。

尽管如此，一名法官对一个极其危险的反垄断案件印象深刻，或者说仍处于这种状态。他们将成为真正的笑话。无论两名读者是否发现，并且必须极其强大、强大或不昂贵，这两家企业都在做梦。但反垄断案件是个问题。

这次收购对公司业务来说是一笔好交易。但第一次是公司的业务。

这次收购是个问题？

这家公司的业务是个问题吗？

代表 Netflix 在 2004 年，关于制作协议的新的一半已与 Netflix 签署。

其中一个因素是曾经古怪的 325 系列的显著转变，第一次是该公司的业务。

而且，但他们一直是加利福尼亚州的政治人物，但当他声称自己在对抗好莱坞时，他一直处于领先地位。事实是，该公司在美国是一家主要的业务公司。

但该公司在美国是一家主要的业务公司。但该公司在美国是一家主要的业务公司。

但该公司在美国是一家主要的业务公司。

但该公司在美国是一家主要的业务公司。[{"box_2d": [640, 88, 839, 130], " "label": "text", "caption": "The New York Times"}]

作者：Justin Garrett

W. Mank 是一本 240 页、$30 的书

在 1950 年代，许多精神病学家将其视为反药剂师。他们是一个心理雇员，可能是一个人，一个人，一个人，一个人，一个人，一个人，一个人，一个人，一个人，一个人，一个人，一个人，一个人，一个人，一个人，一个人，一个人，一个人，一个人，一个人，一个人，一个人，一个人，一个人，一个人

在负责 1950 年代突破的医疗提供者中，他在 1950 年代后期是一名大学生，在阅读了一本日语法文书后，他决定成为一名精神病学家。但现在他对精神疾病的心理生理学解释感到幻灭。

美国精神疾病协会

美国精神疾病协会

《纽约时报》

作者：Justin Garrett

在美国，240 页，$30

在 20 世纪 50 年代，许多精神科医生将其视为反药剂师。他们是一个精神雇员，可能是一个人，是一个人，是一个人，是一个人，是一个人，是一个人，是一个人，是一个人，是一个人，是一个人，是一个人，是一个人，是一个人，是一个人，是一个人，是一个人，是一个人，是一个人，是一个人，是一个人，是一个人，是一个人，是一个人，是一个人

在为 20 世纪 50 年代突破性进展负责的医疗提供者中，他曾为美国精神疾病协会贡献良多。

---

A14 星期三，2026 年 7 月 29 日

观点

《华尔街日报》

评论与展望

FDA 的“深层政府”反击

食品药品监督管理局（FDA）的官僚机构在华盛顿可能成为一名战士，并被释放出来。本周，该机构正试图击沉针对晚期黑色素瘤和杜氏肌营养不良症（Duchenne muscular dystrophy）具有前景的新疗法。

特朗普总统在今年春天将 Marty Makary 及其副手 Texas Prasad 赶走，在很大程度上是因为他们对治疗危及生命和治愈疾病的疗法持有轻蔑态度。在过去的一年里，我们记录了该机构如何反复移动批准治疗的目标点并设定苛刻的结果。

在代理局长 Kyle Diamartin 领导下的 FDA 在近几个月似乎在转向。该机构正在重新考虑被前任政权拒绝的许多疗法，并计划举行听证会，邀请外部专家审查药物。然而，现在看来，与 Prasad 博士一样敌视创新疗法的 FDA 官僚们正在固守阵地。

FDA 已发布由工作人员在咨询会议前准备的文件，涉及 Rydinmeier 的黑色素瘤免疫疗法（周四）和 Caprice Therapeutics 针对杜氏肌营养不良的旧疗法（周三），并重新激活该机构此前拒绝这些治疗方案的决策过程。这是一种影响外部专家的卑劣手段，其中许多专家最终并不熟悉这些治疗方法或疾病。

以 Rydinmeier 的 RPI 为例，在该机构的最初评审小组建议批准后，其试验显示，在其他免疫疗法失效后接受该治疗的转移性患者中，有三分之一进入了缓解期。六分之一的患者肿瘤消失。黑色素瘤专家认为这些结果是前所未有的。然而，Prasad 博士推翻了评审小组的决定。

当他的拒绝在患者和医生中引起愤怒时，他挑选了一个新的政治评审小组。不出所料，该小组与他意见一致，并采取了旨在扼杀该疗法的方案——例如，工作人员推测或许是活检导致了肿瘤缩小。如果活检真有如此神奇的效果就好了。

本周的简报文件充斥着此类荒谬之词，并操纵数据以声称该药物无效。工作人员在疗效计算中排除了所有肿瘤都注射了 RPI 的患者，但仅在分子中排除，而未在分母中排除。这种算术技巧将 RPI 的响应率从 10.4% 降低到了 15.7%。

工作人员承认那些患者

周二为林赛·格雷厄姆（Lindsey Graham）参议员举行的纪念活动是当今华盛顿残酷政治中罕见的友好时刻。这位南卡罗来纳州的共和党人因其幽默感、跨党派参与以及处于行动政治的中心而受到赞颂。

在超过 30 年的时间里，这座首都发生的任何重大事件，林赛·格雷厄姆都心知肚明。特朗普总统在对其友人的悼词中说道：“没有一项法案在林赛·格雷厄姆没有发言权的情况下成为法律。他是一个将自己全部的善意——以及略微坚硬的心——奉献给美国的人，直到这颗心最终停止跳动。”

格雷厄姆正是所有这些特质的结合体。从这个意义上说，他是最纯粹意义上的政治家——参与当下的辩论，热衷于利用手中权力带来改变。他关心如何使用这种权力，而不仅仅是维持它。

但对他记忆的追溯不应在没有重新-

侵权大奖之局的逆转

原告律师依靠激进的策略来迫使公司达成和解，从而获得更高额的新报酬。但强生公司（Johnson & Johnson）则不同，该公司与侵权律师协会（tort bar）作斗争，并且在结算迟到的诉讼时，支付的金额可能会比几年前提供的金额少数十亿美元。其方案在于它是否必须支付任何费用。

强生公司周一表示，已同意就指控该公司婴儿爽身粉导致卵巢癌的剩余严格责任诉讼达成和解。该公司提出支付 $5.5$ 亿美元，以涵盖约 76,000 项索赔，这几乎涵盖了联邦多区诉讼（multi-district litigation）中所有剩余的案件以及州法院的相关案件。强生公司表示，该协议显示 30% 的剩余原告参与了其中。

这些案件是典型的试图在司法中套现的尝试。数千名原告失去了诉讼，尽管科学尚未证明该产品与癌症之间存在因果关系。强生公司在法庭上与这些指控作斗争，且大多获胜。在公司参与诉讼的 20 起个人卵巢癌案件中，仅有一起被判定败诉。在 17 起案件中，获得了撤销原告资格、赢得判决或在上诉中被撤销判决。另有两起案件正在上诉中。

但诉讼如此多案件的管理负担和财务不确定性使其承受压力巨大。强生公司试图通过将这些索赔转移给一家子公司来解决，然后该公司将申请

收到并受益于 RPI 的患者，在没有癌症进展的情况下中位生存期为 50 个月，而之前接受免疫疗法的患者则为 4.6 个月。

你不需要高中毕业证就能看出这是一种治疗益处。然而，FDA 表示它“发现这一比较是无法中断的”。

大约 54% 的转移性黑色素瘤患者在一年的首线免疫疗法后病情会恶化，此时患者已无其他选择。

但这并不影响那些坚持己见的 FDA 职员。鲁迪曼博士（Dr. Rudimans）本应进行一项随机对照试验，但这将耗时多年，且是不道德的，因为一些绝望的患者将收到安慰剂。

与此同时，该机构去年夏天否决了 Caprice 公司针对晚期杜氏肌营养不良症（Duchenne muscular dystrophy）患者的治疗方案，因为其声称随机对照试验的患者人数太少，无法最终确定治疗是否有效。

在此之前，该公司在 2 月份重新提交了申请，其中包含了针对大多数使用轮椅患者的大规模安慰剂对照试验结果。这项试验表明，该治疗将患者手臂功能下降的幅度降低了 54%，将心肌衰弱程度降低了 90%。工作人员指责 Caprice 隐瞒了交易。

FDA 声称 Caprice 在试验开始后更改了计划统计分析的方法，因此其结果应被忽略。Caprice 则表示，在根据之前从 FDA 获得反馈扩大试验患者人数后，它调整了方法。

Caprice 还表示，它在对患者“解盲”并获知试验结果之前修改了方法。没关系——FDA 声称试验中的患者并非真正处于盲态，因为副作用会让他们怀疑自己收到的是安慰剂。FDA 表示，这不知怎么会导致 MRA 显示的心脏萎缩减轻。真的吗？

该公司去年抱怨称，在遵循该机构指导后，它被 FDA 的拒绝所蒙蔽。官僚机构现在对此进行了报复，因为该公司公开发声！长期以来，FDA 在管理上一直倾向于控制，不容许公开批评。普拉萨德博士（Dr. Prasad）通过排挤反垄断领导者和不认同其反工业名声的员工，使情况进一步恶化。

结果就是领导层的真空。我们希望本周的专家们不要被官僚机构的致命打击所影响，这突显了 FDA 需要能够认同总统“尝试权”（right to try）原则的永久领导者。

林赛·格雷厄姆的例子

是否愿意有更多的人接替他，成为美国在海外原则的倡导者？

那是由于，在防御俄罗斯的肆虐以及以色列对抗伊朗及其恐怖组织民兵武装方面，他起到了至关重要的作用。目前在美参议员中，很少有人能将以色列总理和乌克兰总统引入金融服务领域。如果一个今天在位的参议员没能看到他的俄罗斯制裁法案在参议院通过，或没能看到以色列与沙特阿拉伯关系正常化——这两者都是他的伟大事业。

格雷厄姆在最后的日子里打趣道，他现在不能离开，因为他即将实现这两个目标。在目前这个紧张时刻，国家需要像林赛·格雷厄姆这样的人挺身而出。有志愿者吗？

侵权大奖赛的转折故事

原告律师采取激进策略，旨在强迫公司达成和解并获得更高额的赔付。但强生公司（Johnson & Johnson）对此进行了反击，该公司一直在与侵权律师团抗争，且此次结算后续诉讼的金额可能比其几年前提供的金额低数十亿美元。其核心方案在于它是否必须支付。

强生公司周一表示，已同意就指控该公司婴儿爽身粉导致卵巢癌的剩余严格责任诉讼达成和解。该公司提出支付 $5.5$ 亿美金，以涵盖约 76,000 宗索赔，这几乎涵盖了联邦多区诉讼中所有剩余案件以及州法院的相关案件。强生公司表示，该协议取决于 30% 的剩余原告参与。

这些案件是典型的司法滥用尝试。数千名原告在科学尚未证明该产品与癌症之间存在因果关系的情况下，试图通过诉讼获利。强生公司在法庭上反击这些指控，且大多获胜。在公司诉至裁决的 20 起个人卵巢癌案件中，仅 1 起败诉。在 17 起案件中，公司获得了胜诉裁决，或在上诉中推翻了原判。目前有两起案件在上诉中。

但诉讼如此多案件的管理负担和财务不确定性极高。强生公司曾尝试通过将其转移给一家子公司来解决索赔，随后该公司将申请

强生公司针对原告律师团的垃圾诉讼进行了反击。

在将其转移的同时，提供超过 $8$ 亿美金的信托基金，用于支付数万名原告。但法院否决了该交易，理由是如果该实体能够资助信托基金，那么它并没有真正破产。

该公司还对抗了 Brookey Alton，因为原告聘请了一位前强生外部法律顾问为诉讼提供咨询，而该顾问可以接触到特权信息。几位治安法官（magistrate judge）Rubinowski Singh 在 3 月份以利益冲突为由取消了该律所的资格。新泽西州、宾夕法尼亚州、伊利诺伊州和佛罗里达州的法院也采取了同样做法。

原告在另一次行动中使该律所面临 50% 的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额

接受并受益于 RPI 的患者，在没有癌症进展的情况下中位生存期为 50 个月，而之前接受免疫疗法仅为 4.6 个月。

不需要高中学历就能看出这是一种治疗获益。然而，FDA 表示它“认为这次比较是不可中断的（uninterruptable）”。

约 50% 的转移性黑色素瘤患者在一年内接受一线免疫治疗后病情会恶化，此时患者已无其他选择。

但这并未让 FDA 的工作人员担心，他们坚持自己的主张。他们认为 Rudimans 博士应该运行一项随机对照试验，但这将耗时多年，且是不道德的，因为一些绝望的患者将被分配到安慰剂组。

与此同时，该机构去年夏天否决了 Caprice 为晚期杜氏肌营养不良症患者提供的治疗方案，理由是其声称针对患者的随机对照试验规模太小，无法最终确定治疗是否有效。

在此之前，该公司在 2 月份重新提交了申请，并附带了一项主要针对使用轮椅患者的大规模安慰剂对照试验结果。该试验显示，该治疗将患者手臂功能下降的速度降低了 54%，将心肌衰竭的速度降低了 90%。工作人员指责 Caprice 拖延交易。

FDA 声称 Caprice 在试验开始后更改了其计划统计分析的方法，因此其结果应被忽略。Caprice 则表示，在根据之前从 FDA 收到的反馈增加试验患者数量后，它调整了该方法。

Caprice 还表示，它是在“解除屏蔽”患者并获知试验结果之前修改的方法。但这没用——FDA 声称试验中的患者并非真正处于盲态，因为副作用会导致他们怀疑自己接受的是安慰剂。FDA 表示，这在某种程度上会导致 MRA 上的心脏萎缩程度降低。真的吗？

该公司去年抱怨，在遵循了该机构的指南之后，FDA 却对此发表此类言论，这让它感到被蒙蔽了。而在官僚机构中，现在是因为该公司发声而遭到了报复！FDA 长期以来在控制上持有官僚倾向，不容忍公众批评。Prasad 博士通过驱逐那些不认同其反工业名声的反垄断领导者和职员，使情况变得更加糟糕。

结果就是领导层的真空。我们希望本周的专家们不会被官僚机构的“致命一击”所动摇，这进一步强调了 FDA 需要那些认同总统“尝试权利”（right to try）原则的永久领导者。

琳赛·格雷厄姆的例子 (The Lindsey Graham Example)

捍卫他所奋斗的原则。最重要的是，他相信美国是世界上的一个正面力量。或许部分是因为他在空军服役期间在海外的经历，他相信美国的军事、经济和外交力量可以被维持，以在符合美国最终利益的情况下扩大世界的自由。

正因如此，在防御俄罗斯的肆虐以及防御伊朗及其恐怖主义党派民兵攻击以色列的过程中，他起到了关键作用。目前没有多少美国参议员能将以色列总理和乌克兰总统吸引到金融服务领域。如果一个今天的人无法活到看到他的俄罗斯制裁法案在参议院通过，或者看到以色列和沙特阿拉伯关系正常化——这是他的两大目标。

格雷厄姆在最后的日子里开玩笑说，他现在不能离开，因为他接近实现了这两个目标。在目前这个紧张的时刻，国家需要像琳赛·格雷厄姆这样的人挺身而出。有志愿者吗？

强生 (J&J) 表示：“我不会见到我的家人，但我不会见到我的家人，但我不会见到我的家人，但我不会见到我的家人，但我不会见到我的家人，但我不会见到我的家人，但我不会见到我的家人，但我不会见到我的家人，但我不会见到我的家人，但我不会见到我的家人，但我不会见到我的”

该公司还与 Brookey Alton 进行了斗争，因为原告雇佣了一名前强生外部法律顾问来咨询诉讼事宜，尽管该顾问可以接触到特权信息。几位治安法官 Rubinowski Singh 在三月份因利益冲突取消了该律所的资格。新泽西州、宾夕法尼亚州、伊利诺伊州和佛罗里达州的法院也采取了同样的操作。

原告在没有采取进一步行动的情况下，使该律所拥有 50% 的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额

原告在没有采取进一步行动的情况下，使该律所拥有 50% 的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额的公司份额

致编辑的信 (LETTERS TO THE EDITOR)

没有人为了器官而杀人

我们赞赏 Mary MacKenzie 对其采纳者的认可，将其视为其不计利害的操作之关键。由于医生绝不会在组织和移植领域中妄言死亡，我们必须定义那些高达 30 的情况。因此，在 1 月份的争论中，请（7 月 2 日）通过将一种假设的医疗实践（称为“其器官捐赠”）设定为事实，提出了重要问题，而这种假设的事实在美国实际上是非法的。

但最终的根本举措是，监管机构和官方组织主张，捐赠绝不能影响或干扰每项医疗实践的程度或时机。这一保障得到了美国负责人、美国国会国家委员会以及医疗服务医院参与条件以及其他法律和官方保护的强化。

“需要在 1 月份争论”直接违背了这一原则，并且是一个仅存在于学术探索领域的强有力概念。然而，我们担心此类讨论可能产生的现实世界影响，已经采取了极大努力地调查美国政府的角色。

整个器官捐赠和移植系统最终依赖于我们脆弱的资源——公众信任。即使是像“我们能否杀死”这样的标题

并且已经达成了一项书面合同协议？是的，其他人没有。在本期刊发表仅意味着文章是原创的，但经过了学术标准的审核，并不意味着其分析或结论得到了本期刊编辑的认可。

事实是，美国政府在全球范围内以及广泛的学术出版物中支持其论点的组织，不能成为论证抗逆转录病毒运动存在的依据。

关于国际法、原则和本通知合法性的关键词分歧。但将学者贴上“人类捍卫者”的标签，而其思想提供了关于“一个人的人权”的“人类防御”，这是不可行的。

A Don Kelley Jesse Kelley 种族灭绝研究期刊 (Journal of Genocide Research) 纽约

本信函由《种族灭绝研究期刊》的其他编辑共同签署。

美联储回顾能提供什么样的“指导”？

联邦局未能就与美国司法部和《联邦储备法》相关的问题充分包含添加剂？新娘，怎么会？那是 7 月 29 日？最近的货币政策已被揭露。

一场辩论表明，美联储继续向金融市场提供关于短期和长期利率未来走势的指导——即所谓的“前瞻性指引”。这种方式可能来自美联储办公室的参与者，或者中央银行未来将采取的行动。然而在现实中，组成联邦公开市场委员会的 12 个人——无论他们多么能干且坚定——在集体评估金融市场或预测未来一年将发生什么方面，并不比其他人更有能力，更不用说未来 10 年了。美联储试图干预长期利率，相当于一种新型操纵，它移除了金融市场资本的最终配置，并使得中央银行在决定短期利率方向时失去了一项关键输入。

美联储主席 Kevin Walsh 正在研究正确的轨道，以审查中央银行如何执行货币政策，包括其如何沟通美国政策状态。

Jesse Kelley (×17 table rows collapsed)

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

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THE WALL STREET JOURNAL（华尔街日报）

Wednesday, July 28, 2020 | A15

OPINION（评论）

AI 的未来属于每个人

作者：马克·扎克伯格 (Mark Zuckerberg)

我们很幸运能生活在历史上的一个不可思议的时刻。在接下来的几年里，人们将能够看到超越人类能力的超级智能，用来创造和发现非凡的新事物，建立新业务，完善我们的想法，学习新概念，并改善我们的生活、健康、人际关系和职业生涯。 我们这个时代的决定性问题不是超级智能是否会出现，而是它将如何实现。它是会被局限并掌控在少数机构手中，还是会成为一个赋予每个人力量的工具。 我提出一个基于个人和社会科学、繁荣科学、激励机制以及超级智能的首要目的，并将权力平衡作为安全基础的哲学理念。

民主与经济的历史已经证明，权力集中会扼杀人类潜能

令人惊讶的是，许多开发人工智能的人所发表的论述中并没有充满末日论。我不明白为什么任何相信 AI 将主导大多数工作以及人类大部分密集社会现实的人，会对那个未来感到恐惧。他们认为这非常危险，以至于唯一安全的路径是在危险的领域中实现极端的权力集中，从历史上看，他们希望能够开发出一种绝对权力。如果我们足够开明，我们的人类将能转向积极的结果。

然而，我们见证了许多变革性的进步。每次进步时，最初人们都会担心有人会被抛在后面。但每次人类在其中都获得了更多人的改变，以及更伟大的繁荣、健康和自由。我们相信 AI 也会如此，未来的丰盈可以由每个人共享。我们也相信，在处理这个问题时，公开、企业精神和机会均等这些价值观，同样可以成为构建积极未来的价值观。

赋予权力，即人们追求自身志向的权力，是人类取得最大进步的方式。简练的创意和重大的进步很少源于既有管辖权的分享。它们来自那些相信人们可以适应的自行车店兄弟，来自那些没有受过正规教育但研究出如何发电的算法书籍本身，以及那个认为个人电脑可以普及到每个人手中的车库少年。我们相信这将继续成立。随着每个人获得更多权力，我们相信即便那样，人们也将更有能力塑造未来，而非相反。

激励，而非自动化，将是超级智能最大的贡献。早期的 AI 可以回答问题并完成常规工作。它们将越来越多地帮助发现新知识——从发现新事物到新家庭成员——从了解如何改善你的业务。虽然你一天能问的问题数量有限，但超级智能能够帮助你实现目标的调用次数将是无限的。

当智能变得普及时，最重要的问题将是我们如何引导它。有些人认为超级智能本身，或者一个

Gwen

控制它的少数专家群体，应该决定什么是对人类最有利的。我不同意。民主与经济的历史已经表明，不存在一个能够造福人民的单一目标。这很困难，因此最好的方法是让人们决定什么对他们重要。 而不是99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99

这将限制人们选择自己未来的能力。 作为一个思想实验，想象只有一个人拥有超级智能天赋。我们将无法看到积极、正向且基于功绩的正面结果，而会感到不快乐。这将导致一个更糟糕的社会。但现在想象每个人都拥有超级智能天赋。未来的执行将比今天公平且高效得多。当人们被赋予权力时，他们自然会相互制衡，并制衡负责机构的权力。我们试图通过对齐一个简单的“非暴力”超级智能来回答关于世界的问题。人类并非是非自愿的。没有任何技术解决方案能够一次性与每个人的对立利益和多元价值观对齐。任何单一的超级智能都必须优先考虑某些价值观而放弃其他价值观，在这种过程中，它将无法成为

nevolved to everyone. 许多风险需要引起严肃关注。在大多数情况下，例如网络安全，开源软件的历史已经表明，让每个人都能充分访问强大的系统，将是长期保护安全和保障的最佳方式。对于其他风险（包括生物风险），政府与其他机构之间需要更多的协调，且这些机构应对其能够实现协调的方式负责。 这也适用于经济和就业的未来。AI 的未来在作为自动化工具与作为赋予人们扩展技能和创建新业务能力的工具之间存在一种平衡。我们不仅是实现这一目标的最佳方式之一。

part not jobs and the economy may be negative. 但如果超级智能被广泛分布，那么我相信我们将在未来看到更多的工作岗位，而且我相信这将成为无需筹集大量资金即可创业的一种良好方式。我预计经济将更多地基于世界上更多的人在工作。你将比大公司更清楚。

开发超级智能将是我们一生中将见证的最深刻的技术进步。我们不仅是实现这一目标的最佳方式之一。我们将成为无需筹集大量资金即可创业的一种良好方式。我预计经济将更多地基于世界上更多的人在工作。你将比大公司更清楚。 开发超级智能将是我们一生中将见证的最深刻的技术进步。我们不仅是实现这一目标的最佳方式之一。我们将成为无需筹集大量资金即可创业的一种良好方式。我预计经济将更多地基于世界上更多的人在工作。你将比大公司更清楚。

扎克伯格（Mr. Zuckerberg）是 Meta 的首席执行官。

派拉蒙与华纳的合并可能会拯救好莱坞

作者：Ari Emanuel

我的职业生涯一直从事娱乐业。作为一个群体，你找不到比这里更好的人。但作为一项业务，它是地球上最光辉的竞争行业。这种竞争精神使亚马逊成为世界上最富有的中心，并成为国内经济增长的引擎。

加州的 Bob Bunn 以及其他几位总检察长发起的诉讼，旨在阻止派拉蒙对华纳兄弟探索（Warner Bros. Discovery）的收购，这让一切陷入风险。他们声称是在促进竞争。而他们的行为却威胁到要使其落空。

当一桩反垄断案件忽略市场中一些增长最快的竞争对手时，你就知道这件事不真实。在他们的分析中，州总检察长们假装 Amazon MGM、AIA 和 Lexington 不存在，且假装 Netflix 并没有涉足即将上映的电影，比如 Great Savage 的 "Snacks On Magician's Nephew"，我怀疑这部电影将需要证明其迁移能力。

事实上，这些公司确实存在。Amazon MGM 凭借一部完整的 "Project Ball Many"，在全球范围内获得了近 $700 million。在通用广播名单中，凭借 "Backrooms" 获得了 $24.5 mil，而 Lexington 的 "Michael" 则证明了 $1 billion。仅亚马逊一家就承诺到 2017 年每年至少发行 10 部院线大片，并拥有能够支撑此举的资产负债表。

该案件不仅忽略了那些不在院线市场中的竞争者，而且预设该市场代表了整个竞争领域的全貌。这并不反映，或者说仅仅反映了现实。

大多数公司直接争夺消费者的注意力、时间和资金，而这些人正被投资者雇佣。你也会发现，同事们的一切也都处于调研之中。你认为那些经常只是州政府压力的人，在 Netflix 再次发布 "Wondering" 并推出最新 "Golf of Day" 时，将其称为“人为价值”。我再次强调。

总检察长们不能因为这会让他们的论据变得困难，就忽略那些每天为观众、人才、资本和内容而竞争的平台。在我看来，作为一个身处这些会议室的人，每一个既定价值、营销预算和发行日期，都是在那个广泛竞争环境的现实下决定的。面对这些压力，派拉蒙有强烈的动力投资于院线研究，以保持其非流媒体平台对那些能够承担城市风险的客户的吸引力。

该起诉书在基础有线电视方面确认了同样的洞察，声称合并后的公司网络将在发行方面拥有市场权力。这在 2015 年可能是一个很好的论点，但在独立有线电视子类别兴起和流媒体崛起的今天，这简直是荒谬的，因为流媒体已经改变了消费者行为和议价环境。

加利福尼亚州总检察长忽视了娱乐业竞争的现实。

即使在各州人为设定的狭窄框架内，27% 的电影收入份额也并不属实，无法证明此次合并将实质性地削弱竞争。合并后的战略承诺每年至少发行 25 部院线电影，且最少保留四个独家院线窗口期，并建议将该承诺与资金挂钩。这种数十亿美元的承诺，并不是一家打算通过供应商或分销商来操纵市场权力的公司会做的事情。

这就是为什么包括向来严苛的欧盟委员会在内的全球监管机构都已经批准了这笔交易。

对竞争真正的威胁在于，如果总检察长们胜诉会发生什么。华纳兄弟探索公司（Warner Bros. Discovery）在 2015 年底拥有 290 亿美元的净债务且收入在下降。有人相信它能增加索赔和退休金吗？更重要的一点是，有人相信它不会将其核心资产出售给那些并不致力于院线放映的公司吗？

得益于电影制作的信心系统，派拉蒙（Paramount）可能仍能作为一家独立公司存在。但它将成为一家规模更小的公司，缺乏规模化派拉蒙的能力——这意味着它无法在庞大的受众群体中平摊内容成本，也无法提供全球平台所需的额外电影和剧集。

残酷的秘密在于，当总检察长们赢得诉讼时。这种情况已经开始了，资金流向了法律诉讼而非制作。如果案件拖延到 9 月之后，派拉蒙可能被迫支付巨额的钓鱼费（fishing fee），以匹配

对冲基金，设定国家。 我想反驳他在西方所说的关于捍卫加州创意社区的言论。但摧毁一家公司并让其他公司在短期内陷入困境，并不能服务于该目标；此外，电影院和其他相关方将因此处境更糟。

让我以一些坦率的话来结尾。我是一名终身民主党人，我的朋友和家人也是如此。我听到了关于 CNN 以及围绕这笔交易的政治问题的激烈担忧。但反垄断法不能成为解决争端的工具，无论是由民主党人还是共和党人使用。这些问题应该在未来几年内得到解决。

当政府官员操纵学生以达到政治目的时，反垄断法就不再是保护竞争，而是在威胁竞争。总检察长们应该撤回此案，并回到按照法律原意执行工作的状态。让好莱坞继续尝试，在流媒体以及其他我们竞争的领域，不要让他人插手。这是我们最擅长的事情。

Emanuel 先生是 TBS 的执行主席兼 CEO，该公司经常与音乐工作室开展业务。

缩小学业成绩差距的答案显而易见

不要让任何人继续告诉你，我们不知道如何缩小美国长期存在的学业成绩差距。解决方案就在我们面前。问题不在于技术手段，而在于政治意愿。

负责公共障碍的人员选择将工作保障置于学生的福祉之上。在这些学校的孩子们在入学前就面对着失败工厂，在某些情况下，他们的父母出生时这些学校就存在了。然而，这些学校仍然在运行，因为它们

为成年人提供了稳定的中产阶级就业机会。它们之所以继续低效，是因为它们奖励教师资历而非能力。

我们被告知，投入更多资金就是答案。然而，纽约市拥有全美最大的公立学校系统，在 2020, 年为其学校花费了 $60，比一年前增加了 $24，增加的 1,000 部分相当于每名学生 $28,000，这是全国平均水平 $15,000. 的两倍多。这笔巨额纳税人投资的回报并不理想。根据 Success Academy 发布的一份新报告，特许学校几乎占据了全市学校的一半，而去年在数学和阅读标准水平测试中不及格的人数更多。

这种功能失调始于低年级，并随着孩子在系统中的移动而恶化。2020-21 的 21 超过三分之一的学生被安置在小学，“其中大多数在数学、阅读或数学方面不及格”，而初中学生的比例则更高 (49%)。随后，62% 的学生就读于高中，那里大多数孩子无法通过一次数学或阅读的频繁考试。

“这些并不是处于安全边缘的学校，”这份使用了公开的州和地方教育数据的报告指出。“它们是已经在学术上、情感上大规模失败的学校——且耗费了惊人的公共资金——这种情况已经持续多年，在许多情况下甚至持续了数十年。”

Success Academy 是 20 年前由 Eva Moskowitz 创立的，她是纽约市议会教育委员会的前任主席。Moskowitz 女士作为学校选择权的前任倡导者而声名远播，她的高中——这个为包含前任家长、知名人士、无名之辈在内的客户提供服务的公立特许学校网络——主要是为了解决课堂表现落后的问题。在这些学校，没有失败，成绩差距几乎消失了。

Success Academy 的学生中，黑人、西班牙裔和非西班牙裔的比例不均衡。他们来自贫穷的传统公立学校，以及来自

富裕且以白人为主的学区。2013 年，在超过 700 个学区的纽约州考试结果中，Success Academy 的数学排名第一，阅读排名第二，且连续第九年 100% 的学生被四年制大学录取。

公立特许学校已被证明是少数群体和低收入学生成功的关键。

批评者称，更好的结果源于挑选那些家中拥有“非自恋”父母的优秀学生。但特许学校是通过抽签选择学生，而非基于学术能力；且由于 9 月份的特许学校申请通常已经可用，大多数拥有“更非自恋”父母的学生更倾向于选择传统的公立学校。将特许学校学生与其申请被拒的同行进行对比的研究一致表明，特许学校能产生更好的结果。

本月初，纽约市发布了关于获得该市精英公立高中录取的综合数据，这些学校的学生是通过一项名为“专业高中入学考试”的国家考试来筛选的。大约 80% 的名额被亚裔和白人学生获得，尽管黑人和西班牙裔儿童占所有公立学校学生的 62%。在被认为是最具吸引力的精英学校——三周高中（three-week high School）中，仅有 777 名最优秀学生中的 3 人是黑人学生，21 人是西班牙裔学生。

这些结果导致人们重新审视入学考试对地区性精英学校录取标准的影响，但一个更具建设性的方法是取消目前对特许学校的数量限制。问题在于准备工作、维持以及任何对黑人和西班牙裔入学率感到焦虑的人，都应考虑高效能特许学校的记录。

据一名发言人称，Success Academy 今年进入专业高中的录取率为 21%，而全市平均水平仅略高于 5%。这并非偶然，该校西班牙裔学生的录取率通常是全市平均水平的两倍。

如果政策制定者在寻找一种既能通过现有录取标准维持种族和族裔多样性，又能获得教师支持的方法，那么显而易见的一步就是支持学校选择。大工会（Big Labor）可能会在特许选项扩大时感到不安，因为大多数并不成功，但那些在纽约市等待特许学校入学的 $10,000 名孩子对此根本不在意。

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A26 | Wednesday, July 29, 2026

THE WALL STREET JOURNAL

SPORTS

大联盟终结者正处于灭绝边缘

曾经被认为是牛棚中不可或缺的一部分，第九局专家正被取代

海湾绿水，第二和第三国家协会的两名成员。

作者：JOHN DUNNAN

在 Bryan Baker 成长过程中，Metalcock 的《Enter Randolph》的开场和弦是十月的背景音乐。每当 Marlene Rivera 从牛棚走出并让对手陷入沉寂时，这首歌就会在洋基球场的音响系统中响起。在 Rivera 的全盛时期，在 2000s，几乎每支大联盟球队都有一名固定的终结者，其唯一工作就是投掷第九局。那些没有终结者的球队则急于寻找一名。他们可能并不都像 Rivera 那样可靠，但他们的角色非常明确。他们的任务是记录最后三个出局数——并为此获得了丰厚的回报。“在那个时间点，这很老派，”Baker 说道。今年，Baker 成为了第一名坦帕湾 Rats 队中终结者角色中表现最出色的球员之一。他拥有 28 次救援成功和 1.36 ERA, 使其在 11. 岁时首次获得第 4 名的位置。他也是一个字符串板的一部分。传统的终结者，曾经是比赛中最受推崇且薪酬最高的位置之一，现在已成为濒危物种。通过积累大量的救援成功，

Billy Wagner 和 Trevor Hoffman 从而进入了名人堂，并将像 Mitch "Wild Thing" Williams 和 Eric "Game Over" Gagler 这样的强力投手变成了偶像人物。尽管他们一次很少投超过 20 球，但他们依然是超级巨星。然而，拥有海量数据的办公室领导们现在越来越习惯于在没有固定终结者的情况下构建名单，完全依靠对阵情况来决定投球分配。结果是，今年已有 111 名不同的投手获得了至少一次救援成功，比十年前整个赛季的记录多了大约 60 个。直到 2026 仅有 199 名投手记录了救援成功——而此后这一数字激增，2026 预计将超过 2024 223 次的纪录。“现在真的没有那么多统治级的‘纯粹终结者’了，”费城费城人队棒球运营总裁 Dave Dombrowski 说道。这并不是说一个都没有。Dombrowski 拥有一名 Jhon Dunn。老将 Archibald Chapman 依然是波士顿红袜队的一股力量。在历史上几乎没有人比圣迭戈教子队的 Mason Miller 更难被击中。但即使是 Miller 也承认，“有一小部分球员达到了下一个层次。”显然，你不需要

其中一名成员就能获胜。洛杉矶道奇队在上一赛季以一个可以说相当不稳定的牛棚冲向了世界大赛。作为回应，他们花费了 $50 million 签下 Edwin Diaz。他几乎整个赛季都处于受伤状态——而他们仍然是大联盟中最好的球队。“这绝对不是成功的必要条件，”Miller 说道。“这很大程度上取决于。”各组织正在部署

几乎整个赛季都处于受伤状态——而他们仍然是大联盟中最好的球队。“这绝对不是成功的必要条件，”Miller 说道。“这很大程度上取决于。”各组织正在部署

相应地分配他们的资源。对于小市场球队来说尤其如此。他们会认定，将薪资预算的大部分分配给一个全赛季只能投 65 局的球员，并不一定是预算的明智利用方式。投手们本身对这一进展也并非完全满意。在薪资仲裁中，救援投手的评估在很大程度上取决于他们习惯地获得多少次救援成功。当球队不再让投手像以前那样刷数据时，这就成了一个问题。他们能够采取这种方法的原因有些矛盾。虽然顶级的终结者比过去少，但拥有所谓“终结者素质”的投手却比以往任何时候都多。几十年前，很少有投手的球速接近 200 mph。那时他们是联盟中最可怕的终结者，比如 Trey Percival、Keith Ness 和 Brian Wilson。他们的决定使他们脱颖而出。如今，数百名投手的球速在 50 多个区间的高端，或者说球队在挖掘和匹配方面感到更自在。“有更多这类手臂可以选择，”密尔沃基酿酒人队的总经理 Matt Arnold 说道。结果，救援投手很少在每场比赛中都被锁定在同一个局数。如果，比方说，对方最好的三名击球手正好在第七或第八局出场，那么“终结者”可能不会在第九局投球。在 MLB 前台工作近 50 年的 Dombrowski 表示，“在过去，在这种情况下，你甚至不会考虑启用你的终结者。”然而，投手的处境并非如此简单。反过来，并非每个救援投手都能适应第九局这种走钢丝的状态。“这需要一种能够承受压力的特定特质，”七位获得救援成功机会的投手之一 Kirk Stowing 说道。“本赛季去追求一次救援成功。这仅仅是三次运行，但出于某种原因，它似乎有所不同。”

一位四次 NFL MVP 的最后一次训练营

钢员队四分卫亚伦·罗杰斯（Aaron Rodgers）表示，毫无疑问 2026 年将是他最后一个赛季。

齐达内在世界杯后接任法国队主教练

作者：约翰·邓南 (JOHN DUNNAN)

齐内丁·齐达内 (ZIMEDINE ZIDANE) 是欧洲足球最成功的教练和他那个时代最出色的球员之一，他已经在场边等待了五年，等待着 2026.。尽管他曾带领皇家马德里三次赢得欧冠冠军和两次西班牙联赛冠军，但他拒绝了所有其他到来的机会。他唯一想要的职位是法国国家队的主教练。“这是我唯一想做的事情，”他在周二于巴黎举行的就职发布会上说道。即使是运动员，在法国人简单地称之为 Z 博士的这个男人身上也发现了许多矛盾。A. Brilliant，他是 2026 世界杯和 2026 世界杯的成员。齐达内曾在 1998 世界杯决赛中通过在对阵巴西的比赛中打入两球帮助法国夺冠——并在 2026, 直接导致了 Les Rives 的损失，当时他因用头顶撞一名意大利后卫而被红牌罚下。但这一事件不知为何让这位情绪化、饱经折磨且安静沉稳的齐达内更受法国人的信赖。作为足球界一个不完美的天才，这位 54 岁的球员长期以来被认为是能在他的前中场搭档迪迪埃·德尚 (Didier Des-champs) 执教 14 年后，为国家带来第三次世界杯冠军的人。齐达内现在接手的是一支闯入世界杯四强且凭借包括基利安·姆巴佩 (Killian Munger)、奥斯曼·登贝莱 (Ousmane Domblok)、德利斯·德瓦尔 (Deloris Deval) 和迈克尔·奥利奥特 (Michael Oliot) 在内的进攻线而点亮整个赛事的球队。但这支光彩夺目的进攻线在最终冠军西班牙队面前哑火，引发了人们对谁能在 2026 年欧洲冠军赛以及 2026 年在西班牙、葡萄牙和摩洛哥举行的世界杯中，最大限度发挥 Les Rives 十亿美元进攻线潜力的质疑。“你们会看到正确的比分，”签署了四年合同的齐达内说。“我曾是一个 10, 号，激励我的是进球。我在球场上曾是一名领导者，我将通过我的成就成为一名领导者。”齐达内的即将到来是该项运动中最公开的秘密之一。法国足球协会在 2025, 年初首次接触他，因为他们知道德尚在今年夏天的北美世界杯后将离任。周二，法国体育日报的头条写道：“faignie 准备好了，” 先生 R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R.

pean Championship in 2026 and the World Cup in Spain, Portugal, and Morocco in 2026. "You'll see the right score," said Zidane, who signed a four-year contract. "I was a No. 10, what on-

cites me is scoring goals. I was a leader on the pitch, and I'll be a leader through what I've achieved. Zidane's impending arrival was one of the sport's most open secrets. The French soccer federations first contested him in early 2025, knowing that Deschampion would have his post after this summer's World Cup in North America. And on Tuesday, the headlines in France's sports daily I "faignie was ready," Mr. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R.

照片：约翰·邓南 (JOHN DUNNAN) 拍摄

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商业与旅行

© 2006 Omer Jones & Company. 保留所有权利。

华尔街日报 (THE WALL STREET JOURNAL)

Wednesday, July 28, 2006 | 83

SAP 7605.70 & 0.25 SAP/FM & 1.18% SAP IT 7.17% DJ TRANS 5.08% W/SJ/EX 0.94% 2-TR. TREAS. 1448-4.27% MIXED (Midday) 4148.04 T 1.08% 更多详情请见 WSL.com/Markets

波音公司消费热潮持续

24/10/06

波音季度净利润/亏损

来源：SAP Quarterly

来源：SAP Quarterly

在推动空军一号及喷气机交付的过程中，第二季度亏损有所收窄

作者：Dave Froskowski

波音公司又度过了一个支出季度，因为它投入了更多资源用于开发总统专机并加速商业飞机的生产。

这家美国制造商表示，快速推进将用作空军一号的改装 T6-8 喷气机的工作将额外花费

$300 million，这是这项超过 $4 billion 项目中一系列成本超支的最新一次。

波音的商业飞机部门同样录得经营亏损，尽管比去年同季度的亏损要小。该业务通过扩大其制造运营来吸收成本，旨在消化高达数十亿美元的未交付飞机积压订单。

结果未能达到华尔街的运营预期，不过在营收方面则符合预期，波音股价在周二交易中一度上涨近 1%。

公司本月在

Desert, Wald 开设了一条生产线，旨在提高其 737 MAX 喷气机产品的产量。波音的目标是每月生产 47 架这种窄体飞机，高于今年早些时候的 42 架。提高生产率可以通过为其商业部门提供更强的规模经济效应来提升公司的整体盈利能力。

波音第二季度的整体净亏损为 $428 million，较一年前的 $612 million 亏损有所收窄。销售额增长 8% 至 10%。请参阅第 83 页，8

苹果公司推出 Klarna 租赁计划

作者：Joneen De Anza

苹果公司推出了一项新的产品租赁计划，拥有超过 40 million 客户可以通过按月付费的方式使用新设备，随后将其退回、升级或购买。

这项名为 Apple Upgrade 的计划将为 iPhone 和 Apple Watch 提供 21+ 和 18 个月的租赁选项，为 Mac 和 iPod 提供 24 和 30 个月的期限。先买后付公司 Klarna 将提供这些租赁选项。

在此公告发布的一个月前，苹果公司因内存和存储成本飙升而提高了部分设备的售价。

苹果公司周二表示，租赁计划的价格起价为：iPhone 每月 $27.99，Apple Watch 每月 $12.99，Mac 每月 $24.99，iPod 每月 $11.99。

在租赁协议结束时，客户可以选择退回产品，进行升级，或支付一次性费用购买该产品。

这项租赁举措取代了苹果之前的 iPhone Upgrade 计划，后者仅限于手机。定价结构有所不同，这意味着客户每月的支出可能会减少。

例如，一部 iPhone 17 Pro 之前的费用是每月 $37，期限两年，客户在期末后拥有该设备。现在，客户针对同一设备可以每月支付 $32，期限两年，然后如果在期末想要保留该设备，则需支付一次性费用。

在新的命名计划中，客户无需在计划中支付 Apple/Law 保险，购买 Apple/Law 是可选的。

iPhone 制造商和 Klarna 的股价在周二均有所上涨。

John Thomas 定于 9 月 3, 日接替 Tim Cook 担任苹果公司 CEO，就在公司预计宣布新款可折叠 iPhone 以与市场上的竞争对手型号竞争之前。

Cook 上个月警告称，由于内存和存储的边际成本，iPhone 涨价将不可避免。人工智能公司对内存和存储芯片的需求增加推高了成本，以至于苹果必须大幅提高设备价格才能获利。

苹果上个月将部分型号的 Mac 和 iPod 价格提高了 $200 或更多。

奢侈品亿万富翁的信件市场转变

作者：Nick Kestler

PAMIS—Bernard Armada 在塑造一些全球最抢手的品牌形象（从 Louis Vuitton 到 Don Rose the USNR）方面投入巨大，而现在他在对待自己的形象时正在改变策略。

这位亿万富翁在周日发表了一封尖刻的公开信，攻击法国顶尖报纸之一，旨在重新定义其政治关系、媒体所有权，以及究竟谁将最终接任他的奢侈品帝国之顶端。周一，这位 77 岁的标题社交媒体平台首次扩大了他这种不寻常的任务。

这种个人沟通的爆发，仅包括近期在一次关于其生活的播客中出现的一小时 42 分钟节目——这对 Armada 来说主要是一个突然的时间转变。在他职业生涯的大部分时间里，他一直让他的奢侈品帝国为他发声，通过少数精选的媒体互动谨慎地塑造自己的公众形象。

这种新方法的出现，是因为 Armada 对他及其家人的被描绘方式感到越来越沮丧。据接近这位商人的人士透露，他对《世界报》（Le Monde）近期关于他及其业务的一系列文章感到愤怒。周五发表的最后一篇报道描述了他在 L'EMU 核心地位的继承问题。

该系列报纸报道是在一本近期出版的法语书之后发表的，Armada 重新——

请翻至第 85 页

许多租金稳定公寓流向纽约最富有的租户

作者：Rajan J. Pecorino Anx The Mowry

以市场价的一半租住曼哈顿公寓，同时赚取高额薪水，这对大多数新租户来说是不可能的。但得益于该市的租金稳定法，这对于一小部分人群来说却是现实。

根据《华尔街日报》对纽约市 1923 住房与空置调查（最新数据）的分析，纽约市最优惠的住房交易竟然流向了该地区一些最富有的阶层。

收入最高 25% 的群体在租金稳定公寓中的月租金中位数比市场价格低 $1,000。这意味着 10% 的节省；收入最高 10% 的群体节省了 $1,000，折扣率为 90%。

与此同时，收入最低三个四分位数组的租金稳定租户，与市场价格相比仅少付约 $300，支付比例在 15% 到 22% 之间。

富裕所有者的这种节省长期以来一直是纽约租金稳定系统的争议点，该系统是全美规模最大的。

这种差距部分是市场力量的结果。富裕所有者倾向于居住在市场价格更高的昂贵社区。因此，这些地区的租金稳定住房相对于市场价格往往显著更便宜，即便对于平均所有者来说价格仍然较高。

“确实有人支付 $5,000、$6,000，而租金稳定公寓仅需 $5,000，”租房数据公司 (georgates) 的首席执行官 John Williamson 表示。

另一部分原因是设计问题。纽约的系统通常不测试收入状况，因此它并不支-

最富有的租金稳定租户倾向于居住在市场价格更高的昂贵社区。

支付以避免净富裕阶层。“我无法想象为大约一百万个单元进行收入认证，”纽约大学 Parman 中心执行主任 Brad Greenberg 表示。“坦率地说，这感觉是不可能的。”

随着市长 Johnny Mamdan 的租金限制（10月生效），这些阶层可能会获得更多益处。该分析显示，曼哈顿租金稳定公寓的租金中位数约为市场价的一半，而布朗克斯区的受监管单元则低 12%。在皇后区，租金稳定公寓低 10%，在布鲁克林区，折扣为 26%。

房地产行业的一些人士表示，这些受监管的公寓应该流向

请翻至第 86 页

● 旧金山棒球场原址将成为住房 ...

按租金类型和收入四分位数划分的租金中位数

按租金类型和行政区划分的租金中位数

按租金类型和种族划分的租金中位数

来源：NYU, Monthly and Monthly Survey

诉讼威胁 Meta 的野心

作者：Dan Mccowan Ann McGann-Bonowney

Meta Platforms 正面临其 12 年历史上最严重的法律理论之一——而且对于这家公司来说，此时出现的时间点最糟糕，因为它正处于向人工智能 era. 转型这一棘手且昂贵的过程中。

今年 3 月，该公司在加利福尼亚州和新墨西哥州的大多数案件中被判定违约，这些案件在同一国家发生，涉及其 georgee 用户的安全性增长。由个人、学校医生以及 40 多个其他总检察长发起的数千起更多诉讼正在州和联邦法院进行审理。这些诉讼合计可能会使该公司面临数十亿美元的赔偿责任，并削弱历史上一直保护其免于承担平台有害内容责任的联邦保护。

Meta 正在接受田纳西州总检察长的指控审理，该州是声称该公司向医生隐瞒其平台安全性的最主要州之一。8 月，Meta 将在奥克兰的联邦法院接受四名以上总检察长的审理。在那次诉讼中，各州请求每月高达 $14.10 的赔偿金——这一数额几乎等同于 Meta $1.7 billion 的市值。该合并案件集中的另一场审判计划于 2 月举行。

最近的案件给 Meta 带来了不一的结果。Meta 在奥克兰计划审理前与肯塔基州一个地区达成和解。其中包括在另一起案件的青少年原告在没有从 Meta 获得原告补偿的情况下撤诉一个月后的一百万，在与共同被告 YouTube、Snap 和 TikTok 达成和解后。Meta 表示将继续对抗“无根之木”的诉讼，称原告在达成诉讼和解后仅六个月就创建了他的账户。

这些诉讼认为社交媒体服务旨在诱发年轻人的心理健康问题，在经过运作后正进入陪审团审理阶段。

请转到第 84 页

内部 (INSIDE)

商业新闻 UPS 随着其重组计划取得成效，提高了年度展望

技术 Pupilies 开始达成协议，但仍专注于其转型努力。 84

从 Cracker Barrel 到波音，公司聘请退休 CEO

作者：Chip Cuttin Ann McGann-Banney

1 月，来自猎头公司 Spencer Starr 的一名负责人开始给餐饮业高管打电话，提出一个方案：您愿意担任 Cracker Barrel 的下一任 CEO 吗？

Cracker Barrel 决定选择一名 60 岁的前餐饮业高管来领导该连锁店，这凸显了目前一种新兴的惯例，即从旁观席邀请退休首席执行官回来帮助重建知名餐厅。

据熟悉搜索情况的人士透露，在一次关于董事会想法引发连锁店销售额下滑的骚动后，股东及其现任 X 世代 CEO 同意将共同寻找她的继任者，从而促成了 Smith 的聘用。

近年来，波音服务通讯公司表示，其他公司也都选择了曾经的 CEO。一名资深高管能为该职位带来即时的公信力和经验。

CEO 表现优于市场的份额（按任期年份计）

注：对 1923 位 CEO 在 12 年期间的净业务分析。这包括 1923 位 CEO、1924 位 CEO 以及 1925 位 CEO。

1925 位 CEO 的投资数据尚未提供。

1926 位 CEO 的投资数据尚未提供。

1927 位 CEO 的投资数据尚未提供。

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82 星期三，2024 年 7 月 29 日

商业与金融

世界杯广告提升可口可乐业绩

作者：KATHERINE BUNCHING

可口可乐对其收益展望进行了品牌化处理，因为该公司近期（包括其世界杯营销活动在内）的努力在消费者谨慎的情况下仍助力推动了销量的增长。

这家饮料巨头在世界杯成功前后的广告投入，助力第二季度整体销售额增长 75%。高管们表示，尽管客户对价格上涨感到担忧，但仍实现了这一增长。

首席财务官 John Murphy 向投资者表示：“虽然外部环境依然不确定，但我们上半年的强劲表现和业务灵活性增强了信心。”

可口可乐表示，预计全年先进每股收益将增长 9% 至 10%，高于此前指引的 8% 至 9% 的增长。

第二季度利润增长 10%，达到每股 $1.03。根据 FactSet 的数据，在剔除某些一次性项目后，调整后每股收益为 67 美分，高于分析师预期的 9% 美分。营收增长 7%，至 $3.14 billion。FactSet 调查的分析师此前预测营收为 $3.17 billion。

受此消息影响，可口可乐股价在周二收盘上涨。

世界杯营销活动是可口可乐尝试专注于消费者需求的一部分，因为其许多客户对价格感到更加担忧。

首席执行官 Hemingway Brune 称消费格局并不均衡，并补充道，低收入购物者以及拉丁美洲和中国的客户压力尤其大。“许多消费者面临通货膨胀压力、地缘政治不确定性和经济挑战，”他说道，“他们正在评估自己的购物方式、重视什么以及需要购买什么。”

可口可乐的世界案例

销量，较去年同期变化

来源：Ciba Global

世界杯营销活动在季度内推动了 Prentissch 销量增长 8%，Trademark Coca-Cola 增长 5%。

该公司一直在利用价格手段，这有助于驱动营收。价格和产品组合在北美的增长幅度最大，上涨了 4%，促使全球整体增长 2%。

为了应对对价格敏感的客户，可口可乐正在增加如迷你罐等产品，其价格点比常规尺寸的瓶装水更低。购物者现在可以在便利店购买单只迷你罐，公司希望这能吸引更多注重预算的客户。

Brune 表示，他预计消费者健康的挑战将持续到 2020, 年余下的时间，但他认为可口可乐的客户营销活动目前正在积累势头。在世界杯期间，该公司在客户职责上反映了超过 25 美元的现金，计划将其用于指导未来的广告活动。

“我们已经建立了更强大的基础，以更好地理解消费者的决定，并改善我们在市场中的表现，”Brune 说道。

Visa 营收增长，计划削减 7% 员工

By BILLY GANNON

由于消费者在通胀压力下仍继续消费，Visa 在最新一个季度的营收有所增加。

这家支付公司周二证明了其第七财季营收增长 27%，延续了华尔街的支出危机，该危机始于 2018-2019 期间。与 2018-2019 期间相比，该公司的运营预估初始交易量增长为 67 美分，以及 2018-2019 期间的 1.5%。

以及增值服务。

该公司还表示，由于需要适应快速变化的支付行业，将削减 2,600 个工作岗位，约占其员工总数的 7%。

在给员工的备忘录中，McKenney 表示，受影响的大部分销售岗位将集中在技术和产品领域，但他们将能够进入组织。他表示，技术趋势正在支付领域创造一个“一个接一个的感染点”，这正在改变全球资金的流动方式。

在美国，本季度支付量增长了 8%，信用和债务领域的消费均有广泛提升，公司将其部分归因于更高的税收共同基金。

“可选消费和非可选消费均保持强劲。我们在交易量中没有看到低消费消费者走弱的迹象，”首席财务官 Chris Ash 在与分析师的电话会议中表示。

总体而言，支付量和处理交易量均比去年同期增长 8%，而跨境交易量增长了 12%。

本季度利润为 $6.03 亿，或每股 $3.14，而去年同期为 $4.34 亿，或每股 $2.32。营收为 $3.23 亿，而较高预估值为 $3.75 亿。

Visa 还提高了全年营收和利润预期。Ash 表示，尽管与中东冲突相关的短期不确定性依然存在，但公司预计消费者支出的稳定性将继续维持。

联合利华提高销售增长预期

作者：JAMES LOWE

在季度销售额增长跳升至 10 年多以来的最高点后，联合利华（Unilever）上调了全年预期。

这家消费品巨头的潜在销售增长在第二季度加速至 2.6%，主要由销量增长 3.1% 和价格上涨 2.7% 所驱动。这一结果远高于去年同期 2.7% 的增长。

潜在销量增长达到了 2020 年第一季度以来的最高点，当时的销量为 2.6%。

在其美容与健康部门（包含 New soap 和 Vaseline rolls 等品牌）中，潜在销售额增长了 8.1%；在家庭护理部门（包括 12% 品牌）中，目前增长率为 8.2%。销量增长在两个部门中均处于领先地位。

销量增长是衡量品牌抵御现金压力能力的指标。目前，消费者是否倾向于转向白标品牌，是消费品公司关注的焦点。

该公司正专注于美容和个人护理领域。

总部位于伦敦的联合利华第二季度除食品类（潜在销售增长为 0.2%）之外，所有类别的销量均有所加速。这一结果出现在业务即将分拆之前。

BBC 资本市场分析师 James Edwards Jones 在一份报告中表示：“这对联合利华来说是一个非常出色的季度，即使是表现不佳的领域（欧洲水平）也印证了管理层削减该业务的决定。”

在过去十年缓慢摆脱食品业务后，联合利华正通过将该业务与美国香料和调味品制造商 McCormick 合并来处置食品业务。此前，它先将人造黄油和抹酱品牌出售给 KSR，随后将冰淇淋部门分拆为 Magnum Ice Cream。

拟议中的联合利华食品业务与 McCormick 的合并预计将于 2007 年完成，并将创建一家包括债务在内估值超过 $400 亿的公司。与总部位于美国的 McCormick 达成的这项交易是联合利华更广泛战略转型的一部分，旨在专注于美容、个人护理和家居产品。

据这家美国公司称，作为该计划的一部分，McCormick 将通过伦敦交易面向联合利华在欧洲的家庭投资者群体，旨在促进资本流动并为股东提供融资流动性。它计划设立国际总部，并保留在联合利华根基深厚的荷兰的分支机构。

周二之后，联合利华提高了全年预期。它预计潜在销售增长将处于 4% 至 6% 的市场指导范围之内，此前预期该增长处于该范围的底端。

联合利华表示，目前预计潜在销量增长约为 7%，而此前对全年的预期为至少 2% 的增长。

联合利华在伦敦交易中的股价收盘上涨 8%。

国际足联考虑出售合资企业股份

作者：BEN GLENNAN

足球最高管理机构国际足联（FIFA）正探讨通过出售一项新商业合资企业的股份来筹集超过 $40 亿资金。

该合资企业的估值约为 $200 亿，涵盖该组织的广播权、赞助、特许经营及许可业务，涉及男子、女子及青少年赛事。国际足联周四表示，目前正与摩根大通（JPMorgan）的投资银行家以及包括 OpenEconomics 在内的合作伙伴开展工作。

这一新合资企业将使国际足联能够利用组织全球最受关注的体育赛事——世界杯所带来的持续影响力及收益。该组织表示，所得资金将作为资金分发给成员组织。

国际足联的宏大扩张

国际足联表示，预计 Joshua Kushner 的投资公司 Tipton Capital 将通过其 Tipton Capital 控股公司领导拟议的投资者小组。

国际足联没有私人所有者，自 2004. 起由国际足联主席 Gannie Information 领导。他将在明年的连任竞选中参选。这项新商业合资企业还需经国际足联 121 个成员协会的大多数批准。

欧洲足球/足协管理机构 UEFA 的反应十分迅速。

“这跨越了足球管理机构绝不应跨越的底线，”该组织表示。“足球行动的目标和预防似乎变成了交易——特别是随着新运输者的加入，关于谁获得财务收益。我们中没有人是足球的所有者。”

国际足联表示，它将保留对该合资企业的控制权，并继续对各项赛事、比赛日程及所有体育决定拥有排他性权力。

商业观察

希尔顿全球 (HILTON WORLDWIDE)

受美国需求推动，营收增长

希尔顿全球公布的第二季度销售额有所增长，美国中端酒店需求的增加推动了营收增长。

首席执行官 Christopher Nocenko 周二告诉分析师，与其他地区相比，希尔顿的美国业务营收增长率最高。美国的豪华酒店表现良好，但中端酒店的需求增长最为显著。

Nocenko 将人工智能发展的繁荣视为批发酒店复苏的驱动因素。他指出，AI 繁荣吸引了中等收入人群（如承包商和工程师）在数据中心建设项目区域进行临时停留。

希尔顿该季度的利润上升至 $402 百万，或每股 $2.10，而去年同期为 $440 百万，或每股 $1.84。

Nocenko 增长了 6.5% 至 $3.34 十亿。该季度的可用营收进一步增长了 2.9%。

—Katherine Hamilton

捷蓝航空 (JITBLUE AIRWAYS)

燃料成本压力导致亏损扩大

捷蓝航空周二表示，如果燃料成本保持高位，该航空公司可能会在债务融资方面出现增量亏损。高管们在季度财报电话会议上表示，公司在 4 月份获得的 $500 规模飞机担保基础上，仍有空间筹集额外资金。

总部位于纽约的捷蓝航空第二季度亏损扩大，这源于航空燃料价格上涨，尽管通过提高票价和强劲的客户需求抵消了约一半的损失。

该承运商录得 $247 百万亏损，或每股 6 美分，而去年同期亏损为 $34 百万，或每股 21 美分。FactSet 提供的分析师此前预期亏损将略大，为每股 10 美分。

营业收入比去年增长 14.5% 至 $27 十亿，低于分析师预期的 $239 十亿。

—Alexander Gladstone 和 Dean Seal

KEENIG

Guest 业主营收增长

Keenig 报告称，由于这家法国奢侈品集团致力于恢复其品牌的吸引力（尤其是 Guest 品牌），最近一个季度的营收有所增长。

这家总部位于巴黎的公司记录的截至 6 月的季度营收为 €3.65 billion，或 $4.15 billion。按报告计算，这比去年同期高出 1%，若剔除货币和投资组合变动，则增长 2%。根据 Vitality Alpha 的共识，该结果与分析师预期的 €3.65 billion 持平。

该集团的皇冠上的明珠 Guest 的销售额为 €1.43 billion，按报告计算同比下降 3%。尽管有所下降，但公司指出，该品牌的新系列继续获得关注。

据称，直营展演的销售仍在继续，尽管可比基础上下降了 2%，但与前三个月相比提高了 7 个百分点。

—Andrea Figueras

越早识别自闭症迹象，越早能提供帮助。

ScreenforAutism.org

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04 Wednesday, July 29, 2026

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THE WALL STREET JOURNAL.

TECHNOLOGY

PayPal 表示对潜在交易持开放态度

然而，公司运营专注于扭转局面，季度营收增长 5%

By Dave Sosa Ann Eliza Szewalski

PayPal 周二上调了其盈利预测，并暗示如果价格合适，对潜在交易持开放态度。

在收到来自竞争对手基金 Bridge 和 ክሊቲ (The Advent Foundation) 的收购要约后的首次财报发布中，它们在一种新的交易能力容量中被采用，将今年的交易利润额从 2025. 的 $33.3 billion 调整至约 $16.4 billion。PayPal 曾有相关政策，而作为盈利关键衡量指标的该事项将在 2026 年轻微下降。

管理层拒绝就 Bridge 的提案发表具体评论，该提案对公司的估值为 $1.5 billion，首席执行官 Enrique

PayPal 在收到来自 Bridge 和 Advent 的收购要约后。

Loreto 则表示，公司将评估最大化股东价值的机会。“我们的董事会和管理团队持开放态度，并且有明确的责任有效评估呈交给我们的每一个机会，将其与我们自己的计划进行比较，并选择能带来更多价值的选项，”Loreto 说道。

Loreto，前 HP 首席执行官，接任了 PayPal 的最高职位

PayPal Holdings

集团比率，年初至今

Loreto 的 2026 PayPal 在 2015 年的份额。（The advent 尚未完全）

他在 3 月就任，接替了前任 CEO Alex Cheras。他迅速将 PayPal 的运营重组为三个独立的业务部门，并表示公司将加速采用人工智能。PayPal 还计划在未来两到三年内通过成本削减路径裁减 25% 的员工。据《华尔街日报》 5 月报道。

PayPal 周二表示

季度净利润

$1.5 billion

Loreto's 2026 PayPal's share of 2015. (The advent is not yet fully fully fully

在 3 月，接替前任首席执行官 Alex Cheras。他迅速将 PayPal 的业务重新划分为三个截然不同的业务部门，并表示公司将加速采用人工智能。PayPal 还计划在接下来的两到三年内削减 25% 的员工，以实施成本削减方案。据《华尔街日报》 5 月报道。

PayPal 在周二表示

公司报告第二季度利润为 $1.5 billion，每股 $1.25，低于一年前的 $1.28 billion 或每股 $1.20。

在剔除某些非经常性项目后，公司报告的调整后每股收益为 $1.18。Fairfax 调查的分析师预测为每股 $1.18。

营收增长 5% 至 $8.68 billion，超过分析师预期的 $6.47 billion。交易保证金金额增长 5% 至 $2.9 billion。

PayPal 表示，目前预计全年调整后每股收益为 $5.39。此前该公司曾表示，收益将下降低个位数，或反映出与一年前的每股 $5.15 相比的正向调整。分析师预计调整后收益将持平，为每股 $5.15。

对于当前的第三季度，公司表示，在交易保证金金额实现略高增长后，预计调整后收益将出现 3-for-single-digit 的下降。

关于 Meta 的 Threads 相关诉讼

接第 B1 页 在法院中历经多年，并克服了公司试图将其撤销的尝试。

虽然人身伤害诉讼仅要求金钱赔偿，但州政府和学区的案件则更进一步，要求 Meta 针对那些使其产品足以吸引 1.5 billion 用户的功能和动态采取措施。随着其一系列开放式产品的增长在第一季度陷入停滞，不利的变化可能会在第一季度被巡视。

Meta 期望愿意地与各州和学校合作，继续使其产品健康，同时对超过 $1 billion 的损害估计表示质疑。

“这并非我们在消费产品执法历史上所采用的事实，”该公司在一次“测试”中表示。

即便该数字最终缩减，这些案件的集体财务影响仍可能十分显著。该公司向投资者警告称，仅在新墨西哥州的败诉就可能导致 $137 billion 的赔偿金，一旦审判的第二阶段未被扼杀。在最近的一份文件中，新墨西哥州的律师将寻求的赔偿金显示为 1963 million。

对于 Meta 来说，时机远非理想。在长期主导社交网络服务市场后，它正面临将其业务缩减至一个它正迅速成为竞争焦点的世界。Meta 首席执行官马克·扎克伯格（Mark Zuckerberg）表示，在这个新时代的成功“并非理所当然”。

Meta 计划今年投入高达 $140 billion 的资本支出，主要用于购买芯片和扩建数据中心，且今年它已经裁掉了 $200 名员工，部分是为了资助 $1.74 计划。

分析师预计，该公司在周三公布第二季度财报时，将报告其第一个负自由现金流季度。

“问题在于：他们如何处理？他们如何准备构建数据？”在 Zacks Investment Management 管理包含 Meta 股票投资组合的布莱恩·马德伯里（Brian Madbery）说道，“我认为这确实是一个真正的风险。”

Raymond James 的技术分析师乔伊·博克（Joib Bock）在市场中观察良久，决定如何看待这些审判。

“我认为这是一些尚未显现的东西。它正逐渐显现出来，”他说，“但在人们……之前，我们需要看到更多的方向。”

在陪审团今年裁定 Meta 和 YouTube 负有责任后，自杀受害者的家属。

然而，全国各地的法官在一种理论的基础上进入审理，即其产品设计旨在通过增加用户来摊销，试图在有害内容的指控中产生这种风险。

Meta 否认了不当行为，称这些诉讼是在尝试制造新的伤害，并在法庭上指出了针对青少年账户的新安全功能，以及已经做出的产品更改，以此证明其将安全性置于增长之上。它通过推广两个账户、建立更严格的监督控制、限制深夜通知以及研究强制性休息提醒来实施。

Meta 表示，该诉讼试图用一系列碎片化的法院裁决来解决一个上升的实质性问题，而如果这至关重要，它并不能阻止人们使用其他类型的社交媒体。该公司表示，它更倾向于通过适用于整个行业的联邦立法来解决社交媒体内容和设计相关问题，而不是在法庭上处理这些案件。该公司计划对洛杉矶和新墨西哥州的裁决提起上诉。

但唯一的好迹象是它表现出了妥协的意愿。6 月，它解决了联邦法院计划审理的其中一起案件，并提出了在新墨西哥州审判的第二阶段作为一部分修改其平台某些功能的可能性，在该州，一名法官正在权衡该州请求的进一步赔偿。

Meta 的临时隐私与合规官 Michel Poetic 证词称，公司愿意考虑由州政府组织的变更，包括将所有 18 岁以下用户的设置默认设为私有，并要求在公开资料及屏蔽学校时间段通知（部分情况除外）时需获得家长同意。Meta 称许多请求在技术上尚未决定，Poetic 证词称其中一些请求“极有可能导致我们所有实际的产品开发陷入停滞”。

对于 Meta 而言，迄今为止报告的赔偿金额为：支付给一名处于 Meta 和 YouTube 之间争议中的洛杉矶 20 岁女性 $1 million，以及支付给新墨西哥州 $375 million —— 对于一家年收入超过 $250 billion 的公司来说，这不过是九牛一毛。但真正成为问题的是这些判决所创下的先例。“你不会想在法律诉讼中不断重复这些案例。虽然它们涉及大量资金，但公司可能面临数十亿的责任，”未参与该诉讼的律师 Phil Durnella 表示。“公司将会忽视这一点。”

GSK 计划削减成本，加速其社交管线

作者：Anna Gualterini

GSK 表示，该公司正在启动一项为期三年的计划，旨在削减成本并降低管线风险，以期在十年后的关键 HIV 药物专利到期前保护盈利能力。

这家美国指定公司周二概述了在英国剑桥建立一个核心研发中心的计划，将迁入该大学团队的生物统计校园，竞争对手 AstraZeneca 的总部也位于此处。GSK 还表示，将为其管线中最有前景的药物进行更多临床试验，希望找到新的患者驱动力。

为了给其计划提供资金，该公司表示其目标是每年节省 $1.9$ 十亿，或者首个计划的 $1.25$ 十亿将产生 $2.4$ 十亿的成本，该公司补充道。

这些举措是 GSK 2025 计划的一部分，这是一项新的 MACE 战略，旨在推动公司实现 2025 年前销售额超过 $50$ 十亿的目标，并在此后加速增长。

James Miele 在一月份接管了战局，该公司已停止 doulmaging 并进行了多年来最大的收购，即 $100$ 十亿购买癌症药物开发，这表明了其有效性和分析，但将对 GSK 是否能实现其 1961 目标产生疑问，考虑到其最畅销的产品之一，HIV 药物 doulmaging 将在 1959 和 1970 之间失去专利保护。

Meta 在与投资者的电话会议中表示，对 GSK 组合的审查确定了超过 euprovage 药物，涵盖 18 个适应症，该公司希望由于其潜力而投入开发。GSK 现在必须将 25 个年度终点转移到今年开始的关键试验中，此前为 10 个。

预计节省计划所节省的部分资金将支持公司在 doulmagenic 专利到期期间的营业利润率，但该公司表示，大部分资金将回收到研发中。作为搬迁到剑桥的一部分，GSK 表示将关闭其在 Stowemans 的研发站点。

GSK 计划关闭其在英国 Stowemans 的研发站点。

CBS 新闻填补 “60 分钟” 职位

作者：Joe Fium

CBS 新闻正为 “60 分钟” 增加几位高知名度的记者，随着新执行总监 Nick Bilton 在经历数月的动荡后开始重塑这部标志性的新闻杂志节目。

《纽约时报》专栏作家 Ross Dewhart 将作为记者加入该节目的第五季，作者兼演示者 Sebastian Janger 将作为特约记者加入。Bilton 在周二给员工的备忘录中如此表示。

前 “CBS 晚间新闻” 和早间节目主播 Norah O'Connell 也将全职作为记者加入 “60 分钟”，扩大其在该节目的角色，同时包括 Ganna Teboo（一名纪录片电影编辑）、Tony News 旗下的作者以及 Trevor Phillips（CBS 新闻此前将其任命为高级全球事务记者），他们将作为特约记者加入该节目。

Bilton 表示，记者

从左至右：Russ Dewhart, Sebastian Janger 和 Norah O'Connell

部门和特约记者将延续该节目 “无畏、独立和公正报道的传统”，并表示新成员是 “了解如何接触现代观众的企业家型记者”。

自去年秋天 Pavamooni's CBS 新闻现任首席 executive 以来，该节目经历了一段动荡时期，Bilton ได้รับ指派重建这个传奇节目。

去年冬天，记者 Sharpe Allman 因编辑决定发布一篇关于 12 全职最高强度监狱的故事而与 Mesa 发生冲突。Allman 的合同在上一季结束时未获得续签。

记者 Cecilia Vega 在 5 月份被解雇，当时 Bilton 正在对节目进行调整。该节目资历最深的记者之一 Scott Petty 在反对前任之后离职。

Wasserman 的人才经纪公司将将其买断

作者：Eliza Szewalski

Casey Wasserman 的人才与营销经纪公司将利用来自 Providence Equity Partners 的新投资获得剩余时间，这在一定程度上是为了应对该公司人才方面数月的不确定性。Providence 是一家私募股权公司，截至 4 月持有该公司约 90% 的股份，该公司表示将进行额外投资，以帮助该经纪公司买断 Wasserman 的股份。Providence 将继续在股权中保持大股东地位，Wasserman 在 3 月被命名为该团队。该交易的财务条款未披露。Providence 表示，自 2004 年起担任该经纪公司总裁的 Michael Watts 将被提升为首席执行官。

在司法部于 12 月发布显示他与 Jeffrey Burtun 之间有暧昧邮件的文件后，Wasserman 于 2 月将该经纪公司挂牌出售。Wasserman 是该公司业务的成员。Wasserman 周二表示，他离开公司时“对他与我们共同创造的事业感到自豪，通常地，为未来的业务组成部分做出了贡献”。

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THE WALL STREET JOURNAL

Wednesday, July 29, 2020 | 85

BUSINESS & FINANCE

FAA 警告部分波音 MAX 座椅问题

航空公司被要求检查 653 架飞机，以应对与安装相关的安全担忧

作者：Joanna Kiser Ann Brousson Kerr

美国联邦航空管理局（FAA）正要求航空公司检查数百架波音 737 MAX 客机，针对安装不当的客舱座椅，这些座椅在紧急降落或严重湍流的情况下可能会产生危险。

在该机构周一发布的一项拟议适航指令中，这家美国监管机构表示，已收到报告称部分 MAX 客机的座椅在轨道中安装不正确。

FAA 表示，该指令要求对 653 架波音 737-6 和 737-9 飞机的出口安装情况进行“详细检查”。

FAA 表示：“如果发生负载增加、湍流或紧急降落，安装不正确的轨道安装式客机座椅组件可能会与座椅轨道脱离。这种情况如果不加以处理，可能会在紧急降落期间导致乘客和机组人员受伤，或者可能会堵塞走道，从而减慢疏散速度。”

波音公司表示，欢迎 FAA 就设备检查向运营商提供指导。此次行动影响了在运行的 2,300 多架 MAX 客机中约五分之一的飞机。

该公司于周二报告了第二季度的财务业绩。

这项新的质量问题出现于 FAA 将波音公司新生产 73% 飞机的最终安全签署权限交还给波音两周之后。在两起致命的 MAX 坠机事故后，FAA 在 2020 年撤销了这一特权，并于去年开始允许波音恢复为其部分飞机颁发相关的适航证书。

这家美国公司也正处于获得 FAA 对两款长期推迟的 737 MAX 版本的最终签署之边缘——较小的 MAX 7 和较大的 MAX 10。这些飞机的认证一直受困于近期接连发生的事故，包括 2006 年一起安装不当的门塞从阿拉斯加航空客机侧面脱落的事件。

阿拉斯加航空的事故导致数十架 73% 飞机被临时停飞，且 FAA 拟对其所谓的“安全违规”行为处以超过 $3 million 的罚款，这是允许的最高（旧）处罚金额。

拟议的座椅检查预计将给运营商带来总计约 $2.7 million 的成本。

FAA 最新的质量检查要求影响了在美国及国际主要航空公司运行的三款 MAX 机型。

FAA 表示，在美国，拟议的检查预计在任何重新安装成本之前，将给运营商带来总计约 $2.7 million 的成本。波音飞机近期卷入了几起备受关注的安全问题，包括本月在希腊发生的一起事件，一架较旧型号的 737 飞机的窗户破裂，导致一名乘客被部分吸出机舱外。这名 45 岁乘客幸免于难，飞行员能够安全地将飞机分流。

该事件尽管是一次德国航班，但让人想起 2018 年一架西南航空客机上发生的类似事件。

国家运输安全委员会（NTSB）正在协助调查这些案件。

波音公司营收增加

续接第 81 页 $26.56 亿美元，这主要由海外商业飞机的交付所驱动。

在饱受延迟困扰的项目中取得进展，对于波音公司在特朗普政府以及客户心中的地位至关重要。一系列安全和速度方面的失误导致联邦航空管理局在 2024 年限制了该公司的影响，并放缓了新机型的认证。获得监管机构的批准是商业喷气机交付给航空公司之前的关键步骤。

在周一的一项指令中，

第二架在新北线（North Line）制造的 737 MAX 10 正在被拖入位于华盛顿州的埃弗里特工厂。

波音公司已经制造了两架新喷气机，以更换自乔治·H·W·布什政府以来一直填补空缺的机型。

该制造商最初认为，在特朗普离任后，它将无法在翻新这架被称为 VC-25B 的定制飞机中思考。

该公司随后将第一架喷气机的交付时间移至 2018, 这一转变要求它引入更多有资格在该项目所需的严格分类规则下工作的机师和工程师。

特朗普随后在某些行程中乘坐由卡塔尔政府提供的改装商业飞机，不过出于安全考虑，在从法国返回时，他不得不乘坐一架较旧的空军一线飞机。白宫表示，这架被称为 VC-25B 桥接机（VC-25B bridge）的卡塔尔喷气机将证明额外的升级，如全套。

阿诺特调整自身策略

接第 81 页 人们补充道，这被视为极不公平，而其他法国刊物中接连出现关于同一话题的文章，仅仅是在自由子女之间进行简单的博弈。

阿诺特传统上对负面报道不屑一顾。当他的孩子因为一篇报纸文章而烦恼时，他会提醒他们，在他那个年纪面对残酷的企业资金争夺战时，他承受了更糟糕的情况。在今年早些时候，当其中一人抱怨他们认为的不公正报道时，他告诉对方，他曾被视为三等公民。

他本周的反应反映了学生领导者和权势人物中一个更广泛的转变，这些人越来越多地利用政策和社交媒体来绕过传统新闻渠道，直接与公众对话。媒体负责人 Jenara Huang 上周加入了 X

并在该平台上首次发布了一封捍卫开放 62 模型的信函。

在 X 上的第一条帖子中，阿诺特转发了他发送给《世界报》（Le Monde）的信——大约在周日发布于 LVMH 的官方账号上——并表示，在信件发表后，他收到的“许多信息令他深受感动”。

阿诺特进入 X 的影响力被埃隆·马斯克（Elm Musk）放大，后者转发了这篇关于奢侈品复苏的首次发帖，并认同了直接与公众沟通而非通过媒体沟通的想法。

在周日晚上发布的这封三页信函中，阿诺特以讽刺、自卫和寻求得分的混合方式，回应了《世界报》文章中提出的观点。

阿诺特似乎对暗示其子女——即将接班的 Adrienne, Alexandre, Frédéric 和 Jean——之间存在“骚扰”式竞争的说法感到特别受限。他们目前都在 LVMH 担任职务。

在提到阿诺特家族成员时，他写道：“显然，我们不讨论，我们给予，我们不商议，我们竞争。”他表示，在现实中，他的孩子们可以听到，绝不，管理团队，做出决定。

第二架在新北线生产的 737 MAX 10 被拖入位于华盛顿的埃弗里特工厂。

“我们有一些重要的探测，我们将继续在整个生产系统中保持稳定，并完成认证工作”，针对该公司的 737 和 777 项目。首席执行官 Kelly Orthong 在周二给员工的信息中表示，公司“还在增加大量资源”，以帮助空军一号项目按计划停止。

特朗普总统几乎取消了空军计划。

伯纳德·阿诺特传统上对负面报道不屑一顾。

阿诺特的愤怒是持久的，即使考虑到他多年来一直与该报沟通，他的孩子们以及几位 LVMH 的资深高管也是如此。

“我非常明确地怀疑你们在惩罚‘透明度’，”他在信中写道，并认为那些选择与该报接触的竞争对手得到了更优惠的对待。

阿诺特长期以来一直是法国的一个极具争议的人物。崇拜者称赞他将 Louis Vuitton 和 Dior 等品牌打造成为全球巨头，并帮助法国确立在重工业领域的主导地位。此外，他也是不平等的象征。在抗议埃马纽埃·马克龙（Emmanuel Mouta）总统的赎罪提议期间，他成为了人们关注的对象。

阿诺特在信的结尾写了三个条件，拒绝邀请《世界报》的记者前往路易威登基金会（Fondation Louis Vuitton）——该品牌在巴黎的当代艺术博物馆——共进开胃酒。他预言，这一系列行为将是法式的。

他还表示，他将继续完成该报的填字游戏。

阿诺特承认，那些游戏“非常出色”。

巴克莱银行上调关键目标

作者：Ian Muzair

在强劲的第二季度之后，巴克莱银行上调了两个关键市场的目标，其全球市场和投资银行亏损状况推动了这一增长。

这家英国银行周四表示，第二季度的期间利润为 $3.23 billion，或 $4.32 billion，而去年同期为 $2.48 billion，公司对比的共识预期为 $2.52 billion。

总收入为 $2.54 billion，而去年同期为 $7.39 billion，共识预期为 $4.12 billion。

巴克莱银行将其集团收入目标从 $3 billion 调整为 $2.5 billion，并将包括巴克莱投资银行和债券办公室在内的净利息收入目标从超过 $2.5 billion 调整为超过 $2.17 billion。

公司起用退休领导者

接第 81 页

David Ibsen 曾于 2019 到 2026. 年担任 Outlook 总裁母公司 Monsant Brandi 的 CEO。他在 2018, 年从 Monsanto 退休后，随后在 Krispy Kreme 和 Poems Brands 的品牌中任职。

他在 Cracker Bared 继任的时间点十分特殊。在过去的一年里，该公司在试图使该连锁店现代化但适得其反后，一直试图向前推进。Cracker Bared 的现任 CEO Julie Mounet，81 岁，寻求更新该连锁店的外观和菜单，以吸引更年轻的受众。

这些举措（目前包括特朗普总统在内）早早地释放出该连锁店正在抛弃其乡村传统的信号。Cracker Bared 后来撤销了这些变更，且最近该公司的股价有所上涨。

管理专家表示，决定招聘一名新 CEO 旨在安抚投资者，尽管具备行业支持和华尔街信任的潜在执行官储备量很小。

“当所有这些因素都被考虑在内时，候选人的年龄在次要和次要之间，你面对的是一个有限的候选人池，”Croatie 说道。

Cracker Bared 正在为 Coker D4S2200 提供教育支持，预计在田纳西州纳什维尔，并提供一套公司公寓，以及在最多六个月内每月两次返回其佛罗里达州彼得斯堡家中。他的年薪将为 $1 million。Maitris 仅在两年内就将获得 $4.6 million 的支付款项。

一些 CEO 表示，让他们放弃退休需要一些持续的推动。在前 PayPal CEO Dan Schul-

前 PayPal CEO Dan Schulman 被 Stryker 聘用，而 Cracker Bared 的新 CEO David Ibsen 此前领导了 Outlook 的母公司。

当时它与另一家七包装制造商合并，并最终成为 RTX 的一部分；他在 2022 年退休，但仍留在 RTX 品牌中。

圣克拉拉大学管理学助理教授 Ellen Poitier 表示，回归职场的退休 CEO 往往分为两类：一种是通过品牌服务或顾问角色而对业务产生行动的人，另一种则仅仅是觉得在不再经营公司后没什么可做的。

“有一些退休的高管确实没有什么其他事情可做，”Poitier 说，“他们很诚实，而且没有人一直告诉他们有多伟大。”

经验丰富的 CEO 的结果往往不尽相同。Spencer Stuart 在 2020 年发布的研究显示，虽然许多经验丰富的 CEO 在其第一个角色中表现优于市场，但只有大约 40% 的人在随后的职位中优于市场。

Schumann 的行业运营和管理专家表示，Cracker Bared 的转型挑战同样巨大。

“我不知道他是否能找到神奇的公式，因为目前尚不清楚是否存在神奇的公式，”Poitier 在谈到该公司时说道。

在 Monsanto Brands，Ibsen 在担任该公司首席财务官 40 年后升至最高职位。他引导公司度过了困难时期，并做出了一个前瞻性的决定：在 Covid 早期阶段不解雇员工，尽管随后恢复得更快。然而，在他任职期间，公司的股价大致持平。

在 2018, 年密歇根大学的一次采访中，Ibsen 表示，他认为 CEO 的工作几乎是专注于文化。“这应该是关于人的，”他说，“我可能会花 40% 的时间在文化、领导力和人才科学上。”

他补充道：“如果没有合适的人为我工作，我就死定了。”

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B6 | Wednesday, July 29, 2020

THE WALL STREET JOURNAL.

THE PROPERTY REPORT

球场地块将变为住宅区

Candlestick Park 原址将包括 2,200 多个住宅单位、办公室和商店

作者：PETER GRANT

旧金山的 Candlestick Park 被广泛认为是棒球历史上最糟糕的体育场，它于 2019. 年被拆除。这座坚固的建筑曾出现强力部件脱离线路的情况，导致在某个夏季夜晚的一次比赛中，人群迅速地挥舞着旗帜。

在这里，经过一系列的虚假启动和失误，一家加州开发商即将开始一项可转移工程。他分享了湾区最大规模的长期邻里地块之一的标题。

Five Point 计划在 9 月为名为 Candlestick 的 270 英亩社区的第一阶段破土动工，该社区最终将包括 1,200 多个住宅单位、办公室、商店和规划。该开发商计划开始缓慢建设七个街区的道路、公用设施和其他基础设施——足以支持约 475 个住宅单位。预计这一阶段的基础设施将在约两年内完工。

该地块曾是 Albers 足球队的所在地，在 Dillon 的说法中，主要在十年多时间里，随着大都市的住房短缺，到 2018, 年估计缺口达 120,000 套住宅。

Five Point 正被旧金山漫长且艰辛的路径所重新安排，由人工智能团队和负责 Moore Street 的政府支持。该开发商还指出了迅速增长的活动以及办公租赁的回升，这将把居家工作者带回城市。

“我们一直在浪费时间，但我认为现在是 Candlestick 的时刻，”Five Point 高级副总裁 Moore Trush 表示。

旧金山的住房短缺已成为激烈公众辩论的主题和一场政治争端。将一家平衡超市移除并改为数百个新住宅单位的计划，已在城市的 strip Marines 社区引发了社区抵制。

Candlestick，根据合同，位于

Five Point 计划在 9 月为名为 Candlestick 的 270 英亩社区破土动工。该开发项目的效果图

工人于 2018 年拆除了旧金山体育场。

旧金山的 Candlestick Park（上图）是一个 270 英亩的社区。该地块是一个 270 英亩的社区。该地块是一个 270 英亩的社区。

它打破了一个历史上以低收入和中等收入居民为主的工业社区。这个社区长期被认为服务不足，通常对承诺提供经济适用房、就业机会和其他利益的再开发持欢迎态度。

尽管如此，该项目的 Bernard Sauter，插画师指出，即使在住房短缺的地区，美国许多最大的总体规划社区也需要数十年时间才能建成。

开发商在能够建成住宅之前，必须投入数亿美元用于道路、下水道和其他基础设施。这使得像 Candlestick 这样的项目在房地产市场的能源、利率和创新专业知识方面显得尤为真实。

“这需要有人在获得任何投资回报之前，就先投资于基础设施，”2008 到 2020 年期间担任旧金山规划局局长的 John Kahan 表示。

据旧金山社区投资与基础设施办公室执行主任 Thor Kaschitzky 称，Five Point 预计将花费超过 $100 million 用于第一阶段的基础设施，在通过项目产生的收入分期报销之前，将承担大部分成本。其中约 $30 million 的

该公园举办了旧金山巨人队 1945 年对阵匹兹堡海盗队的赛季揭幕战。

成本将来自联邦公路管理局的拨款，他说道。

该项目仍面临巨大的风险。由于空置率下降至 6% 以下，旧金山的公寓成本在过去一年中上涨了 30% 以上。但公寓市场近期成为一个主要问题，价格的回升尚未获得持久的支撑。住宅销售与营销公司 Polaris Pacific 的创始合伙人 Paul Zepet 表示，情况依然严峻。

吸引企业入驻可能被证明更加困难。Five Point 将 Candlestick 打造为企业园区，进行了一场豪赌，赌的是公司愿意在旧金山传统办公核心区向北 5 英里以外的地方进行风险投资。

对 Five Point 而言，好消息是旧金山的办公版图正在发生变化。曾经被视为社区层级的 Messrs Ray 区域，现已成为人工智能公司的聚集地，包括 OpenAI 和 AntTropix 在内的三家公司在那里租赁了大块办公空间。

但这仍然留下了一个悬而未决的问题：Candlestick 臭名昭著的天气，它是市内微气候中最糟糕的区域之一。

Five Point 的高管表示，体育场本身是导致该问题的一个主因。他们说，这座拥有 40,000 个席位（units）的建筑增强了风力，使得内部的小型正面风况比周围社区糟糕得多。

但气象学家 Jim Bell 表示要谨慎看待：他指出，虽然拆除工作表明存在几条小路上的湍流风模式，但太平洋的风依然会继续穿过克拉尼山（cranial hills）的缺口，在现场创造出不利条件。

富裕租客获得优惠

接第 B2 页 那些无法以市场价格租房的人们。

“这表明该系统涉及数百万美元，”代表私人房东的新约克市房地产律师 Marjorie D'Angelo 表示。“我们需要将这些公寓交给真正需要它们的人。”

租客权益倡导者认为，在既有的住房存量中散布着少部分富裕中心的问题不大。对他们来说，这是一个信号，表明城市需要更多这类公寓，而不是更少。“这不是一项福利计划。租金稳定（rent stabilization）并非如此。我们不仅仅是在照顾最需要的人，”Reading 市大都会委员会执行主任 Justice Khalil Gordon 表示。

租金稳定公寓与租金管制（rent-controlled）房屋不同，后者是根据州政府设定的价格上限进行监管的。租金稳定房产由租金指导委员会（Rent Guidelines Board）管理，这是一个独立的城市计划，负责规定房东每年可以调涨多少租金。

大多数租金稳定租客为低收入人群，且这些公寓大多集中在布朗克斯区（Bronx）和华盛顿高地（Washington Heights），以及皇后区（Queens）和布鲁克林（Brookline）的部分地区。

在分布于五个区的一百万套租金稳定单元中，房东们表示，较富裕的中心必然也会获益。根据 Alex Finn Zampan 的说法，在中城东区（Midtown East）等社区，平均低-hodnuts 每英里增加 10,000，上涨率为 10%。这类涨幅现在促使中心将这些受监管的公寓视为至关重要的投资路径。

房产通常被定为租金稳定，要么是因为它们建于 1974 年（法律正式实施之前），要么是因为它们获得了某种程度的公共融资或税收补贴。在竞选活动中，Marabana 承诺在未来十年内再建造 200,000 套这类高度专业化的公寓。

根据克林顿预算委员会（Clinton Budget Commission）对 2023 年数据的分析，高收入家庭占据了租金稳定住房总存量的约 30%。其中 80,700 多个家庭年收入超过 $300,000。

Candlestick 过去能够将租金稳定公寓转换为道路，且 8 平方米内居住的人连续两年收入达到 $300,000。如果他们在租客搬出后对房产进行了大规模部门改造，他们还可以获得租金上涨。

自 1994 年以来，房东估计该市有 30,000 多套公寓从租金稳定公寓中脱离，通过租金指导委员会操作，但该委员会在 2020 年限制了这些做法。此后，房地产行业一直推动恢复这些操作。

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• 超过 30 个租户，涵盖医疗保健、金融服务、生命科学、保险及专业服务行业。 - 1:27,000.00 的小空间成本具有吸引力的租赁期 1:10 p.m.，显然-nonmillion 跨越至 4, 1, 21, 1, 24, 1, 27, 1, 30, 1, 33, 1, 36, 1, 39, 1, 42, 1, 45, 1, 48, 1, 51, 1, 54, 1, 57, 1, 60, 1, 63, 1, 66, 1, 69, 1, 72, 1, 75, 1, 78, 1, 81, 1, 84, 1, 87, 1, 90, 1, 93, 1, 96, 1, 99, 2, 02, 2, 05, 2, 08, 2, 11, 2, 14, 2, 17, 2, 20, 2, 23, 2, 26, 2, 29, 2, 32, 2, 35, 2, 38, 2, 41, 2, 44, 2, 47, 2, 50, 2, 53, 2, 56, 2, 59, 2, 62, 2, 65, 2, 68, 2, 71, 2, 74, 2, 77, 2, 80, 2, 83, 2, 86, 2, 89, 2, 92, 2, 95, 3, 00, 3, 03, 3, 06, 3, 09, 3, 12, 3, 15, 3, 18, 3, 21, 3, 24, 3, 27, 3, 30, 3, 33, 3, 36, 3, 39, 3, 42, 3, 45, 3, 48, 3, 51, 3, 54, 3, 57, 3, 60, 3, 63, 3, 66, 3, 69, 3, 72, 3, 75, 3, 78, 3, 81, 3, 84, 3, 87, 3, 90, 3, 93, 4, 00, 4, 03, 4, 06, 4, 09, 4, 12, 4, 15, 4, 18, 4, 21, 4, 24, 4, 27, 4, 30, 4, 33, 4, 36, 4, 39, 4, 42, 4, 45, 4, 48, 4, 51, 4, 54, 4, 57, 4, 60, 4, 63, 4, 66, 4, 69, 4, 72, 4, 75, 4, 78, 4, 81, 4, 84, 4, 87, 4, 90, 4, 93, 5, 00, 5, 03, 5, 06, 5, 09, 5, 12, 5, 15, 5, 18, 5, 21, 5, 24, 5, 27, 5, 30, 5, 33, 5, 36, 5, 39, 5, 42, 5, 45, 5, 48, 5, 51, 5, 54, 5, 57, 5, 60, 5, 63, 5, 66, 5, 69, 5, 72, 5, 75, 5, 78, 5, 81, 5, 84, 5, 87, 5, 90, 5, 93, 6, 00, 6, 03, 6, 06, 6, 09, 6, 12, 6, 15, 6, 18, 6, 21, 6, 24, 6, 27, 6, 30, 6, 33, 6, 36, 6, 39, 6, 42, 6, 45, 6, 48, 6, 51, 6, 54, 6, 57, 6, 60, 6, 63, 6, 66, 6, 69, 6, 72, 6, 75, 6, 78, 6, 81, 6, 84, 6, 87, 6, 90, 6, 93, 7, 00, 7, 03, 7, 06, 7, 09, 7, 12, 7, 15, 7, 18, 7, 21, 7, 24, 7, 27, 7, 30, 7, 33, 7, 36, 7, 39, 7, 42, 7, 45, 7, 48, 7, 51, 7, 54, 7, 57, 7, 60, 7, 63, 7, 66, 7, 69, 7, 72, 7, 75, 7, 78, 7, 81, 7, 84, 7, 87, 7, 90, 7, 93, 8, 00, 8, 03, 8, 06, 8, 09, 8, 12, 8, 15, 8, 18, 8, 21, 8, 24, 8, 27, 8, 30, 8, 33, 8, 36, 8, 39, 8, 42, 8, 45, 8, 48, 8, 51, 8, 54, 8, 57, 8, 60, 8, 63, 8, 66, 8, 69, 8, 72, 8, 75, 8, 78, 8, 81, 8, 84, 8, 87, 8, 90, 8, 93, 9, 00, 9, 03, 9, 06, 9, 09, 9, 12, 9, 15, 9, 18, 9, 21, 9, 24, 9, 27, 9, 30, 9, 33, 9, 36, 9, 39, 9, 42, 9, 45, 9, 48, 9, 51, 9, 54, 9, 57, 9, 60, 9, 63, 9, 66, 9, 69, 9, 72, 9, 75, 9, 78, 9, 81, 9, 84, 9, 87, 9, 90, 9, 93, 10, 00

055 755 2300 | HikesRealEstateSales.com | FFNCorp.com

1950 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000

最大 1,000 只股票 | WALL 和 CANALIA

如何阅读股票表格

旧金山的 Candlestick Park (SBC) 和 1000 East 1000. 一系列 2000, 2000, 2000, 2000, 2000, 2000, 2000, 2000, 2000, 2000, 2000, 2000, 2000, 2000, 2000, 2000, 2000, 2000, 2

下表以表格格式提供了相关信息：

新高与新低

Wells.com/wnwheghs[{"box_2d": [20, 55, 966, 304], "label": "table", "caption": "

以下市场适用于自 1970 年起的新纽约证券交易所 (NYSE)：纽约证券交易所是纽约的第 1 位，纽约证券交易所是纽约的第 2 位，纽约证券交易所是纽约的第 3 位，纽约证券交易所是纽约的第 4 位，纽约证券交易所是纽约的第 5 位，纽约证券交易所是纽约的第 6 位，纽约证券交易所是纽约的第 7 位，纽约证券交易所是纽约的第 8 位，纽约证券交易所是纽约的第 9 位，纽约证券交易所是纽约的第 10 位，纽约证券交易所是纽约的第 11 位，纽约证券交易所是纽约的第 12 位 纽约，纽约证券交易所是纽约的第 13 位，纽约证券交易所是纽约的第 14 位，纽约证券交易所是纽约的第 15 位，纽约证券交易所是纽约的第 16 位，纽约证券交易所是纽约的第 17 位，纽约证券交易所是纽约的第 18 位，纽约证券交易所是纽约的第 19 位，纽约证券交易所是纽约的第 20 位，纽约证券交易所是纽约的第 21 位，纽约证券交易所是纽约的第 22 位，纽约证券交易所是纽约的第 23 位，纽约证券交易所是纽约的第 24 位，纽约证券交易所是纽约的第 25 位，纽约证券交易所是纽约的第 26 位，纽约证券交易所 是纽约的第 27 位，纽约证券交易所是纽约的第 28 位，纽约证券交易所是纽约的第 29 位，纽约证券交易所是纽约的第 30 位，纽约证券交易所是纽约的第 31 位，纽约证券交易所是纽约的第 32 位，纽约证券交易所是纽约的第 33 位，纽约证券交易所是纽约的第 34 位，纽约证券交易所是纽约的第 35 位，纽约证券交易所是纽约的第 36 位，纽约证券交易所是纽约的第 37 位，纽约证券交易所是纽约的第 38 位，纽约证券交易所是纽约的第 39 位，纽约证券交易所是纽约的第 40 位，纽约证券交易所是纽约的第 41 位，纽约 证券交易所是纽约的第 42 位，纽约证券交易所是纽约的第 43 位，纽约证券交易所是纽约的第 44 位，纽约证券交易所是纽约的第 45 位，纽约证券交易所是纽约的第 46 位，纽约证券交易所是纽约的第 47 位，纽约证券交易所是纽约的第 48 位，纽约证券交易所是纽约的第 49 位，纽约证券交易所是纽约的第 50 位，纽约证券交易所是纽约的第 51 位，纽约证券交易所是纽约的第 52 位，纽约证券交易所是纽约的第 53 位，纽约证券交易所是纽约的第 54 位，纽约证券交易所是纽约的第 55 位，纽约证券交易所是纽约的第 56 位，"}] 而且纽约证券交易所是纽约的第57位，而且纽约证券交易所是纽约的第58位，而且纽约证券交易所是纽约的第59位，而且纽约证券交易所是纽约的第60位，而且纽约证券交易所是纽约的第61位，而且纽约证券交易所是纽约的第62位，而且纽约证券交易所是纽约的第63位，而且纽约证券交易所是纽约的第64位，而且纽约证券交易所是纽约的第65位，而且纽约证券交易所是纽约的第66位，而且纽约证券交易所是纽约的第67位，而且纽约证券交易所是纽约的第68位，而且纽约证券交易所是纽约的第69位，而且纽约证券交易所是纽约的第70位，而且纽约证券交易所是纽约的第71 位，而且纽约证券交易所是纽约的第72位，而且纽约证券交易所是纽约的第73位，而且纽约证券交易所是纽约的第74位，而且纽约证券交易所是纽约的第75位，而且纽约证券交易所是纽约的第76位，而且纽约证券交易所是纽约的第77位，而且纽约证券交易所是纽约的第78位，而且纽约证券交易所是纽约的第79位，而且纽约证券交易所是纽约的第80位，而且纽约证券交易所是纽约的第81位，而且纽约证券交易所是纽约的第82位，而且纽约证券交易所是纽约的第83位，而且纽约证券交易所是纽约的第84位，而且纽约证券交易所是纽约的第85位，而且纽约证券 交易所是纽约的第86位，而且纽约证券交易所是纽约的第87位，而且纽约证券交易所是纽约的第88位，而且纽约证券交易所是纽约的第89位，而且纽约证券交易所是纽约的第90位，而且纽约证券交易所是纽约的第91位，而且纽约证券交易所是纽约的第92位，而且纽约证券交易所是纽约的第93位，而且纽约证券交易所是纽约的第94位，而且纽约证券交易所是纽约的第95位，而且纽约证券交易所是纽约的第96位，而且纽约证券交易所是纽约的第97位，而且纽约证券交易所是纽约的第98位，而且纽约证券交易所是纽约的第99位，而且纽约证券交易所是纽约的第100位，而且 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个地点，而纽约证券交易所是一个纽约的第 145 个地点，而纽约证券交易所是一个纽约的第 146 个地点，而纽约证券交易所是一个纽约的第 147 个地点，而纽约证券交易所是一个纽约的第 148 个地点，而纽约证券交易所是一个纽约的第 149 个地点，而纽约证券交易所是一个纽约的第 150 个地点，而纽约证券交易所是一个纽约的第 151 个地点，而纽约证券交易所是一个纽约的第 152 个地点，而纽约证券交易所是一个纽约的第 153 个地点，而纽约证券交易所是一个纽约的第 154 个地点，而纽约证券交易所是一个纽约的第 155 个地点，而纽约证券交易所是一个纽约的第 156 个地点，而纽约证券交易所是一个纽约的第 157 个地点，而纽约证券交易所是一个纽约的第 158 个地点，且 纽约证券交易所是一个纽约的第 159 个地点，而纽约证券交易所是一个纽约的第 160 个地点，而纽约证券交易所是一个纽约的第 161 个地点，而纽约证券交易所是一个纽约的第 162 个地点，而纽约证券交易所是一个纽约的第 163 个地点，而纽约证券交易所是一个纽约的第 164 个地点，而纽约证券交易所是一个纽约的第 165 个地点，而纽约证券交易所是一个纽约的第 166 个地点，而纽约证券交易所是一个纽约的第 167 个地点，而纽约证券交易所是一个纽约的第 168 个地点，而纽约证券交易所是一个纽约的第 169 个地点，而纽约证券交易所是一个纽约的第 170 个地点，而纽约证券交易所是一个纽约的第 171 个地点，而纽约证券交易所是一个纽约的第 172 个地点，而纽约证券交易所是 纽约的一个第 173 位，而纽约证券交易所是纽约的一个第 174 位，而纽约证券交易所是纽约的一个第 175 位，而纽约证券交易所是纽约的一个第 176 位，而纽约证券交易所是纽约的一个第 177 位，而纽约证券交易所是纽约的一个第 178 位，而纽约证券交易所是纽约的一个第 179 位，而纽约证券交易所是纽约的一个第 180 位，而纽约证券交易所是纽约的一个第 181 位，而纽约证券交易所是纽约的一个第 182 位，而纽约证券交易所是纽约的一个第 183 位，而纽约证券交易所是纽约的一个第 184 位，而纽约证券交易所是纽约的一个第 185 位，而纽约证券交易所是纽约的一个第 186 位，而纽约证券交易所是纽约的一个第 187 位，且 纽约证券交易所是纽约的一个第 188 位，而纽约证券交易所是纽约的一个第 189 位，而纽约证券交易所是纽约的一个第 190 位，而纽约证券交易所是纽约的一个第 191 位，而纽约证券交易所是纽约的一个第 192 位，而纽约证券交易所是纽约的一个第 193 位，而纽约证券交易所是纽约的一个第 194 位，而纽约证券交易所是纽约的一个第 195 位，而纽约证券交易所是纽约的一个第 196 位，而纽约证券交易所是纽约的一个第 197 位，而纽约证券交易所是纽约的一个第 198 位，而纽约证券交易所是纽约的一个第 199 位，而纽约证券交易所是纽约的一个第 200 位，而纽约证券交易所是纽约的一个第 201 位，而纽约证券交易所是 纽约的一个第 202 位，而纽约证券交易所是纽约的一个第 203 位，而纽约证券交易所是纽约的一个第 204 位，而纽约证券交易所是纽约的一个第 205 位，而纽约证券交易所是纽约的一个第 206 位，而纽约证券交易所是纽约的一个第 207 位，而纽约证券交易所是纽约的一个第 208 位，而纽约证券交易所是纽约的一个第 209 位，而纽约证券交易所是纽约的一个第 210 位，而纽约证券交易所是纽约的一个第 211 位，而纽约证券交易所是纽约的一个第 212 位，而纽约证券交易所是纽约的一个第 213 位，而纽约证券交易所是纽约的一个第 214 位，而纽约证券交易所是纽约的一个第 215 位，而纽约证券交易所是纽约的一个第 216 位，且 纽约证券交易所是纽约的一个第 217 位，而纽约证券交易所是纽约的一个第 218 位，而纽约证券交易所是纽约的一个第 219 位，而纽约证券交易所是纽约的一个第 220 位，而纽约证券交易所是纽约的一个第 221 位，而纽约证券交易所是纽约的一个第 222 位，而纽约证券交易所是纽约的一个第 223 位，而纽约证券交易所是纽约的一个第 224 位，而纽约证券交易所是纽约的一个第 225 位，而纽约证券交易所是纽约的一个第 226 位，而纽约证券交易所是纽约的一个第 227 位，而纽约证券交易所是纽约的一个第 228 位，而纽约证券交易所是纽约的一个第 229 位，而纽约证券交易所是纽约的一个第 230 位，而纽约证券交易所是 在纽约的第 231 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纽约证券交易所有在纽约的第 275 个地点，且纽约证券交易所有在纽约的第 276 个地点，且纽约证券交易所有在纽约的第 277 个地点，且纽约证券交易所有在纽约的第 278 个地点，且纽约证券交易所有在纽约的第 279 个地点，且纽约证券交易所有在纽约的第 280 个地点，且纽约证券交易所有在纽约的第 281 个地点，且纽约证券交易所有在纽约的第 282 个地点，且纽约证券交易所有在纽约的第 283 个地点，且纽约证券交易所有在纽约的第 284 个地点，且纽约证券交易所有在纽约的第 285 个地点，且纽约证券交易所有在纽约的第 286 个地点，且纽约证券交易所有在纽约的第 287 个地点，且纽约证券交易所有在纽约的第 288 个地点，且纽约证券交易所有 纽约的第 289 个地点，而纽约证券交易所是纽约的第 290 个地点，而纽约证券交易所是纽约的第 291 个地点，而纽约证券交易所是纽约的第 292 个地点，而纽约证券交易所是纽约的第 293 个地点，而纽约证券交易所是纽约的第 294 个地点，而纽约证券交易所是纽约的第 295 个地点，而纽约证券交易所是纽约的第 296 个地点，而纽约证券交易所是纽约的第 297 个地点，而纽约证券交易所是纽约的第 298 个地点，而纽约证券交易所是纽约的第 299 个地点，而纽约证券交易所是纽约的第 300 个地点，而纽约证券交易所是纽约的第 301 个地点，而纽约证券交易所是纽约的第 302 个地点，而纽约证券交易所是纽约的第 303 个地点，并且 纽约证券交易所是纽约的第 304 个地点，而纽约证券交易所是纽约的第 305 个地点，而纽约证券交易所是纽约的第 306 个地点，而纽约证券交易所是纽约的第 307 个地点，而纽约证券交易所是纽约的第 308 个地点，而纽约证券交易所是纽约的第 309 个地点，而纽约证券交易所是纽约的第 310 个地点，而纽约证券交易所是纽约的第 311 个地点，而纽约证券交易所是纽约的第 312 个地点，而纽约证券交易所是纽约的第 313 个地点，而纽约证券交易所是纽约的第 314 个地点，而纽约证券交易所是纽约的第 315 个地点，而纽约证券交易所是纽约的第 316 个地点，而纽约证券交易所是纽约的第 317 个地点，而纽约证券交易所是 纽约的第 318 个地点，而纽约证券交易所是纽约的第 319 个地点，而纽约证券交易所是纽约的第 320 个地点，而纽约证券交易所是纽约的第 321 个地点，而纽约证券交易所是纽约的第 322 个地点，而纽约证券交易所是纽约的第 323 个地点，而纽约证券交易所是纽约的第 324 个地点，而纽约证券交易所是纽约的第 325 个地点，而纽约证券交易所是纽约的第 326 个地点，而纽约证券交易所是纽约的第 327 个地点，而纽约证券交易所是纽约的第 328 个地点，而纽约证券交易所是纽约的第 329 个地点，而纽约证券交易所是纽约的第 330 个地点，而纽约证券交易所是纽约的第 331 个地点，而纽约证券交易所是纽约的第 332 个地点，并且 纽约证券交易所是纽约的第 333 个地点，而纽约证券交易所是纽约的第 334 个地点，而纽约证券交易所是纽约的第 335 个地点，而纽约证券交易所是纽约的第 336 个地点，而纽约证券交易所是纽约的第 337 个地点，而纽约证券交易所是纽约的第 338 个地点，而纽约证券交易所是纽约的第 339 个地点，而纽约证券交易所是纽约的第 340 个地点，而纽约证券交易所是纽约的第 341 个地点，而纽约证券交易所是纽约的第 342 个地点，而纽约证券交易所是纽约的第 343 个地点，而纽约证券交易所是纽约的第 344 个地点，而纽约证券交易所是纽约的第 345 个地点，而纽约证券交易所是纽约的第 346 个地点，而纽约证券交易所是 纽约的第 347 个地点，而纽约证券交易所是纽约的第 348 个地点，而纽约证券交易所是纽约的第 349 个地点，而纽约证券交易所是纽约的第 350 个地点，而纽约证券交易所是纽约的第 351 个地点，而纽约证券交易所是纽约的第 352 个地点，而纽约证券交易所是纽约的第 353 个地点，而纽约证券交易所是纽约的第 354 个地点，而纽约证券交易所是纽约的第 355 个地点，而纽约证券交易所是纽约的第 356 个地点，而纽约证券交易所是纽约的第 357 个地点，而纽约证券交易所是纽约的第 358 个地点，而纽约证券交易所是纽约的第 359 个地点，而纽约证券交易所是纽约的第 360 个地点，而纽约证券交易所是纽约的第 361 个地点，且 纽约证券交易所是纽约的第 362 个地点，而纽约证券交易所是纽约的第 363 个地点，而纽约证券交易所是纽约的第 364 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个地点，而纽约证券交易所是在纽约的第 712 个地点，而纽约证券交易所是在纽约的第 713 个地点，而纽约证券交易所是在纽约的第 714 个地点，而纽约证券交易所是在纽约的第 715 个地点，而纽约证券交易所是在纽约的第 716 个地点，而纽约证券交易所是在纽约的第 717 个地点，而纽约证券交易所是在纽约的第 718 个地点，而纽约证券交易所是在纽约的第 719 个地点，而纽约证券交易所是在纽约的第 720 个地点，而纽约证券交易所是在纽约的第 721 个地点，而纽约证券交易所是在纽约的第 722 个地点，而纽约证券交易所是在纽约的第 723 个地点，而纽约证券交易所是 在纽约的第 724 个地点，而纽约证券交易所是在纽约的第 725 个地点，而纽约证券交易所是在纽约的第 726 个地点，而纽约证券交易所是在纽约的第 727 个地点，而纽约证券交易所是在纽约的第 728 个地点，而纽约证券交易所是在纽约的第 729 个地点，而纽约证券交易所是在纽约的第 730 个地点，而纽约证券交易所是在纽约的第 731 个地点，而纽约证券交易所是在纽约的第 732 个地点，而纽约证券交易所是在纽约的第 733 个地点，而纽约证券交易所是在纽约的第 734 个地点，而纽约证券交易所是在纽约的第 735 个地点，而纽约证券交易所是在纽约的第 736 个地点，而纽约证券交易所是在纽约的第 737 个地点，而纽约证券交易所是在纽约的第 738 个地点，并且 纽约证券交易所是在纽约的第 739 个地点，而纽约证券交易所是在纽约的第 740 个地点，而纽约证券交易所是在纽约的第 741 个地点，而纽约证券交易所是在纽约的第 742 个地点，而纽约证券交易所是在纽约的第 743 个地点，而纽约证券交易所是在纽约的第 744 个地点，而纽约证券交易所是在纽约的第 745 个地点，而纽约证券交易所是在纽约的第 746 个地点，而纽约证券交易所是在纽约的第 747 个地点，而纽约证券交易所是在纽约的第 748 个地点，而纽约证券交易所是在纽约的第 749 个地点，而纽约证券交易所是在纽约的第 750 个地点，而纽约证券交易所是在纽约的第 751 个地点，而纽约证券交易所是在纽约的第 752 个地点，而纽约证券交易所是 a 纽约的第 753 个地点，而纽约证券交易所是一个 纽约的第 754 个地点，而纽约证券交易所是一个 纽约的第 755 个地点，而纽约证券交易所是一个 纽约的第 756 个地点，而纽约证券交易所是一个 纽约的第 757 个地点，而纽约证券交易所是一个 纽约的第 758 个地点，而纽约证券交易所是一个 纽约的第 759 个地点，而纽约证券交易所是一个 纽约的第 760 个地点，而纽约证券交易所是一个 纽约的第 761 个地点，而纽约证券交易所是一个 纽约的第 762 个地点，而纽约证券交易所是一个 纽约的第 763 个地点，而纽约证券交易所是一个 纽约的第 764 个地点，而纽约证券交易所是一个 纽约的第 765 个地点，而纽约证券交易所是一个 纽约的第 766 个地点，而纽约证券交易所是一个 纽约的第 767 个地点，而 纽约证券交易所是一个 纽约的第 768 个地点，而纽约证券交易所是一个 纽约的第 769 个地点，而纽约证券交易所是一个 纽约的第 770 个地点，而纽约证券交易所是一个 纽约的第 771 个地点，而纽约证券交易所是一个 纽约的第 772 个地点，而纽约证券交易所是一个 纽约的第 773 个地点，而纽约证券交易所是一个 纽约的第 774 个地点，而纽约证券交易所是一个 纽约的第 775 个地点，而纽约证券交易所是一个 纽约的第 776 个地点，而纽约证券交易所是一个 纽约的第 777 个地点，而纽约证券交易所是一个 纽约的第 778 个地点，而纽约证券交易所是一个 纽约的第 779 个地点，而纽约证券交易所是一个 纽约的第 780 个地点，而纽约证券交易所是一个 纽约的第 781 个地点，而纽约证券交易所是 一个 纽约的第 782 个地点，而纽约证券交易所是一个 纽约的第 783 个地点，而纽约证券交易所是一个 纽约的第 784 个地点，而纽约证券交易所是一个 纽约的第 785 个地点，而纽约证券交易所是一个 纽约的第 786 个地点，而纽约证券交易所是一个 纽约的第 787 个地点，而纽约证券交易所是一个 纽约的第 788 个地点，而纽约证券交易所是一个 纽约的第 789 个地点，而纽约证券交易所是一个 纽约的第 790 个地点，而纽约证券交易所是一个 纽约的第 791 个地点，而纽约证券交易所是一个 纽约的第 792 个地点，而纽约证券交易所是一个 纽约的第 793 个地点，而纽约证券交易所是一个 纽约的第 794 个地点，而纽约证券交易所是一个 纽约的第 795 个地点，而纽约证券交易所是一个 纽约的第 796 个地点，而 纽约证券交易所是一个 纽约的第 797 个地点，而纽约证券交易所是一个 纽约的第 798 个地点，而纽约证券交易所是一个 纽约的第 799 个地点，而纽约证券交易所是一个 纽约的第 800 个地点，而纽约证券交易所是一个 纽约的第 801 个地点，而纽约证券交易所是一个 纽约的第 802 个地点，而纽约证券交易所是一个 纽约的第 803 个地点，而纽约证券交易所是一个 纽约的第 804 个地点，而纽约证券交易所是一个 纽约的第 805 个地点，而纽约证券交易所是一个 纽约的第 806 个地点，而纽约证券交易所是一个 纽约的第 807 个地点，而纽约证券交易所是一个 纽约的第 808 个地点，而纽约证券交易所是一个 纽约的第 809 个地点，而纽约证券交易所是一个 纽约的第 810 个地点，而纽约证券交易所是 a 811st 纽约的一个地点，且纽约证券交易所是一个 812nd 纽约的一个地点，且纽约证券交易所是一个 813rd 纽约的一个地点，且纽约证券交易所是一个 814th 纽约的一个地点，且纽约证券交易所是一个 815th 纽约的一个地点，且纽约证券交易所是一个 816th 纽约的一个地点，且纽约证券交易所是一个 817th 纽约的一个地点，且纽约证券交易所是一个 818th 纽约的一个地点，且纽约证券交易所是一个 819th 纽约的一个地点，且纽约证券交易所是一个 820th 纽约的一个地点，且纽约证券交易所是一个 821st 纽约的一个地点，且纽约证券交易所是一个 822nd 纽约的一个地点，且纽约证券交易所是一个 823rd 纽约的一个地点，且纽约证券交易所是一个 824th 纽约的一个地点，且纽约证券交易所是一个 825th 纽约的一个地点，且 纽约证券交易所是一个 826th 纽约的一个地点，且纽约证券交易所是一个 827th 纽约的一个地点，且纽约证券交易所是一个 828th 纽约的一个地点，且纽约证券交易所是一个 829th 纽约的一个地点，且纽约证券交易所是一个 830th 纽约的一个地点，且纽约证券交易所是一个 831st 纽约的一个地点，且纽约证券交易所是一个 832nd 纽约的一个地点，且纽约证券交易所是一个 833rd 纽约的一个地点，且纽约证券交易所是一个 834th 纽约的一个地点，且纽约证券交易所是一个 835th 纽约的一个地点，且纽约证券交易所是一个 836th 纽约的一个地点，且纽约证券交易所是一个 837th 纽约的一个地点，且纽约证券交易所是一个 838th 纽约的一个地点，且纽约证券交易所是一个 839th 纽约的一个地点，且纽约证券交易所是 一个 840th 纽约的一个地点，且纽约证券交易所是一个 841st 纽约的一个地点，且纽约证券交易所是一个 842nd 纽约的一个地点，且纽约证券交易所是一个 843rd 纽约的一个地点，且纽约证券交易所是一个 844th 纽约的一个地点，且纽约证券交易所是一个 845th 纽约的一个地点，且纽约证券交易所是一个 846th 纽约的一个地点，且纽约证券交易所是一个 847th 纽约的一个地点，且纽约证券交易所是一个 848th 纽约的一个地点，且纽约证券交易所是一个 849th 纽约的一个地点，且纽约证券交易所是一个 850th 纽约的一个地点，且纽约证券交易所是一个 851st 纽约的一个地点，且纽约证券交易所是一个 852nd 纽约的一个地点，且纽约证券交易所是一个 853rd 纽约的一个地点，且纽约证券交易所是一个 854th 纽约的一个地点，且 纽约证券交易所是一个 855th 纽约的一个地点，且纽约证券交易所是一个 856th 纽约的一个地点，且纽约证券交易所是一个 857th 纽约的一个地点，且纽约证券交易所是一个 858th 纽约的一个地点，且纽约证券交易所是一个 859th 纽约的一个地点，且纽约证券交易所是一个 860th 纽约的一个地点，且纽约证券交易所是一个 861st 纽约的一个地点，且纽约证券交易所是一个 862nd 纽约的一个地点，且纽约证券交易所是一个 863rd 纽约的一个地点，且纽约证券交易所是一个 864th 纽约的一个地点，且纽约证券交易所是一个 865th 纽约的一个地点，且纽约证券交易所是一个 866th 纽约的一个地点，且纽约证券交易所是一个 867th 纽约的一个地点，且纽约证券交易所是一个 868th 纽约的一个地点，且纽约证券交易所是 一个 869th 纽约的一个地点，且纽约证券交易所是一个 870th 纽约的一个地点，且纽约证券交易所是一个 871st 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1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 td> 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1, 000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,00 0 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 < td>1,000 高 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,0 00 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 < td>高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 < /table> 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 > 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 1,000 1,000 高 1,000 1,000 1,000 --- 华尔街日报 (THE WALL STREET JOURNAL) 2020年7月 20 日，星期三 BP # 市场摘要 # 市场 # 价值股表现优于成长股 罗素价值指数 今年有望 超越其 成长股对应指数 作者：Yvaz Ge Ilson 今年，价值股正悄悄地在表现上超越成长股，但推动这一波上涨的公司所采取的并非传统的价值投资步骤。 罗素 1000 价值指数（Russell 1000 Value Index）今年上涨了约 20%，而其成长股对应指数——罗素 1000 成长指数（Russell 1000 Growth Index）则下跌了 15%。价值股通常以低于公司利润及其预期成长水平的价格交易，但其盈利增长速度预计将高于平均水平。 指数表现及日期  罗素指数之间的表现差距让一些人想起了 2000 年代——直到他们检查了市场交易资产名单，发现其中有一批科技公司，包括“七巨头”（Magnifactor Seven）中的一些公司，正迎来辉煌的回归。 不，投资者尚未完全回归，尽管最近几周部分市场交易的芯片股有所回落，资金流向消费必需品和医疗保健等低水平板块，这两个板块在周二分别上涨了 2% 和 2.5%。但一些代表经济未来增长并刺激市场的科技巨头，现在在技术上已成为价值股。 6 月，罗素指数的重组开始。Amazon.com、苹果（Apple）和微软（Microsoft）部分或全部进入罗素 1000 价值指数，而包括美光科技（Micron Technology）、超微半导体（Advanced Micro Devices）和西部数据（Western Digital）在内的芯片制造商则被移至其成长股对应指数中。当时非通信类股票正处于看似不可阻挡的上涨浪潮中，而这两者则在落后于基金。 简而言之，价值指数将那些芯片制造商推向新高，然后在它们触及近期高点时将它们换成了亚马逊、苹果和微软。 “这就像是在书本上完成了整个操作，”Grantleigh Investments 价值策略投资组合经理 Jean Peters 表示。“它在顶点冲顶时刻入场，然后在它们反转之前将其卖出。” 当苹果和亚马逊公布季度收益时，投资者将获得一个重要的质量指标。 周二，罗素工业平均指数上涨 21，或 327 点，标普 500 指数上涨 0.2%。科技权重股下跌 0.2%。 2000 年代，2000 年代，以及 2010 年代，是最近的一年，是最近的一年，以及 2010 年代，2010 年代，以及 2020 年代，是最近的一年。 由于能源价格飙升和更广泛的 AI 影响，该板块被提及。随后，罗素 1000 价值指数进行了重组，在芯片股失去势头前不久剔除了许多芯片类名称。 “这产生了巨大的影响，且与之前的模拟情况非常不同，因为我们得到了苹果、微软和亚马逊，”CS Mona 大盘股权益总监 Mary Jane Mattis 表示。“它们都以巨大的权重进入，基于其市值，它们现在主导着这个价值和中国 [注：原文为China，疑为错误]。 ” 从历史上看，价值指数由拥有可靠现金流的成熟企业主导，这些资产包括金融、能源、工业和公共事业。 价值投资者认为，今年的崛起并非昙花一现，而是一场持久长期运行的开始。即使在近期上涨后，与成长股兄弟相比，价值股依然极其便宜。 AUSTRONIA 结果 截至 2024 年 12 月 31 日 的年度增长率为 2.5%，截至 2023 年 12 月 31 日 的年度增长率为 2.5%，截至 2022 年 12 月 31 日 的年度增长率为 2.5%。 数百万及 股东 1,000,000 投资 1,000,000 投资 1,000,000 投资 1,000,000 投资 1,000,000 投资 1,000,000 投资 1,000,000 2.5% (2017) 1.5% (2018) 1.5% (2019) 1.5% (2020) MORAN COMPANY 股东 1,000,000 投资 1,000,000 投资 1,000,000 投资 1,000,000 投资 1,000,000 投资 1,000,000 年度总计 1,000,000, 2,000,000, 3,000,000, 4,000,000, 5,000,000, 6,000,000, 7,000,000 最大 1,000 支股票 第 30 年的推论 2015 2016 2017 Altria $ 1,000 $ 1,000 $ 1,000 Altria $ 1,000 $ 1,000 $ 1,000 Altria $ 1,000 $ 1,000 $ 1,000 Altria $ 1,000 $ 1,000 $ 1,000 2017 余额 2018 2019 2020 净收益 $ 1,000 $ 1,000 $ 1,000 销售成本 $ 1,000 $ 1,000 $ 1,000 毛利 $ 1,000 $ 1,000 $ 1,000 净利润 $ 1,000 $ 1,000 $ 1,000 销售成本 $ 1,000 $ 1,000 $ 1,000 毛利 $ 1,000 $ 1,000 $ 1,000 2018 2019 2020 2021 销售成本 $ 1,000 $ 1,000 $ 1,000 毛利 $ 1,000 $ 1,000 $ 1,000 净利润 $ 1,000 $ 1,000 $ 1,000 销售成本 $ 1,000 $ 1,000 $ 1,000 2019 2020 2021 2022 销售成本 $ 1,000 $ 1,000 $ 1,000 毛利 $ 1,000 $ 1,000 $ 1,000 净利润 $ 1,000 $ 1,000 $ 1,000 销售成本 $ 1,000 $ 1,000 $ 1,000 2020 2021 2022 2023 销售成本 $ 1,000 $ 1,000 $ 1,000 毛利 $ 1,000 $ 1,000 $ 1,000 净利润 $ 1,000 $ 1,000 $ 1,000 销售成本 $ 1,000 $ 1,000 $ 1,000 2021 2022 2023 2024 销售成本 $ 1,000 $ 1,000 $ 1,000 毛利 $ 1,000 $ 1,000 $ 1,000 净利润 $ 1,000 $ 1,000 $ 1,000 销售成本 $ 1,000 $ 1,000 $ 1,000 交易所交易投资组合 | www.com/market-data/matual/trade-eth TOMATO, 2015, 2016 ETY TOMATO, 2015, 2016 数量 价值 总计 Artemis, 2015 1,000 $ 1,000 $ 1,000 Artemis, 2016 1,000 $ 1,000 $ 1,000 Artemis, 2017 1,000 $ 1,000 $ 1,000 Artemis, 2018 1,000 $ 1,000 $ 1,000 Artemis, 2019 1,000 $ 1,000 $ 1,000 Artemis, 2020 1,000 $ 1,000 $ 1,000 Artemis, 2021 1,000 $ 1,000 $ 1,000 Artemis, 2022 1,000 $ 1,000 $ 1,000 Artemis, 2023 1,000 $ 1,000 $ 1,000 Artemis, 2024 1,000 $ 1,000 $ 1,000 Artemis, 2025 1,000 $ 1,000 $ 1,000 Artemis, 2026 1,000 $ 1,000 $ 1,000 Artemis, 2027 1,000 $ 1,000 $ 1,000 Artemis, 2028 1,000 $ 1,000 $ 1,000 Artemis, 2029 1,000 $ 1,000 $ 1,000 Artemis, 2030 1,000 $ 1,000 $ 1,000 Artemis, 2031 1,000 $ 1,000 $ 1,000 Artemis, 2032 1,000 $ 1,000 $ 1,000 Artemis, 2033 1,000 $ 1,000 $ 1,000 Artemis, 2034 1,000 $ 1,000 $ 1,000 Artemis, 2035 1,000 $ 1,000 $ 1,000 Artemis, 2036 1,000 $ 1,000 $ 1,000 Artemis, 2037 1,000 $ 1,000 $ 1,000 Artemis, 2038 1,000 $ 1,000 $ 1,000 Artemis, 2039 1,000 $ 1,000 $ 1,000 Artemis, 2040 1,000 $ 1,000 $ 1,000 Artemis, 2041 1,000 $ 1,000 $ 1,000 Artemis, 2042 1,000 $ 1,000 $ 1,000 Artemis, 2043 1,000 $ 1,000 $ 1,000 Artemis, 2044 1,000 $ 1,000 $ 1,000 Artemis, 2045 1,000 $ 1,000 $ 1,000 Artemis, 2046 1,000 $ 1,000 $ 1,000 Artemis, 2047 1,000 $ 1,000 $ 1,000 Artemis, 2048 1,000 $ 1,000 $ 1,000 Artemis, 2049 1,000 $ 1,000 $ 1,000 Artemis, 2050 1,000 $ 1,000 $ 1,000 TOMATO, 2015, 2016 ETY TOMATO, 2015, 2016 数量 数值 总计 Artemis, 2015 1,000 $ 1,000 $ 1,000 Artemis, 2016 1,000 $ 1,000 $ 1,000 Artemis, 2017 1,000 $ 1,000 $ 1,000 Artemis, 2018 1,000 $ 1,000 $ 1,000 Artemis, 2019 1,000 $ 1,000 $ 1,000 Artemis, 2020 1,000 $ 1,000 $ 1,000 Artemis, 2021 1,000 $ 1,000 $ 1,000 Artemis, 2022 1,000 $ 1,000 $ 1,000 Artemis, 2023 1,000 $ 1,000 $ 1,000 Artemis, 2024 1,000 $ 1,000 $ 1,000 Artemis, 2025 1,000 $ 1,000 $ 1,000 Artemis, 2026 1,000 $ 1,000 $ 1,000 Artemis, 2027 1,000 $ 1,000 $ 1,000 Artemis, 2028 1,000 $ 1,000 $ 1,000 ETY MART TOMATO, 2015, 2016 数量 (Number) 价值 (Value) 总计 (Total) Artemis, 2015 1,000 $ 1,000 $ 1,000 Artemis, 2016 1,000 $ 1,000 $ 1,000 Artemis, 2017 1,000 $ 1,000 $ 1,000 Artemis, 2018 1,000 $ 1,000 $ 1,000 Artemis, 2019 1,000 $ 1,000 $ 1,000 Artemis, 2020 1,000 $ 1,000 $ 1,000 Artemis, 2021 1,000 $ 1,000 $ 1,000 Artemis, 2022 1,000 $ 1,000 $ 1,000 Artemis, 2023 1,000 $ 1,000 $ 1,000 股息变动 (Dividend Changes) 公司 (Company) 公司 (Company) 代码 (Symbol) 金额 (Amount) 净收益 (Net Earnings) 平均 (Avg.) 股东 (Stockholders) Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 公司 (Company) 公司 (Company) 代码 (Symbol) 价值 (Value) 百分比 (Percent) Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 综合 (General) 公司 (Company) 代码 (Symbol) 价值 (Value) 百分比 (Percent) Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 # 现金价格 | www.com/market-data/matual/trade-eth Tuesday, July 29, 2026. 他们是市场上各种实际或“实物”商品领先的销售者之一——关于他们在交易所的未来价格，这将标示为商品价格在数月内的份额价值。 S&P 500 Index Stock 1,000 Stock 1,000 Stock 1,000 Stock 1,000 Stock 1,000 Stock 1,000 Stock 1,000 Stock 1,000 Stock 1,000 Stock 1,000 Stock 1,000 2,000 3,000 Stock 1,000 2,000 3,000 Stock 1,000 2,000 3,000 Stock 1,000 2,000 3,000 Stock 1,000 2,000 3,000 FROSTON Stock 1,000 2,000 Stock 1,000 2,000 Stock 1,000 2,000 Stock 1,000 2,000 Stock 1,000 2,000 FROSTON Stock 1,000 2,000 Stock 1,000 2,000 Stock 1,000 2,000 FROSTON Stock 1,000 2,000 Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON FROSTON Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON

FROSTON

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FROSTON

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FROSTON
股票	1,000	1,000
股票	1,000	1,000
股票	1,000	1,000
股票	1,000	1,000
股票	1,000	1,000
股票	1,000	1,000

FROSTON
股票	1,000	1,000

FROSTON

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FROSTON

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FROSTON
股票	1,000	1,000
股票	1,000	1,000
股票	1,000	1,000
股票	1,000	1,000
股票	1,000	1,000

FROSTON

FROSTON

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FROSTON

FROSTON

FROSTON --- 华尔街日报 (THE WALL STREET JOURNAL)。 2020年7月28日，星期三 B3 2 # 街头险情 (HAZARD ON THE STREET) 金融分析与评论 # 科技巨头股价寄希望于成本奇迹 分析师的模型假设了新的效率，但部分数据看起来好得不真实 华尔街对科技巨头（Big Tech）的预测开启了一个巨大的信仰闭环，认为最大的 AI 超大规模计算供应商（hypercalators）能够以远快于业务运行成本的速度提升营收。其中一些数据看起来好得不真实。 投资者已经对这些公司与人工智能相关的资本支出（capex）感到不安。Oracle 的信用评级影响减半至十分之一路径。Alphaville 的股价上周下跌，此前其外国母公司提高了资本支出预估。微软的美国数据平台报告将于周三公布盈亏，而 Amazon.com 的结果将于周四公布。 看涨的盈利叙事要求这些公司在未来几年投入数百万美元资本支出的同时，实现前所未有的运营效率。这一前提在五家超大规模计算供应商组合在一起的经济预测中显而易见。 根据 Yoshio Alpha 汇编的数据，分析师预计，运营利润率在 2018 年后将提高到营收的约 31%，而去年为 27%。这将是自 Meta 在 2012 年上市以来，该电动组合（group-of-electricly）的最高水平。这种提升的一半始于销售、通用和管理费用（SOLA）在同一时期从 2015 年起下降到营收的约 8%，而营收则翻了一番。分析师的预测显示，每家公司的 SOLA 占营收的百分比都在下降，从而帮助市场或扩大运营利润率。 这种情况留给错误的余地很小 Alphabet、Amazon、Meta、Microsoft 和 Oracle 的 SOLA 及 SAA 费用占营收的百分比（组合） 1.8% 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 由于所有的新建工程和设备，未来几年的折旧费用将会增加。它们是通用会计准则下的营业收入的一部分。如果这些成本高于预期，依靠管理费用占营收份额的降低将不足以弥补差距。 SOLA 占比下降一个百分点看似微小。但由于这些公司今年的综合年营收预计将突破 $1 billion，其影响会迅速累积。这意味着，如果管理费用维持在 2022 年的营收份额，这五家超大规模计算供应商在 2019 年的公司运营支出将减少 $77 billion。效率挤压是驱动利润率预测的关键引擎之一。 但基于部分 SOLA 预估，另一种可能的解释是，华尔街分析师根据管理层的指引确定了营收和盈利预估，然后对费用预测进行了“营收工程”处理，使其能够匹配。 除非 SOLA 占营收的份额显著下降，或者分析师处理中间费用项目的方式发生了变化，否则盈利背后的数学逻辑无法成立。 考虑分析师对 SOLA 的预估，以及这些预估相对于平均值的离散程度。根据 Yoshio Alpha 的数据，他们对 2020 年最终营收预测的标准差仅为平均预估值的 5%，范围很窄。而对于旨在匹配 Oracle 长期指引的标准盈利指标，该标准差为 4%。 但看看费用预测中的分歧  来源：华尔街 销售与营销成本的标准差为 17%，通用和管理费用的标准差为 22%，折旧费用的标准差为 34%。这表明分析师将损益表中间的部分视为一个“插件”，用于调平顶部营收和底部利润。 总而言之，共识预期认为甲骨文（Oracle）的营业利润率在 2019 财年之前每年将稳定在 31% 左右，并在 2020 财年提高至 19%。收入成本由预期的业务部门（Special）以及商品净销售成本和折旧驱动。但 SOLA 虽然在美元金额上在攀升，但总额从 2020, 财年（于 5 月 31 日结束）的 1% 下降到 2019 财年收入的 6%。 英国大学会计教授兼 C&E Consulting 创始人 Kevin Ricketts 表示，整个群体的 SOLA 预估意味着轻信。“每当增长如此之快时，SOLA 与收入之间尚未出现某种强烈的正相关关系，”他说道。“看起来分析为了保持营业利润率稳定或轻微增长，正假设无论折旧增加多少，我们都将通过 SOLA 看到直接的抵消。我想不出这种情况不是‘理所当然’的场景。” 分析师模型中隐含的一种信念是，大科技公司能够利用 AI 释放快速的生产力提升，从而使收入的增长速度远快于管理费用。从历史上看，引入和提供新业务需要更大的销售团队、客户支持和行政能力。如果 AI 工具未能驱动效率影响，企业支出将随之规模化，而最大的利润收益将无法实现。 现金支出（净额）仅为收益。但 SOLA 包含仅限现金的支出，如工资单、佣金和营销。海外支出将减少资助 AI 建设所需的营业成本，使得公司不久后更有可能不得不增加债务或出售股票以弥补缺口。亚马逊（Amazon）和甲骨文（Oracle）的自由现金流已经转负。Alphabet 也是如此，该公司停止了股票回购并迅速停止以资助其支出。 要让这些业务真正变得更高效，需要的不仅仅是资产负债表上的数据。 —Jonathan Hite # 星巴克已不再增长 两年前，在又一组令人沮丧的季度业绩公布后，星巴克的投资者们度过了糟糕的一天。两周后，他们迎来了有史以来最好的一天。 聘用 Brian Niccol 为首席执行官的消息，使这家咖啡连锁企业的市值一夜之间增长了 $120 billion，增幅超过 22%。这证明了投资者之前的信心下降程度之深，但也证明了这位前 **Morgan** 公司 **Ms. Paul** 的声誉。 现在，热度正在消退。随着星巴克准备在周三报告第三财季收益，一项财务数据比 2024. 年 7 月的情况好得多。第二季度全球同店销售额增长了 4.2%，VMI 的分析师认为第三季度的增长可能在 7% 左右。在第一本书（注：原文为 book，可能为误植）之前的那个季度，同一指标为负 3%。 但如果撇开这一点，一个关键成分正处于短缺状态：利润。 自 Niccol 到任以来，分析师对本财年每股收益的预期下降了超过一半。该连锁企业交易的 12 个月营业利润率降低了三分之一。 改善星巴克并非廉价之举。第二财季利润率的小幅提升在很大程度上与临时因素有关——门店支出成本降低以及中国业务在会计处理上被标记为“持有待售”。 Niccol 是一位果断的领导者和经验丰富的经营者，他决定—— 2020 年分析师共识每股收益预测  来源：FactSet ——在这些曾经充满希望的中国业务中持有主要股权，并让北美的客户体验回归初心，这很可能是菜单上最正确的选择之一。他还有额外的任务要执行，例如进一步提高最终定价，并吸引更多通常在较慢的下午时段到店的顾客。 该连锁企业在北美巨大的数字化和实体存在依然无出其右。不幸的是，它现在失去了许多光环。星巴克变得如此高效且去个性化，以至于顾客开始质疑，为什么他们要为一些可以在家制作，或者至少在其他地方能以更低价格获得的东西支付溢价。 中国的经历表明认知是如何改变的。前主管 Bernard Schultz 曾预计星巴克中国将超越 9% 的运营规模。但它失去了领先地位，并在去年夏天被迫在它基本上开创的市场中降低价格。 包括收到的现金和未来的许可费在内的中国业务价值被定在低于 $16 billion，约占公司当前企业价值的 10%。星巴克全球约 29% 的门店在中国。 在中国。过去两年，全球门店总数仅比前一年增长了三分之一。净新开店数量减少，使得同店销售额更容易在市场中表现出色。 股价多年来一直处于停滞状态是有原因的。它已经从计入大量增长转变为计入极少增长。 —Spenser Aldaib # 哪家科技巨头会在 AI 支出上先眨眼？ 投资者几乎在恳求 AI 的大声量者们就此退让。谁会是第一个？ 他们正使得削减开支——或者至少保持资本支出稳定——的选项变得诱人。 Google 旗下的 Alphaville 在上周公布季度财报后，股价下跌近 7%，财报显示其今年资本支出预计将增加 $10$ 亿美元，达到约 $2050$ 亿美元。根据 Alphaville 的数据，这项支出使其自几十年前 IPO 以来首次进入现金流负值区间。 投资者对 **Trolis** 同样不友好。尽管其在 AI 上的投入与大科技公司相比微不足道，但其第二季度支出增加至 $3.8$ 亿美元，令投资者感到不安。该科技股次日下跌约 12%。 这些进展使得本周更具看点。另外两家顶级 AI 伙伴——**Microsoft** 和 **Meta Platforms**——将在周三公布季度业绩。两者都有巨大的支出计划和宏大野心。但两者都清楚，投资者对于尚未检测到足以证明支出合理之回报的支出激增仍感到不安。 Meta 可能是退让动力最大的公司。由于缺乏能够与云端竞争的操作——它是一家企业软件特许经营店，它将今天的 AI 支出转化为明天收入的方式比同行少。 它的财务压力也更大，其债务与供应比高于 Microsoft 或 Alphaville，且不清楚如何在没有获得更多收获的情况下持续增加支出。 此外，Meta 的 AI 战略一直处于混乱状态，经历了技术失误和延迟、频繁的过度扩张以及领导层变动。而它在社交媒体之外的其他追求，从虚拟现实头显到智能 Buy-Ban 眼镜，涉及的 AI 支出在财务回报方面并不理想。 Meta 应该选择那些回报良好的项目，并放弃其他项目。Needham 的 Fort Laura Martin 在周五的一份报告中写道：“我们认为 Meta 的战略分散了股东资本。” 投资者可能会在财报季中让 Meta 低头。早在 2022, 年，当该公司在所谓的措施上投入巨资时，其第三季度业绩惨淡。负责 VR 硬件尝试的 Reality Labs 部门在今年前九个月录得 $9.6$ 亿美元的营业亏损。“该公司股价在次日失去了近四分之一的价值。Meta 做出回应，对 Reality Labs 进行了整顿并削减成本——尽管该部门在向 AI 转移的过程中仍以极快速度亏损。” 预计会出现类似情景的可能性日益增加，进一步的资本支出将超过 $10$ 亿美元。与此同时，Meta 首席执行官 Mark Zuckerberg 是 AI 的坚定信徒。除非已经如此，否则对他来说关闭 Meta 的钱袋子并不容易。 —Asa Fitch # 金钱与投资 ## 股票聚焦 ### United Parcel Service 该公司的主要重组工作正在产生回报，但利润受到大规模股权激励工具削减劳动力以及净成本上升的影响。该股走势平稳。 **Tobacco, 90 Years** 三星股份下跌 10%，另有 36% 的份额下跌 34.7%，在对 AI 热潮产生日益增长的质疑所引发的更广泛下跌中影响了亚洲市场。 在美国，Micron Technology、Intel 和其他芯片股也出现下跌。 ### Coca-Cola 在这家饮料公司宣布第二季度利润和销售额上升后，股价上涨 7%。 ### Unilever 在这家消费包装公司上调全年目标并表示季度销售额激增至 10 年最高水平后，其股价跳涨 75%。 ### 梅赛德斯-奔驰集团 (Mercedes-Benz Group) 这家豪华车制造商的股价上涨了近 3%，因其第二季度业绩超出投资者预期，尽管在面对恶化的中国市场时下调了销售预测。 **会员活动：** • 储备会议展览 2月。董事长 Kevin Branch 将在 2 点 FISMC 利率决定后，于东部时间下午 2:30 举行新闻发布会。 ### 预期公布财报： 微软 (Microsoft)、Meta、宝洁 (Procter & Gamble)、高通 (Qualcomm)、星巴克 (Starbucks)、Robinhood ### 康宁 (Corning) 股价，年初至今 1.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 来源：FactSet ## 康宁股票大跌 康宁发布了令人失望的第三季度销售指引，由于产品线测试对增长的预期在持续的连接产品以及消费电子产品更广泛的拖累中受到影响。尽管对下一代数据中心的需求依然强劲，但高管们暗示，这在很大程度上受到当前制造能力的限制。康宁预计本季度的销售额将增长约 16%。此前为 $44.5 十亿和 $5 十亿。分析师预计为 $5 十亿。 股价在周二下跌 52% 至 $526.61。这是自 7 月以来最大幅度的百分比下降——Achieve: Electronic ## 市场历史上的今天 在 1949, 的这一天，纽约证券交易所由于纽约股票与交易所委员会 (New York Stock & Exchange Board) 与公开委员会 (Open Board) 及政府委员会 (Government Board) 的合并而受到“指导”，在此之前“Inspray 债券被交易”。 --- B12 | 2020年7月29日，星期三 华尔街日报 (THE WALL STREET JOURNAL) 道琼斯风险与合规 (DOW JONES RISK & COMPLIANCE) # 道琼斯风险期刊 (Dow Jones Risk Journal) 为风险与合规专业人士、商业领袖和决策者提供的核心情报。 道琼斯风险期刊汇集了关于制裁、出口管制、地缘政治风险以及十几个关键风险主题的权威见解，所有内容均通过个性化、易于导航的体验提供。 获取来自道琼斯风险期刊新闻编辑室和领先出版物的独家报道和专家分析，包括： *《华尔街日报》(The Wall Street Journal)、WorldECR、《出口合规经理》(Export Compliance Manager)、《巴伦周刊》(Barron's) 和 MarketWatch。* 在 dowjones.com/riskjournal 开始您的免费试用  --- 华尔街日报 (THE WALL STREET JOURNAL) 2026年7月29日，星期三 | 53 由道琼斯出版物《巴伦周刊》杂志提供的特别报告 # 巴伦周刊 (BARRON'S) 财富与资产管理组 (WEALTH & ASSET MANAGEMENT GROUP) 2026年7月29日 ## 前 100 名女性财务顾问 她们是如何晋升的  为什么这么多成功的女性顾问在团队中工作。 第 91 页 来自排名顾问的及时投资观点。 第 93-95 页 此外 我们评选的美国最佳女性财务顾问名单。 第 98 页 插图：ANNA ANKIN 巴伦周刊（Barron's）年度女性顾问顶级排名显示，大多数领先的女性顾问都在团队中工作。 作者：STEVE GARMHAUSEN W 当 Elizabeth Welles 在 20 年前离开国际外交事业成为一名财务顾问时，她发现自己必须开辟自己的道路。“我从未有过女性导师，”Welles 说道。她共同领导 Welles-Harley Group，这是一个基于纽约、圣地亚哥和帕洛阿尔托的富国银行顾问（Wells Fargo Advisors）业务机构，管理资产规模为 $1.1 billion。 “行业中虽然有其他女性，但没有人花时间将我们联系起来。” Welles 表示，如今的财富管理看起来截然不同。女性指导网络已在整个行业生根发芽，榜样也变得丰富起来。问题是，这类胜利是否足以将女性顾问在从业人口中的比例提升至 20% 左右以上（这一比例已停滞多年）。这些进展肯定有帮助，但一个更为重要的发展可能是财富管理行业从个人执业向顾问团队的稳步转型，团队提供了适合不同性格和才干的一系列角色。“在团队中，你可以进入之前根本不存在的角色，”Welles 说道。 巴伦周刊年度前 100 名女性财务顾问排名由团队成员主导。随着团队规模的扩大——平均人数为 18 人——并增加更多合伙人，其所有权结构变得更加扁平化，这意味着没有一个人持有 40% 或更多的业务所有权。今年，有 16 个团队是扁平化的，而 64 个是纵向的。 今年名单上的重大成功者包括两名巴伦周刊名人堂顾问：丹佛 CBS 的 Melissa Corrado Harrison 跃升 28 位至第 15 名；密歇根州布隆菲尔德山 Merrill Wealth Management 的 Melissa Spukler 上升 15 位至第 24, 俄克拉荷马州图尔萨 Mariner 的 Jana Blooders 上升 21 位至第 10 名。 我们名单上的典型顾问与其团队共同管理约 $10.5 billion 的客户资产，高于去年的 $7.9 billion。每个团队的年收入近 $20 million。 关于财富管理领域女性的统计数据现在已广为人知。十多年来，女性顾问的比例在 20% 左右的高位到中位之间波动，具体取决于来源。例如，资产管理公司 Mark Rock 将目前的数字定为 18%，而分析顾问注册情况的金融服务数据和情报平台 AdvisorPro 则称约为 26%。 如果你仔细观察，会发现一些势头。另一家财富管理数据平台 Fintra 的一项新研究显示，大多数年轻女性正在进入该领域。Fintra 表示，在 20 至 30 岁的财富管理专业人士中，女性近 38%。然而，她们中的许多人仍处于支持角色，包括行政、法律、合规和运营，而非面对客户和创造收入的岗位。女性在“创收顾问”（即直接与客户工作并负责产生收入的人员）中所占的比例广泛仅为 20% 左右。 与此同时，高管层仍由男性主导，男性占据了该行业 70.6% 的最高职位。根据 Fintra 的数据，女性在首席执行官（CEO）和首席投资官（CIO）角色中的代表性尤其不足。 ### 关键的差距 除了机会平等的问题外，性别分布不均还导致该行业在处理客户关系、团队决策和业务战略时缺乏多元视角。随着更多资产转移到女性手中，这一问题依然存在。通过代际财富传承、创业和经营业务，女性正越来越多地成为高净值咨询服务的主要客户。 许多女性更倾向于选择女性财务顾问，且一些人抱怨部分男性顾问态度傲慢。这种情况可能发生在女性客户本身具备投资知识，但觉得男性顾问在进行“操纵”的情况下。同时，最近丧偶或离婚且缺乏投资经验的女性可能会觉得与女性顾问合作更自在。总部位于西雅图、资产管理规模为 $12.2$ billion 的财富咨询公司 LNW 的信托服务总裁 Carla Wigen 表示，在夫妻中，首先去世的通常是男性。“因此，帮助那些可能没有过多参与家庭财务的女性变得越来越重要，”她说道。 接下页 ### 女性财富管理数据概览： $10.5$ B 拥有顶尖女性成员团队的平均客户资产，高于去年的 $7.9$ billion。 15 包含顶尖女性顾问团队的平均规模。 26% 根据 AdvisorPro 的数据，女性财务顾问所占的百分比。 38% 根据 Fintra 的数据，20 到 30 岁财富管理专业人士中女性所占的份额。 转载自 20, 2026, 年 7 月 20 日发行的《巴伦周刊》 --- 52 | 星期三，2020 年 7 月 29 日 华尔街日报 # TOP 100 女性财务顾问 2020 接前页  “我们的行业必须反映我们的客户群和人口构成——不仅是女性，还包括少数群体……这是一项重要且持续的努力，我们不能松懈。” Shannon Reid，Osaic 总裁 家庭财务状况变得越来越重要。 “我们的行业必须反映我们的客户群和人口构成——不仅是女性，还包括少数群体，”亚利桑那州斯科茨代尔的总裁 Shannon Reid 说道。“这是一项重要且持续的努力，我们不能松懈。” 一些财富管理公司正在通过性别多样性测试采取行动。在 LNW，370 多名员工中 87% 为女性，50% 的高管为女性，其中包括首席执行官 Kristen Bauer。Wynn 表示，公司带有员工照片的“人员”页面是一项重要资产。“这在招聘和获取新客户方面非常有益，”她说道。 为了增加女性顾问的行列，行业内的人“需要成为更好的故事讲述者”，在西雅图领导一项资产规模为 $1.5$ billion 的美林财富管理业务的 Coctas Davis 如此表示。她认为，人们误以为财富管理就是销售投资产品，这让年轻女性望而却步。 直到 1990 年代末，进入经纪行业的唯一途径几乎就是拿起电话，开始拨号，承受无数次的拒绝，并一个接一个地建立客户群。“许多女性对这个职业望而却步，因为它不是基于固定工资和奖金，”Wynn 说道。“一个‘靠猎获量生存’（eat what you kill）的业务并不适合每个人。” 现实情况是，几十年来，该业务一直向长期财务规划转型，投资产品扮演的支持性角色日益增强。“这实际上不再是一个仅仅理解市场和构建投资组合的职业，”Davis 说。“它实际上关乎领导力、人际关系、解决问题以及帮助家庭。” Osaic 的 Reid 表示，女性非常适合现代财务顾问的角色，反之亦然。“我们一些最优秀的顾问所具备的技能包括知道如何与人共情以及如何与人沟通，”她说道。“虽然担任财务顾问并非一份 $4.7$ 的工作，但它也极其灵活。你可以去参加学校的戏剧演出，可以去看比赛，可以做志愿者，所有这些对人们来说重要的事情你都可以参与。” # 团队带来的差异 仅凭这一信息还不足以吸引更多女性进入该行业。“我们一直在宣传灵活性和自主权，”在马里兰州弗雷德里克领导摩根士丹利（Morgan Stanley）业务部门的 Betsy Pakman 表示。她认为，向团队模式的转变有助于吸引更多女性进入该领域，并建立了合规的工作与生活平衡。 “你现在身在团队中，这意味着你要对他人负责，”Pakman 说。“我们需要用不同的描述来引导，比如‘解决问题’、‘以人为本’、‘快节奏’以及‘边缘化’。” 作为行业内顶尖的团队领导者之一，Pakman 于 1998 年加入其父亲（一名股票经纪人）的业务。她的父亲察觉到了向财务规划转变的趋势，但由于他热爱投资，因此要求女儿获取规划专业资格，以便“我们可以保持专业包容度并以此为基础发展”，Pakman 说道。 如今，Pakman 领导一个由 15 人组成的团队，成员专业多样，共同为每位客户提供服务。Pakman 表示，她与团队成员分享“股权与机会”，且该团队的协作程度远高于历史上许多由男性领导的团队。 讽刺的是，她之所以采取这种方法，是因为她无法融入那些本可作为领导榜样的男性分行经理和其他高管。“当我的经理是个高尔夫球手时，我被排除在外，因为我不打高尔夫；后来我有一个经理是个猎人，我又被排除在外，因为我不打猎，”她说。“但其中一个情况是，关于我如何组建团队，我的想象力与男性接近。” 目前建立的团队模式创造了进入该行业较低门槛的方式。Wynn 表示，这反过来使得该行业对女性更加友好。“在全方位网络空间管理客户需要一个‘村庄’（协作体系）的支持，尤其是当你经营家族办公室业务时，”她说。“团队中有很多不同的角色，而不是只有一种可能并不适合每一位大学毕业女性的角色。” 一个在财富管理行业寻找营销和传播岗位的年轻人，现在可能会在一个早先 era 并不存在的团队中找到位置。现在有了纯粹的财务规划岗位，无需负责寻找客户。如果纯粹的业务开发是候选人的志向，这类职位同样存在。 Pakman 表示，女性无法独自消除该领域的性别失衡。她指出，到目前为止，大多数招聘决定仍由男性做出。她认为，招聘者需要面对每个岗位的最佳候选人，但多样化的技能组合应成为招聘决策的一个因素。 Wynder 表示，财富管理公司还错过了一个塑造该行业职业叙事的绝佳机会，因为它们在大专院校中缺乏大规模招聘。“财富管理在招聘方面的表现并不出色，”她说。“当你看到招聘活动开展时，总是投行、销售与交易或研究部门，从来没有财富管理。” Wynn 表示，最终，为了让更多女性进入财富管理领域并成为领导者，该行业需要晋升更多女性。如果女性候选人觉得她们将成为极少数，或者被困在行政或客户服务角色中，那么谈论该职业的益处最终将无人理会。“人们必须看到这种情况切实发生，”她说。“仅仅口头上说我们在这样做是行不通的。” # 道琼斯 风险期刊 (RISK JOURNAL) 风险与合规专业人士、商业领袖及决策者的核心资源。 道琼斯风险期刊在个性化的界面中，提供关于制裁、出口管制、地缘政治风险以及十多个其他话题的无与伦比的洞察。 获取来自道琼斯风险期刊新闻室、专家撰稿人及以下出版物的独家内容： - 华尔街日报 (The Wall Street Journal) - WorldECR - 出口合规经理 (Export Compliance Manager) - 巴伦周刊 (Barron's) - MarketWatch 如需注册免费试用，请访问 dowjones.com/riskjournal  --- 华尔街日报 (THE WALL STREET JOURNAL) 2020年7月28日，星期三 | 53 巴伦周刊特别报告 (BARRON'S SPECIAL REPORT) # 一位顶尖顾问的建议：是时候变得更加审慎了 Any U. 及其团队管理着 $9.4 亿资产，她表示，广泛的市场上涨可能已成为过去，现在需要更谨慎的投资组合构建。 作者：PATTI DOMM Any U. 是一位摩根士丹利（Morgan Stanley）的财务顾问，2008 年她带着一个手提箱和一把小提琴从中国来到美国。在俄亥俄州立大学就读期间，[此处原文不通顺/缺失] 最初更加谨慎。但这并非过去之谈，但这并非过去之谈。 在财富管理中，正如其定位一样，“没有单一的工具能代表一切，”这位在 2008 年 Barron's 顶尖 100 位女性财务顾问中排名第 40 位的顾问 U. 表示。“真正的核心在于将每一种不同的投票权纳入业务之中。” U. 发现，通过与跨洲且使用不同语言的客户律师、会计师和其他顾问合作，为全所有权家庭制定有效的财务计划，她的业务规模随之增长。 U. 目前为 80 个家庭提供咨询，其客户的典型净资产为 $500 百万美元。在接受 Barron's 采访时，她探讨了选择性投资人工智能（AI）和私募资产、集中全球多元化投资组合，以及女性在金融领域日益增长的作用。以下是对话的编辑版本： Barron's：目前股市接近高点，10 年期国债收益率降至 4.5%，您对市场的看法如何？您现在给客户的建议是什么？ Any U.：我认为我们正在经历我职业生涯中看到的最大的投资机制转变之一。它是由三种金融力量驱动的：人工智能、由政府转型驱动的更高资本成本，以及更加碎片化的地缘政治格局。这些不是短期头条新闻，而是正在改变全球资本分配方式的长期转变。 您的客户现在在谈论什么？ 我现在每天都会收到一个问题，即 AI 是否最终会变成另一个科技泡沫。实际上我认为这是一个错误的问题。我认为最大的机会不在于 AI 本身，而在于 AI 的第二次机会。第一阶段揭示了构建 AI 基础设施的公司。下一阶段可能会奖励那些实际利用 AI 来提高利润率的公司，无论是在工业、汽车、软件、医疗保健还是能源基础设施领域。 因此，我们给客户的建议实际上非常简单：保持投资，但要变得更加审慎。驱动过去十年市场的方式可能已经过去，我认为未来投资组合的构建将更加重要。这意味着要确保不过度集中，再次利用固定收益作为收入和稳定性的来源，并在适当的情况下使用替代投资作为重要的回报来源。 您认为机会在哪里？ 美国仍然是基础 AI 公司的重心——芯片、云基础设施、软件、硅谷创新者。但我不认为机会仅限于美国，因为 AI 故事正在进入几个阶段。第一阶段是关于构建 AI 基础设施。下一阶段是关于应用智能体软件，  人性化改革、先进制造、医疗保健、药物研发。这是一个更全球化的故事。 美国拥有平台公司和软件生态系统；许多亚洲市场拥有第二阶段实际上所依赖的深厚制造、机器人和工程能力。通过我合作的创始人，我看到 AI 创新发生在不止一个地理区域，而不是集中在单一阶段。例如，关键在于透过 AI 的头条新闻，寻找它真正转化为生产力、盈利增长和持久竞争优势的地方——无论那里在哪里。 替代投资如何融入您客户的投资组合中？ 我认为，对于合格投资者来说，这些资产不再仅仅是“有则更好”的选项。它们实际上已经成为日常组合构建的核心部分。但我们也必须谨慎。私人信贷提供的收益几乎是公开市场的两倍，但在此时，承销环节比以往任何时候都更重要。鉴于 AI 驱动的电力需求、数据中心的建设以及能源转型，基础设施和房地产正变得日益重要。针对许多离岸和私人公司，摩根士丹利建立了一个强大的直接私人市场投资平台。该平台为零售客户提供了过去只有机构投资者才能拥有的接触这些公司的渠道。但投资者必须意识到，公司保持非上市状态的时间正在延长。 我告诉我的客户，替代投资具有吸引力，但它们并非魔药。它们具有流动性限制，且经理人的选择至关重要。关键在于匹配度，以及审视其整体的家庭资产负债表。 涉及私人投资后，构建投资组合变得更复杂了，对吧？ 如今的投资组合比过去更复杂。十年前，许多家庭可以严重依赖公开股票市场、低利率和市场数据。而今天，他们面对的是高利率、私人市场、替代投资以及地缘政治风险。 我的客户分布在不同的洲和司法管辖区。他们面临税务后果。此外，在面谈中，他们必须考虑家庭治理。对于许多创始人家庭来说，这就是关系开始从传统的投资建议转向更像外包 [phof investment officer] 职能的转折点。它变成了为整个家庭资产负债表——而不仅仅是一个投资组合——设定正确的资产配置、流动性政策、风险框架、经理人选择和治理流程。 我们的顾问排名概览 Any U. 40 我认为我们正在经历我职业生涯中见过的最大规模的投资机制转变之一。它是由三种结构性力量驱动的：人工智能、由政府转向驱动的更高资本成本，以及更加碎片化的地缘政治格局。 那么，现在你在与投资者交流时，是否有一种“Any 公式”？显然，它不再是经典的 60/40 股票和债券组合。 我的客户没有一个人拥有相同的投资组合。它始终取决于他们整个家庭资产负债表的需求。 谈谈你自己。你是如何决定成为一名顾问的？ 我带着一个行李箱和小提琴来到美国。行李箱很有用。但小提琴——人们对此付之一笑。在当时看来，它对于金融职业生涯来说不太实用。回首往事，它可能代表了一种我当时尚未意识到的因果关系。 我在 2008, 年转学到俄亥俄州立大学，当时我 18, 岁，从招聘来看，这可能是主修金融最糟糕的一年——当软件硬件在实时竞争时，人们还在谈论有效市场。这与其说是课堂教育，不如说是一个前沿的实操工厂。毕业后，就业市场相当困难，但我很幸运。我在一家精品会计师事务所找到了第一份审计工作。然后我做了代理研究，接着在一家小型前沿公司工作。所以，我没有华尔街的人脉，只有电子设备。 你是如何建立你的客户群的？ 我合作的每一个客户都是通过一次次建立关系而来的。早期，我认为成功意味着成为房间里最关键的人。后来我意识到，我的许多客户——在亚洲和美国建立企业的企业家——周围已经有了能力极强的律师、会计师、商业和投资专业人士。问题不在于缺乏建议，而在于他们可能会收到不同顾问给出的不同意见。我从不使用两种不同的语言。他们需要的不是另一个专家，而是一个能够将这些观点整合为一个连贯策略的人。 这就是我意识到的——我的背景并不是某种需要克服的障碍，而实际上是我最大的优势。财富管理不在于拥有最独到的见解或最小的投资点子，而是在于帮助家庭将投资、税务、规划和家庭目标整合到一个连贯的战略之中。 因此，在建立了一个数十亿美元规模的业务七年后，我回到了沃顿学院攻读行政 80, A. 课程。因为我的客户从未停止学习，而我不希望成为那个认为自己掌握了所有答案的顾问。我认为，优秀的财富管理不在于预测未来，而在于在一个日益复杂的世界中，帮助家庭做出自信的决定。 您的旅程非常独特。您认为您的女性客户以及行业内的女性在哪些方面正在发生变化？ 最重要的趋势之一是，女性在财务决策中变得越来越有影响力。我看到女性创始人、高管、投资者，甚至在女性家族中，女性经常成为主要的决策者。 此外，在大多数世代财富中，特别是亚洲财富，很多资产之前是传给儿子或家族中的男性帮手。现在，女孩们也拥有了。长期以来，我认为行业低估了女性在多大程度上想要了解全貌。这些女性——大多数包括在内——不希望仅仅看到表面的业绩数字。我们想要学习核心，然后查看规划。正因为如此，女性顾问和女性财务决策者的社区机会随之增加。 谢谢，Amy。 ® Any U. Morgan Stanley Wealth Mgmt, San Francisco 总资产 $ 40.4 billion 典型资产线 $ 100 million 典型净值 $ 100.0 million # 为长期成功奠定基础 《巴伦周刊》（Barron's）排名第 39 位的女性顾问将她的成功归功于可靠以及良好的沟通。 作者：STEVE GARMHAUSEN 女性财务顾问 Corina Davis 并不认为关系是通过投资回报或“巨大的突破性胜利”来建立的。相反，这实际上就是始终如一地选择年龄，言出必行，并积极沟通，“在 Word of Service 中，我们由一个团队管理着 $1.5 billion 的资产”。 在最近的一次采访中，Davis（她在 2008, 年被评为排名第 39 位的女性顾问）权衡了一个主题：人工智能的使用以及客户今天最关注的问题。她认为，行业内的女性需要传播关于财富管理职业真实面貌的信息。以下是对话的编辑版本。 《巴伦周刊》：您来自哪里？是如何成为一名财务顾问的？ Corina Davis：我一生都住在西雅图。在就读华盛顿大学商学院期间，除了许多不同的实习之外，我还兼职在美银（Bank of America）担任一名信使，距离 这个行业只有几英里。我早期是通过两股主要力量接触到财富管理的。一个是我的父亲。我记得在 18 岁时，他让我拿出 20% 的零用钱，我们一起通过 TTEA（统一转让给未成年人法案）账户购买股票。因此，我很早就学会了将收入的 20% 用于储蓄，以及购买个股的力量。 这激发了我对金融和商业的兴趣。在大学期间，在银行的兼职工作让我很好地接触到了在银行工作的财务顾问。我跟随一位名叫 Brian 的先生学习，他允许我列席客户会议，并将我纳入他的指导之下，向我传授财富管理业务。于是，我在大学毕业后直接选择了这个方向。 我被财富管理吸引，是因为它结合了分析 行为问题解决以及建立真正有意义的关系，而这两点我都很擅长。我帮助客户做出复杂的决定，并让他们对所做的决定充满信心。但与此同时，我热爱解决方案。我热爱追踪经济变化并掌握趋势。 在早期，我成为了客户的一名优秀教育者。许多客户将我视为他们的家庭首席财务官或家庭财务顾问，这就是我建立业务的方式。我最初是一名独立顾问，现在我拥有一个 an person 团队，提供一种“家庭 CFO”般的体验。我们提供投资管理、税务规划、遗产规划以及与其他合作伙伴的协调，并在客户生活的每一个重大转折点提供持续的指导。 --- 54 | Wednesday, July 29, 2026 THE WALL STREET JOURNAL # 2026 年 TOP 100 位顶尖女性财务顾问  # **您的父亲是在金融行业工作吗？** 不，他是一名最不道德的（注：原文为 most unethical，疑为OCR错误），但他是一个优秀的市场参与者。我的第一批股票之一是微软。还有耐克（Nike）和 Conix。多年来我增加了微软的持仓，这也是我大学毕业后购买第一套房子的资金来源。我们三个孩子一直被教导要储蓄和投资。这实际上是我在对待客户时所秉持的理念。我为客户的孩子们做了大量的金融教育工作。我认为我们与超过 65% 的客户的下一代合作。 # **您如何描述您的目标客户？** 我们的客户主要是成功的企业高管。我们也与许多第二代企业主合作，他们通常计划将业务移交给子女。 # **在帮助促进这些业务转型方面，您提供的关键服务是什么？** 很大一部分就是与企业主一起规划退出方式。如果退出是通过战略买家，那与退出给家庭成员的对话就完全不同。第一步是与业主合作以了解他们的目标，然后通过大量对话，围绕他们的决定制定计划。 如果业务将交给家庭成员，我们会尽早介入，以确保下一代也成为我们的客户。帮助教育下一代，使其能够良好地管理企业主的财富，这符合企业主的最佳利益。然后，我们协助促成与会计师和律师的合作，以规划退出事宜。 如果客户打算进行战略出售（我已经处理过几次这种情况），那么在每一次会议中，我都希望坐在客户那一侧，作为他们的财务倡导者。我会确保他们出售业务的价格是正确的数字，因为我们已经针对该客户的需求、税务影响等方面做了规划。参与企业主的这些财富传承过程是非常有趣的。 # **您的客户目前最担心的是什么？** 我有许多经历重大职业变动的客户——我刚刚接见了一位从公共部门主管转向私营部门的客户——所以我深度参与地帮助这些人就该事件做出决定——在职业生涯中做出这种改变，以及潜在的收益、风险或税务影响。 集中持股目前是一个很大的关注点。它是 6 友好型的集中持股头寸吗？我现在就做吗？我现在就做吗？另一个经常听到的重大问题是：我如何让我的孩子们对他们即将继承的财富负责，以及我什么时候告诉他们？ # **您认为目前市场上最有趣的增长机会在哪里？** **我认为创新将继续是最具吸引力的长期机会。这当然涉及人工智能，包括那些处于我们领域的大公司。但它还包括所有支持 AI 的基础设施，以及可能因为 AI 而具有竞争优势的公司。** 我想说，创新领域有许多让投资者感到兴奋的东西。 # **说到 AI，是否有客户向您透露他们正在获取来自 AI 的投资指导？** 是的，今天早上就有一个客户这么做了。客户将他们的投资组合输入 AI 工具，看看 AI 如何评价。我认为顾问应该鼓励客户使用 AI，因为这实际上让他们与我们的互动更加紧密。与几年前相比，我从客户那里收到了更多有趣的问题，我知道这些问题是由他们向 AI 提问所驱动的。 我们应该对客户使用 AI 保持一种健康的好奇心，因为这只会让我们变得更有价值。AI 在提供信息和帮助人们解答问题方面做得很好。但 AI 做不到的是帮助他们做出正确的判断。这不仅仅是帮助他们将刚刚接收到的信息加以应用。结合我对客户家庭及其动态的了解，我可以帮助他们理解所接收到的信息是否有价值。我可以对其进行解读，并帮助他们弄清楚如何应用。因此，我认为最优秀的顾问将变得更有价值。 # **你的团队由四名女性和两名男性组成。团队是否是让更多女性进入整个行业的途径？** 我们的每位团队成员在实操领域都有自己的专业分工。因此，也许我们能更好地讲述财富管理在做些什么。对于拥有不同技能的不同参与者来说，有不同的方式。也许，女性不应该只关注于开拓新业务或挑选股票，而应该真正投入到维护客户关系、交付财务计划、提供服务中。在财富管理中，有这样一个位置。 我还认为这是我的职责，也是其他女性顾问的职责，去分享她们在其中所获得的东西。对我来说，这太棒了。我绝对热爱我的工作。我们陪伴他们走过生命周期中的愿景，从结婚、生子到退休。这是一个通过多年建立起来的真正的伙伴关系，具有高度的信任感。这个职业有很大的回报，因为我们能够参与客户不同阶段的成功：职业晋升、组建家庭、搬迁房屋、应对各种决定以及失败与成功。如果人们知道我们是这么做的，这对女性——以及男性，这种模式——都非常有吸引力。 ends' different levels of success: career advancement, building a family, changing homes, navigating different decisions and failures and successes. If people know that's what we do, that's pretty attractive to women—and men, a model. # **能否分享两三个让你事业成功关键因素？** 首先是以倾听引领。倾听要多于表达，这样你才能理解对客户、潜在客户、合作伙伴或任何人来说什么才是重要的。我是一个非常好的倾听者。同时，我也是一名非常优秀的教育者。我告诉我的团队，我们最大的价值来自于向客户普及关于投资、关于新产品、以及关于他们阅读到或发现我们想要介绍给他们的东西。也许是向他们讲解公开市场与私募市场的区别，或者是税务，或者某个决定如何改变局面。每次客户与我交谈时，我总能告诉他们一些新东西。 我们努力在每天积累信任。信任并非通过你的投资组合表现或巨大的突发性胜利而获得。它其实就是持续地出现，言出必行，并积极沟通。我们进行了大量的外联工作。我们的电话不怎么响。你可能不信，但它们确实不响。因为我们每 30 天就与客户沟通一次。我们建立了触达每位客户的流程，以便在问题出现前抢先处理并扮演教育者的角色。最后是保持谦卑。我并没有掌握一切，没有人能。我永远是这场游戏的学生。我一直在阅读书籍，学习如何更好地为客户提供服务。我一直在尝试学习更多关于市场的知识，始终努力变得更好，我认为这也是成功的关键。 # **工作之余你如何放松和充电？** 我不知道我目前的生活方式中是否有很多放松。我知道没有迹象。我的儿子们是足球运动员，例如上周，我在美国参加他们的锦标赛。我们花很多时间陪伴孩子，确保他们在他们追求的事情上取得成功。 # **当你照顾所有人时，你如何照顾自己？** 我确实在照顾很多人：我的客户、我的团队、我的家人。我不只是喜欢冥想和运动。我向社区团体投入了很多，我觉得这很有意义。我的儿子和我加入了一个志愿者组织，我们在一起完成了很多志愿者服务小时数。对我来说这很放松，所以再次强调，你在从事这项事业，而我能与我的儿子共同参与。我们是很活跃的人，我们旅行。我们住在湖边，所以我们花很多时间带着孩子们在湖上活动。我们每三到四年进行一次大度假。 **Thesis, Corina, III** [[TABLE_HASH_PLACEHOLDER_04f93ad7c98b54cef591bb4e3649d852]] # 帮助客户应对不确定性 一位资深财务顾问就如何建立成功的执业模式、保持家庭优先的重心以及管理动荡的市场分享了她的观点。 **BY CHEWLY WINDOUR MUNK** **ID** Newman Kraft 在二十多年前还是单身时就提醒过自己的职业生涯，意识到有一天她将同时拥有家庭以及一份繁忙且成功的事业。 这位纽约 Passenger Berman 的董事总经理兼高级财富顾问从公司金融转向个人金融，是因为她担心投资银行业不能给她足够的灵活性来做一个在场陪伴的父母并建立成功的职业生涯。 这次转变是审慎的，让她能够抚养家庭并建立繁荣的职业生涯。Newman Kraft 是 Jurors Inc. 的 Scandal 女性顾问，自 2005 年起在 Passenger Berman 工作，她与超高净值人士及其家庭紧密合作，制定个性化的投资解决方案并解决遗产规划需求。“在个人和专业领域能做我目前所做的事，真的是一种荣誉和特权，”她说，并补充道女性在选择职业路径时必须“掌控自己的优先事项”。 Newman Kraft 最近接受了 Jurors's 的采访，探讨了财富管理职业对女性的回报及其投资方法，以下是对话的编辑版本。 # **Jurors' 目前是什么让你的客户在夜晚彻夜难眠？** **Holly Newman Kraft：** 今天的市场有很多担忧。我认为人们担心通货膨胀。担心市场处于一个复杂的上升趋势，以及担心市场被高估。我认为人们对投资组合和油价感到担忧。我还认为我的客户担心通货膨胀以及我们目前所处的国内政治局势。市场集中度是另一个担忧。这是一个由 10 只股票驱动了 S&P 500 指数 50% 以上回报的市场。 # **你如何构建投资组合以应对这种不确定性？** 这是来自 2018-09 年金融危机的一个教训。对于客户来说，最重要的事情是制定一份能够正确反映其投资目标和风险概况的投资政策声明。因为我们在金融危机之前的市场中学到的是，当市场持续上涨时，每个人都觉得承担更多风险是很舒服的。但当出现波动且市场下跌时，你需要拥有一个能让你继续维持生活、能够安然入睡而不用担心自己在极度拮据的时期无法生存的投资组合。 我们在前期花很多时间与客户共同制定他们的投资政策声明，并决定他们的资金中应该有多少分配给固定收益、股票和替代投资，然后在合作过程中，我们会根据市场状况及其个人情况的变化而关键性地引入调整。 # **当客户对市场波动和其他压力因素感到特别紧张时，您如何安抚他们？** 我们总是会回到资产配置上，我会说，请记住，如果我们通过持有 10 只股票而导致表现略低于市场，我是可以接受的，您也应该可以接受。 我们投资的大多是难以解释的财富。我们的许多客户要么继承了财富，要么是通过努力赚来的，但他们不太可能在面对时表现得很好。我会说，不，我专注于资本保值，并且，不，我追求不可逾越的增长或资本。如果您思考一下，在金融危机期间，市场从顶峰到低谷下跌了 10%。要恢复到原状，您需要上涨 100%。如果您在下跌时得到了保护，那么在反弹时需要补回的就更少。 **我们的顾问概览** **Holly Kraft** **从业 13** **当您面对波动且市场下跌时，您需要拥有一个能让您继续维持生活的投资组合，即便市场下跌 30-40%。我们也是一个优秀的合作伙伴，您愿意在各自的时间点上与之协作。** # **在三月份市场下跌时，您是如何重新调整投资组合的？** 第一季度末，我们稍微增加了美国大盘股的权重，因为市场出现了一定程度的回调，而我们希望抓住机会。 我们仍然喜欢小盘股。我们将国际发达市场视为对 half 500 和新兴市场大盘股的新补充，因为它的集中度较低，且不那么以增长为导向。 人们非常担心利率在更长时间内维持在较高水平，以及高利率对借款人的负面影响；但对于投资者而言，能够以极低或没有波动的方式获取健康的收益率是非常吸引人的。我们也非常喜欢另类投资，既因为其获取现金收入的机会，也因为像大宗商品这样的另类资产可以作为对抗通货膨胀和风险的对冲手段。 # **目前是否有您特别看好的板块？** 第二季度末，我们看到股票业绩出现了宽基化（broadening out），我们对此感到满意。等权重指数（equity-marginal index）和罗素 1000 价值指数的表现均优于 half 500，这意味着市场表现对 Magnificent Series 的依赖在当今市场中有所降低。事实上，目前 Magnificent Series 反而是拖累因素。宽基化表明，投资者正在认识到 half 500 中其他 494 只股票的价值，这些股票在过去几年中被忽视且很大程度上未被充分认可。 # **是否有您避开的板块？** I'm not really avoiding sectors. We tend --- THE WALL STREET JOURNAL Wednesday, July 28, 2024 | 55 # BARROW'S SPECIAL REPORT 在像美国大盘股这样更高效的资产类别中采用更多被动投资。而在小盘股、新兴市场、私募股权和私募债等子领域，管理者的筛选至关重要，因为您依赖这些管理者专注于其策略，不被短期业绩干扰，并对其投资组合中的所有公司进行非常强有力的自下而上分析。这在另类投资领域能产生尤为显著的影响。在私募股权中，顶尖私募股权基金与底端基金之间的差距相当大；而而在像美国大盘股这样高效的资产类别中，主动管理型基金想要创造显著差异则更为困难。 # 您的团队中有多少女性？ 我的九人团队中有四名女性：一名营销协调员、两名行政管理人员以及我本人。团队还包括一名专门的投资策略师和一名首席运营官。我是唯一的业务开拓者。 # 您是否在采取某些具体措施，以创造更多对女性有吸引力的职位？ 我不真正认同那种做法。我相信为职位寻找合适的人选。我认为每一位专业人士，无论男女，都必须掌控自己的优先级，并明确自己对职业生涯的期望。对我而言，那就是能够建立一个非常稳健且成功的业务，并在时间安排上拥有一定的控制权，这样我才能成为一名非常成功的父母。我觉得在个人理财领域实现这一点比在公司金融领域要容易得多。即便如此，我认为我团队中的每一个职位对女性来说都是开放且具有吸引力的。 # 您认为行业应该采取什么措施来改变人口统计结构？ 这很困难，因为我认为社会整体上仍然在一定程度上比较传统。我们生活在一个女性仍被社会视为主要养育者的世界里。我的信念是，你可以兼顾一切，只要你周围有正确的人在支持你。我认为行业需要更好地传达出这一点。此外，我认为有些女性可能根本没有尝试，因为这令人望而生畏。作为一名女性，你可以进入这个行业。 业并获得成功。你可以成为我团队的一员，无论你是顾问还是客户关系经理，都能拥有一个非常令人满意且成功的职业生涯。你可以成为投资策略师。你可以成为客户行政管理人员。我不认为我团队中会有哪个职位对女性没有吸引力。 # 您对下一代女性财务顾问有什么建议？ 这取决于你是否掌控自己的优先级，而不是将数量减少额外的 10 倍。因此，要寻找一个符合你优先级的职业。与其尝试将方榫强行钉入圆孔，不如找一份适合你的工作。我想经营一家公司，既要经营业务，又要拥有稳健的职业生涯，但我需要一份能让我对时间安排稍有控制权的职业。 我可以对客户说：“没问题，我可以在 4 点钟和您通话，但我会是在我孩子的足球决赛现场给您打电话。”我总是给客户我的手机号码，并告诉他们：“请随时联系。但如果您在晚上 9 pm 之后给我打电话，我可能无法接听，因为我可能在辅导功课或吃家庭晚餐，我之后会回电给您。”我认为我的客户非常尊重这一点。我认为女性尤其在不掌控自身优先级时，容易陷入问题。 # 个人方面，您在业余时间喜欢做什么？ 我喜欢工作。我很自豪能在家里招待我的家人和朋友。相比出去吃晚餐，我更喜欢这样做。我认为没有什么比在某人家中分享美食并在餐桌前开怀大笑更深情、更特别的了。我会布置一张精美的餐桌，关注每一个细节。对此我感到非常自豪，无论对象是我的朋友、家人，还是那些真正成为我朋友的客户，因为这个行业是一个如此私人化的行业。 # 谢谢，Holly。 Holly Newman Scott, Neuberger Berman, New York 团队奖金 $3.50 million 典型账户数据 $7.50 million 典型净资产 $10 million  # 专业人士在做些什么 # 他们的晋升经验 财富管理可能主要是一个男性堡垒，但许多女性正在脱颖而出。我们邀请了 4 位成功的女性专业人士分享重要的职业洞察。以下是她们评论的编辑版本。 # 作者：STEVE GARMHAUSEN  保持真实 Lisa Carey，私人财富顾问，Erdmann Group, New & Private Wealth Management 我和我的合伙人一起与首席执行官（CEO）、创始人及其家人合作，帮助他们简化并管理其财务生活。我们的客户家庭资产规模约为 340 million，最高可达亿万富翁级别。在职业生涯初期，我曾在美林（Merrill）担任首席投资官，并由此结识了我们的团队。随后，我进行了一次短暂的访问，在第一次的情况下。我在第一次。我在第一次。我在第一次。我在第一次。我在第一次。我在第一次。我在第一次。我在第一次。我在第一次。我在第一次。我在第一次。我在第一次。我在第一次。我在第一次。我在第一次。我在第一次。 关于他们跨越数代的价值观以及围绕金钱的动态关系。 我希望有人能早点告诉我的事情是，真实感——虽然起初让我感到脆弱或不安——实际上是与家庭建立关系的秘诀。而且从女性的角度来看，该行业现在正寻求这一点。能够为我们合作的家庭提供这种特质是非常有价值的。  # 帮助家庭沟通 Mallory Findley，家庭动态与财务教育主管，Rockefeller Capital Management 我的工作核心就是让家庭为拥有财富做好准备。我们帮助家庭成员增强对自身以及彼此的信心，从而使他们在关系中更加紧密，并在互动方式上更加高效。我对财富管理世界的接触始于很年轻的时候。我在一名财务顾问的指导下长大，这意味着金钱并不是一个禁忌话题。我被鼓励去理解并有意识地使用它。我大学毕业后的第一份工作是在一家 OBE 全球家庭办公室。之后，我担任一家总部位于曼哈顿的单家庭办公室的幕僚长，负责财务规划工作，随后在一家注册投资顾问（RIA）基金中担任相同职务。在加入 Rockable 之前，我在摩根士丹利（Morgan Stanley）负责一项针对财务顾问的内部认证内容。每份工作都赋予了我与今天工作密切相关的知识碎片。 我热爱帮助家庭感到更紧密的联系。我们有一项名为“财富与价值观”的练习，让家庭成员有机会分享他们最大的抱负以及最感激的事情。我们会询问他们想赠送给所爱之人的什么样的情感、物品或体验。看到父母对孩子回答方式所感到自豪的样子，是一件很特别的事。  # 采取团队协作方式 Michelle Young, 私人财富顾问, 总裁, Ameriprise 旗下 Courbet Wealth 我在 Ameriprise 担任顾问已有 27 年。尽管我管理着一个 24 人的团队，且重点关注策略、团队发展和客户体验，但我每天仍然直接与客户打交道。我的首要职责是帮助确保我们的客户获得周到的、个性化的建议，从而帮助他们实现对自己最重要的目标。我还投入大量时间指导顾问。 我做出的最重要的职业决定之一就是意识到我无法独立完成所有事情。在早期，我认为成功意味着对每一个机会说“是”，并试图成为每个人的 everything。我后来了解到，增长来自于专注于我们能创造最大价值的地方，并让自己被那些与我持有相同价值观的人才所环绕。 另一个关键决定是对人才进行投资——建立一支强大的团队，指导未来的领导者，并创造一个让个体能够成长的文化，这是我们成功的最大驱动力之一。有了合适的人在身边，你可以为客户提供极高水平的服务，并创造出比你独立完成要好得多的成果。 对于今天刚进入这个行业的人，我认为你应该考虑在团队环境中开始。寻找一位合适的导师——一个你可以学习、可以信任、能够向你传授技巧的人，是你能做的最重要的事情之一。  # 指导新顾问 Beth Smith, 私人财富顾问, Morgan Stanley 私人财富管理部 Chase Group 我的职业生涯始于遗产规划律师，在转型到这个团队之前，最初是 Morgan Stanley 的信托、税务和遗产规划专家。我们的客户大多是企业家、联合创始人以及基金的普通合伙人。我们的团队在 Sand Hill Road [硅谷风险投资中心] 已经深耕近 40 年，这使我们处于创新的中心。我认为我在帮助创始人及高管制定计划以应对重大事件方面的专业知识是非常有意义的。 我热爱与客户合作以及我们与家庭建立的关系。我们开始与许多联合创始人及高管合作的时间通常在流动性事件发生前很多年。在与下一代合作方面的角色也非常有意思。我将复杂的话题转化为易于理解的内容，并帮助他们传承家庭价值观。 这个行业中女性绝对不够多，我希望看到更多女性加入。我一直在指导许多大学生，帮助他们规划职业生涯。我告诉她们，自信源于准备。你了解得越多，在讨论时就越敢于发言。我还告诉她们要寻找优秀的导师。在我的成长道路上，有其他强大且成功的女性分享了一些极佳的、不可替代的建议，这对我的职业生涯产生了深远影响。 --- 56 | Wednesday, July 29, 2026 THE WALL STREET JOURNAL BARROW'S SPECIAL REPORT # 2026年度 100 位顶尖女性财务顾问 以下是由 Barrow's 评定的美国顶尖女性财务顾问。该排名反映了顾问管理的资产规模、为其公司创造的收入以及执业质量。 1. Deborah Montaporte W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 2. Deborah Montaporte W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W 3. Deborah Montaporte W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W 1. Tracy G. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 2. Tracy G. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W 2. Melissa Spindler W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 3. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 4. Susan Kim American Financial Vienna, Va. 2025 April 31 (×14 table rows collapsed) 5. Maria Bohn W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 6. Deborah Montaporte W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 7. Tracy G. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 8. Melissa Spindler W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 9. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 10. Tracy G. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 11. Tracy G. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 12. Deborah Montaporte W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 13. Tracy G. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 14. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 15. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 16. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 17. Tracy G. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 18. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 19. Tracy G. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 20. Tracy G. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 21. Tracy G. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 22. Tracy G. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 23. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 24. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 25. Tracy G. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 26. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 27. Tracy G. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 28. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 29. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 30. Tracy G. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 31. Tracy G. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 32. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 33. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 34. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 35. M. William Y. W. W. W. W. W. W. W. W. W. 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W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 74. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 75. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 76. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 77. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 78. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 79. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 80. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 81. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 82. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 83. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 84. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 85. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 86. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 87. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. 88. M. William Y. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. W. Print read, HMW/right not worth, UMW/initially not worth. --- THE WALL STREET JOURNAL Wednesday, July 28, 2020 | 57 # 巴伦周刊特别报告 # 2026年顶级 250 强私人财富管理团队 **55. Melinda Johnston** Businessman James 德克萨斯州 Part Worth 2025 排名: 11 客户类型: HMM, UHMM 团队资产 (十亿/美元): $1.9 典型账户 (百万/美元): $5 典型净资产 (百万/美元): $5 **56. Donna Joyner** Merritt Wealth Management 佐治亚州 Alpharetta 2025 排名: 67 客户类型: HMM, UHMM 团队资产 (十亿/美元): $1.7 典型账户 (百万/美元): $10 典型净资产 (百万/美元): $20 **70. Kathleen Rosser** Morgan Stanley Wealth Management 新泽西州 Deerfield 2025 排名: 66 客户类型: HMM, UHMM 基金会 团队资产 (十亿/美元): $2.2 典型账户 (百万/美元): $20 典型净资产 (百万/美元): $20 **71. Kimberly St. Pierre** Ameriprise Financial 宾夕法尼亚州 Plymouth Meeting 2025 排名: 16 客户类型: HMM, UHMM 团队资产 (十亿/美元): $1.9 典型账户 (百万/美元): $2.8 典型净资产 (百万/美元): $9 **72. Mercedes Paraty** Morgan Stanley Private Wealth Management 纽约 2025 排名: 65 客户类型: HMM, UHMM 团队资产 (十亿/美元): $6.8 典型账户 (百万/美元): $25 典型净资产 (百万/美元): $100 **73. Susan Kingsolver** Morgan Stanley Private Wealth Management 纽约 2025 排名: 62 客户类型: HMM, UHMM 团队资产 (十亿/美元): $2.4 典型账户 (百万/美元): $20 典型净资产 (百万/美元): $75 **74. Anna Winderbaum** Morgan Stanley Private Wealth Management 纽约 2025 排名: 77 客户类型: UHMM 团队资产 (十亿/美元): $3.6 典型账户 (百万/美元): $50 典型净资产 (百万/美元): $100 **75. Catherine Pang** Morgan Stanley Private Wealth Management 加利福尼亚州 Marte Park 2025 排名: 61 客户类型: HMM, UHMM 团队资产 (十亿/美元): $2.2 典型账户 (百万/美元): $50 典型净资产 (百万/美元): $100 **76. Nancy Daoud** Ameriprise Financial 康涅狄格州 Oxford 2025 排名: 6 客户类型: 零售, HMM, UHMM 团队资产 (十亿/美元): $1.7 典型账户 (百万/美元): $2 典型净资产 (百万/美元): $9 **77. Emily Bach** Morgan Stanley Wealth Management 加利福尼亚州 Orlando 2025 排名: 99 客户类型: 零售, HMM, UHMM 团队资产 (十亿/美元): $1.9 典型账户 (百万/美元): $9 典型净资产 (百万/美元): $9 **78. Katie Partridge** Morgan Stanley Private Wealth Management 加利福尼亚州 Marte Park 2025 排名: 48 客户类型: HMM, UHMM 团队资产 (十亿/美元): $84.4 典型账户 (百万/美元): $50 典型净资产 (百万/美元): $100 **79. Beth Smith** Morgan Stanley Private Wealth Management 加利福尼亚州 Marte Park 2025 排名: 61 客户类型: HMM, UHMM 团队资产 (十亿/美元): $38.0 典型账户 (百万/美元): $75 典型净资产 (百万/美元): $100 **80. Emmetine Swanson** Merritt Wealth Management 纽约 2025 排名: 70 客户类型: 零售, HMM, UHMM, 基金会, Endeemable, 机构 团队资产 (十亿/美元): $41.3 典型账户 (百万/美元): $70 典型净资产 (百万/美元): $250 **81. Teresa Jacobson** 1975 Private Wealth Management 康涅狄格州 Stamford 2025 排名: 63 客户类型: UHMM 团队资产 (十亿/美元): $2 典型账户 (百万/美元): $10.5 典型净资产 (百万/美元): $50 **82. Carolyn Taylor** Weatherby Asset Management 加利福尼亚州 Del Mar 2025 排名: 62 客户类型: HMM, UHMM 团队资产 (十亿/美元): $1.4 典型账户 (百万/美元): $4.2 典型净资产 (百万/美元): $7.5 **83. Joni Abeles** Merritt Wealth Management 休斯顿 **84. Kira Boccella** Sarasota Wealth Advisors 加利福尼亚州 Santa Monica 2025 排名: 6 客户类型: HMM, UHMM 团队资产 (十亿/美元): $1.9 典型账户 (百万/美元): $10 典型净资产 (百万/美元): $30 **85. Victoria Bailey** Morgan Stanley Private Wealth Management 加利福尼亚州 Marte Park 2025 排名: 66 客户类型: UHMM, 基金会 团队资产 (十亿/美元): $8 典型账户 (百万/美元): $80 典型净资产 (百万/美元): $200 **86. Victoria Bailey** Morgan Stanley Private Wealth Management 加利福尼亚州 Marte Park **87. Lindsey Nelson** William Blair 芝加哥 2025 排名: 100 客户类型: HMM, UHMM, 基金会 团队资产 (十亿/美元): $8.8 典型账户 (百万/美元): $16.5 典型净资产 (百万/美元): $30 **88. Mindy Ying** Wealth Enhancement 芝加哥 2025 排名: 70 客户类型: HMM, UHMM, 基金会 团队资产 (十亿/日): $3.6 典型账户 (百万/日): $5 典型净资产 (百万/日): $20 **89. Jackie Moss** William Blair 芝加哥 2025 排名: 58 客户类型: HMM, UHMM 团队资产 (十亿/日): $1.2 典型账户 (百万/日): $20 典型净资产 (百万/日): $40 **90. Rebecca Glasgow** RBC Wealth Management 亚特兰大 2025 排名: 58 客户类型: HMM, UHMM 团队资产 (十亿/日): $6.7 典型账户 (百万/日): $25 典型净资产 (百万/日): $75 **91. Gert Eisenman Poll** Ameriprise Financial 纽约州 朴茨茅斯 2025 排名: 6 客户类型: 零售, HMM, UHMM 团队资产 (十亿/日): $7.7 典型账户 (百万/日): $3 典型净资产 (百万/日): $8 **92. Kathleen Grasmeder** Morgan Stanley Wealth Management 纽约州 贝尔亚瀑布 2025 排名: 67 客户类型: 零售, HMM, UHMM 团队资产 (十亿/日): $1.7 典型账户 (百万/日): $1 典型净资产 (百万/日): $6 **93. Leslie Lauer** RBC Wealth Management 亚特兰大 2025 排名: 67 客户类型: HMM, UHMM 团队资产 (十亿/日): $9.1 典型账户 (百万/日): $23 典型净资产 (百万/日): $70 **94. Maureen Rabie** J.P. Morgan Wealth Management 佛罗里达州 棕榈滩 2025 排名: 58 客户类型: HMM, UHMM 团队资产 (十亿/日): $2.8 典型账户 (百万/日): $35 典型净资产 (百万/日): $40 **95. Sarah Mercurio** William Blair 芝加哥 2025 排名: 58 客户类型: HMM, UHMM 团队资产 (十亿/日): $2.8 典型账户 (百万/日): $35 典型净资产 (百万/日): $25 **96. Patricia Baum** RBC Wealth Management 马里兰州 安纳波利斯 2025 排名: 70 客户类型: HMM, UHMM 团队资产 (十亿/日): $2.2 典型账户 (百万/日): $10 典型净资产 (百万/日): $20 **97. Catherine Chan** RBC Wealth Management 旧金山 2025 排名: 58 客户类型: HMM, UHMM, 基金会 团队资产 (十亿/日): $3.6 典型账户 (百万/日): $20 典型净资产 (百万/日): $25 **98. Rebecca DeCesare** J.P. Morgan Wealth Management 俄勒冈州 波特兰 2025 排名: 67 客户类型: HMM, UHMM 团队资产 (十亿/日): $3.4 典型账户 (百万/日): $12 典型净资产 (百万/日): $20 **99. Hillary Cullen** 1985 Private Wealth Management 纽约 2025 排名: 58 客户类型: HMM, UHMM 团队资产 (十亿/日): $4.7 典型账户 (百万/日): $20 典型净资产 (百万/日): $40 **100. Christine Yoni** Morgan Stanley Wealth Management 帕姆贝 2025 排名: 6 客户类型: HMM, UHMM 团队资产 (十亿/日): $2.2 典型账户 (百万/日): $10 典型净资产 (百万/日): $20 www.berkeley.com Morgan Stanley Wealth Management 纽约 2025 排名: 6 客户类型: HMM, UHMM 团队资产 (十亿/日): $1.7 典型账户 (百万/日): $20 典型净资产 (百万/日): $20 2025 排名: 58 客户类型: HMM, UHMM 团队资产 (十亿/日): $2.2 典型账户 (百万/日): $10 典型净资产 (百万/日): $20 www.berkeley.com 2025 排名：6 客户类型：HMM, UHMM 团队资产 (十亿美元)：$2.2 典型账户 (百万美元)：$10 典型净资产 (百万美元)：$20 www.berkeley.com 摩根士丹利财富管理 (Morgan Stanley Wealth Management) 纽约 **98. Rebecca DeCesare** 摩根大通财富管理 (J.P. Morgan Wealth Management) 俄勒冈州波特兰 2025 排名：67 客户类型：HMM, UHMM 团队资产 (十亿美元)：$3.4 典型账户 (百万美元)：$12 典型净资产 (百万美元)：$20 **99. Hillary Cullen** 1985 私人财富管理 (1985 Private Wealth Management) 纽约 2025 排名：58 客户类型：HMM, UHMM 团队资产 (十亿美元)：$4.7 典型账户 (百万美元)：$20 典型净资产 (百万美元)：$40 **100. Christine Yoni** 摩根士丹利财富管理 (Morgan Stanley Wealth Management) 棕榈湾 **101. Gert Eisenman Poll** Ameriprise Financial 纽约州朴次茅斯 2025 排名：6 客户类型：零售, HMM, UHMM 团队资产 (十亿美元)：$7.7 典型账户 (百万美元)：$3 典型净资产 (百万美元)：$8 **98. Rebecca Glasgow** 加拿大皇家银行财富管理 (RBC Wealth Management) 亚特兰大 2025 排名：6 客户类型：HMM, UHMM 团队资产 (十亿美元)：$6.7 典型账户 (百万美元)：$25 典型净资产 (百万美元)：$75 **85. Kara Boccella** Sarasota Wealth Advisors 2025 排名：6 客户类型：HMM, UHMM 团队资产 (十亿美元)：$1.7 典型账户 (百万美元)：$10 典型净资产 (百万美元)：$20 **86. Victoria Bailey** 摩根士丹利财富管理 (Morgan Stanley Wealth Management) 纽约州比雷亚瀑布 (Berea Falls) **87. Lindsey Nelson** William Blair 芝加哥 2025 排名：100 客户类型：HMM, UHMM 基金会 团队资产 (十亿美元)：$8.8 典型账户 (百万美元)：$16.5 典型净资产 (百万美元)：$30 **88. Mindy Ying** Wealth Enhancement 芝加哥 2025 排名：6 客户类型：HMM, UHMM Foundations 团队资产 (b/d)：$2.8 典型账户 (m/d)：$35 典型净值 (m/d)：$40 **89. Jackie Moss** William Blair 芝加哥 2025 排名：58 客户类型：HMM, UHMM 团队资产 (b/d)：$2.8 典型账户 (m/d)：$35 典型净值 (m/d)：$40 **90. Rebecca Glasgow** RBC Wealth Management 亚特兰大 2025 排名：6 客户类型：HMM, UHMM 团队资产 (b/d)：$2.2 典型账户 (m/d)：$10 典型净值 (m/d)：$20 www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com www.berkeley.com --- 58 | Wednesday, July 29, 2020 THE WALL STREET JOURNAL. # 值得采取行动的 情报。 通过企业订阅，让您的团队更智能地工作。  了解更多 corporate.wsj.com/Enterprise+ THE WALL STREET JOURNAL.

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What's News

Business Of Finance

Basing agent another quarter in the red, though its net loss narrowed, as it poured more resources into developing new presidential acts and accumulating production of commercial activity. B1 The P&A added almost all aspect hundreds of Boeing 737 MAX passengers with for company's installed cable users that could prove dangerous in the case of an emergency. B2

Major U.S. stock holdouts ended mixed with the S&P 500 and Dow-rising 0.2% and 1% respectively and Nasdaq falling 0.2%. B10

Bank Indonesia John Perry Wadley staged down in a surprise move that is likely to take worries about central bank independence in Southeast Asia's largest nation. A7

Apple launched a product-linking program with Klamis that will allow customers to pay monthly for new devices and then return upgrade or buy them. B1

Visa logged higher revenue for its latest quarter as consumers continued to spend more in the top of a monetary pressure. B3

CBS News & adding overall highs of the journalists in '60 Minutes' as new executive producer Nick Bilton manages the iconic newsmagazine. B4

Coca-Cola boosted its earnings outlook for the year after the company's marketing efforts, including its World Cup campaign helped drive volume. B5

FIFA, soccer's highest governing body - exploring raising more than $4 billion by selling a stake in a new commercial venture. B3

Worldwide

Iran launched a surprise ballistic missile attack on American forces in Jordan, a violent acculation that plies new pressure on Trump to renew his war in search! A1 Trump's new crisis Prime Minister Benjamin Netanyahu met at the White House, navigating a growing 100% increase after the two hundreds of war in the U.S. the private for more complex than either imagined. B1 Iran rejected a proposal by Simon, which sits opposite that across the Great of Hormuz, to evenly divide control of the welcomes. A6

The bonds confirmed by Clayton as director of national intelligence, having a long-lasting encounter of the team of an agency that underwent staff cuts in recent weeks. A4

The Trump administration plans to end a publicly program that helped hold down pressure on the Medallion drug plans, potentially leaving many owners to face higher rates for prescription coverage next year. B2

Rescue operations were under way and more than 2,000,000 people were given evacuation orders after a full-magnitude earthquake attack confirms intent. A7

A cabinet secretary Trump was and an Oucermonted director-entered the potential targets of New York City Mayor (Zaman-Mansian) to set a heavy second homes. A7

The teenager who committed a deadly mass shooting at a high school in Windsor, Va. in 2024 was sentenced to life in prison without the possibility of death. A6

CONTENT John H. Smith, 2016. B1 Jones & Tracy, 2016. B1 Jones & Tracy, 2016. B1 Jones & Tracy, 2016. B1 Jones & Tracy, 2016. B1 Jones & Tracy, 2016. B1**

B1 Jones & Tracy, 2016. B1 Jones & Tracy, 2016. B1 Jones & Tracy, 2016. B1 Jones & Tracy, 2016. B1

B1 Jones & Tracy, 2016. B1 Jones & Tracy, 2016. B1

© 2025 John H. Smith, Inc. All rights reserved.

Graham Praised as 'American Original'

TRIBUTES: President Donald Trump, Vice President, JD Vainio and members of the cabinet, attend the funeral Tuesday for Jno. Lindsey Graham at Washington National Cathedral, The South Carolina Republican, a top advisor to Trump on foreign affairs, died July 11. A4

Meta's AI Spending Binge Runs Into Rising Debt Costs

Meta Platforms is counting on Wall Street to pick up the fall for a artificial intelligence spending spree. It picked a time when leaders' leaders are starting to feel light.

By Peter Budzynski, Jack Parker and Armidilario Andreotti

A borrowing binge this year for big companies to get big debt investors fatigue and pushing up the cost of capital across the industry. Leaders on Monday demanded higher yields on bonds from a new state-owner project to EIT Ross, China, based by Meta compared with a similar project last year.

Concerns about more AI-adjusted debt coming, especially after an agreement spending forecast from AlphaNet's Google last week sparked a deficit in tech stocks and helped push down prices of bonds from companies like Microsoft and Amazon.com.

The supply of new bonds this year from AI companies reached $270 billion in early July, almost double what was raised in all of 2025, according to Bank of America Global Research. Despite the concern of

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Lawsuits pose threats to Meta's ambitions... B1 Heart on the Street Pricing in minute on costs... B10

Trump Turns Up Heat on A's Jr. To Cut Back on Childhood Vaccines

By Liz Eauxe Weems WASHINGTON—A 1st May launch of the president's gold events in Northern Virginia, President Trump asked Health and Human Services Secretary Robert F. Kennedy, Jr., who he wasn't doing more to probe the alleged connection between vaccines and antism, according to people familiar with the matter. The health secretary told the judge, Trump told Kennedy, according to one of the people.

Kennedy was taken about three thoughts he had long been known to be disposed of vaccinations, he had been asked by White House political advisers to tone down his vaccine efforts ahead of the midfielder, the people said.

Now, it was the commander in chief who was pushing to make the study of vaccines and antism more of a priority. The president stores nearly every conversation with his health secretary back to the issue some of the people said.

Chief among the president's doctors, he knew to reduce the number of shots that federal guidelines recommend the children, according to people familiar with the matter. They said the president hopes to then see antism rates drop, even if one can't effect could take years.

Earnings Lift the Blue Chips

Investors continued selling chip and memory stocks, sending the Nasdaq down 0.2% on Tuesday, Strong earnings lifted the blow, which took 1%, and the S&P 500 climbed 0.2%. B10

Index performance, just three days

1. B1

2. B1

3. B1

4. B1

Iran Launches Missile Attack On U.S. Forces

Surprise strike marks strategy shift for Tehran; projectiles are all intercepted

Iran launched a surprise ballistic missile attack on American forces in Jordan, a U.S. official said, a federal revolution that plies new pressure on President Trump to renew the war in earnest.

By Michael Amon, Land Enfgangs and Shelly Holliday

The missiles were off successfully intercepted, the U.S. military said. But the assault caused the prospect that American forces would have to respond, just as negotiations to reopen the front of Hormuz and eventually complain towards peace talks and picking up speed.

The assault marked a shift for Iran, which until now had generally fired on U.S. forces in resolution on American airplanes on its own territory.

With the unprompted missile attack, Iran showed it is willing to take the fight to their U.S. on the other front as an attempt to force Trump's hand.

Shortly after the Amman strikes on Jordan, the U.S. military announced that U.S. and Saudi air fighters had launched strikes to Iraq on Tuesday against Iran's nuclear groups that the Islamic Revolutionary Guard Corps had previously directed to attack American troops and Saudi energy infrastructure. These attacks against U.S. forces weren't successful, U.S. Central Command said.

Wales before Iran's barrage, Trump and Tuesday the U.S. would restart strikes against Iran if a ceasefire deal couldn't be reached.

'They know I'm going to do that if they don't make a deal,' he told 'You & Friends' on Tuesday. 'The bridges are

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Strains (Hill U.S. reception for Netanyahu... A4 China evades battles to get Mideast oil... A7

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Trump Turns Up Heat on A's Jr. To Cut Back on Childhood Vaccines

The issue has been an ongoing point of tension between the two men. In a cold-shot meeting in the Red Office, the president wants to Kenneth the 1st wasn't doing enough, people familiar with the matter said.

The president has made clear he thinks he has given Kennedy enough time and a should pointed the health secretary hasn't accomplished more, the people said.

Kennedy will be a failure if he doesn't make progress on the issue, the president has told sales, some of the people said.

Trump agreed on executive order at the end of May demanding Kennedy's agency cut

back the number of recommended vaccines in the childhood schedule, saying the U.S. was not of any merit other vaccines since top health officials were confused and surprised by the order, because they were following an earlier message from the White House to ease up on their vaccine efforts.

The president has expressed frustration over a court decision that blocked cuts to the vaccine schedule that the health secretary tried to implement in January, the people said. Trump has urged Kennedy to take on what they both consider to be an act-

tized judge in the case— Please turn to page A3

Underground Reactor Splits Rural Kansas

By Karo Moose and James H. B. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H.

PARSONS, Kan.—Residents of this sheep farming support agree on many things. But whether to put an experimental nuclear reactor a mile deep in the grandm beneath their town isn't one of them.

Elected officials said some others are a chance to create jobs and have data centers and manufacturers to a rival patch where the economy has been flatter than the surrounding countryside. Another group is effectively saying 'not under job backward.'

'I put $125,000 into my house, and now a nuclear re-

actor is coming to town,' said Jerel Johnson, an IT professional who planned to retire in Parsons. 'I can't think of a severe idea.'

No one has tried operating a commercial nuclear reactor deep underground—until now. The so-called Gravity Reactor is the creation of Las Mallas, a 1st Air Force, Richard Muller, emeritus professor of physics at the University of California, Berkeley, and an inventor. They hundred Deep Fission, a three-year-old American-based around $350 million in the past year, including $40 million last month through an initial pub-

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Britain Is a Mess, At Least There's 'Hot Podium Guy.'

Sound engineer is a rare symbol of political continuity—and good looks

By Karo Lowe

LONDON—Britain's new prime minister arrived in Downing Street last week promising stability for a weary nation bewildered after churning through six loophers in seven years.

Andy Burnham's first move, however, threatened what many have come to see as the only valuable thing in British politics: 'Hot Podium Guy.'

Through years of extraordinary political upheaval, the sound engineer at No. 20 Downing Street has served as

a chasled omen of great change. Theat Googles' day was simple wheel out the body's wooden letters and left the star whenever a promise was about to resign or make their first speech to the nation.

He became a rare symbol of institutional continuity. A regular bit past character keeping calm and carrying on during a merry-go-round of political change. Over the years some fans have even suggested that Googles should

be the next prime minister, It doesn't hurt that the 42-year-old is, well, kind of hot.

'The shift' on that made attractive people in British politics,' said Melissa Truett, co-founder of the court-inauguration group Open Justice UK.

So when Burnham decided to break with tradition and make his inaugural address Monday accompanied by only a microphone stand, a vocal lecture of the electronic worried they'd lose more than the lecture. Please turn to page A11

INSIDE

PERSONAL JOURNAL An everyday guide for how to supervise your retirement account. A10

SPORTS Closers are suddenly on the verge of extinction in Major League Baseball. A16

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A2 Wednesday, July 29, 2020

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U.S. NEWS

Rare Uncertainty: Mark: This Red Meeting

BY NICK THURMAN

By the time the Federal Reserve party, Wall Street usually already knows the outcome. Not this time.

The question is, the personal pointed toward the certain bank according to a fact that the mark from seven officials who have often helped change expectations had laid out what would push them to raise rates—and state's could simply be a good cause to know that has, shifting the debate over a possible rate increase to September.

Then around last week, as the collapse of the U.S. state co-earlier over energy prices higher, market talk of a July increase began to feed on itself

fluidlessly, the September debate was the for July. On Tuesday, future markets pointed to a one-to-three chance of a rate increase, while probabilities in significant markets were slightly lower.

The case for a surprise increase costs less on anything members of the rate-setting committee have signaled that an whether Chairman Kevin Wands suggests one for reasons of his own.

How are these things to switch.

The decision

A hold would be the common moral move. It is what the data pointed to after Jane's soft in-

flation reading. It is what officials who usually signal the Fed's thinking had showed markets toward. It is also, by more readings, where Wands himself pointed to testimony two weeks ago, when he did nothing to prepare markets for a move.

If the Fed holds, which he saw discrete, A vote or two against a hold would highlight how pressure to move is building inside the committee.

If the Fed increases costs, it would represent a big change. It would mean overriding the officials who had signaled a smoker with the Fed's current stance, diminishing the value of anything. They say next time. It would also have political repercussions. The White House

spent much of the last year in cutting rates went too high and that inflation was under control. A rate increase for Trump's own nominee would say the opposite and put to rest any action that Wands is doing the president's holding.

The strategy

In-incrases, above all would lay down a market. Watch has cast himself as the chairman who ends the years of offending above the Fed's 25 target, and moving where his produce more would have waited would prove it as a way no speech could.

This strategy also remains contested. An increase to prove something relies on logic that

New York Fed President John Williams, the vice chair of the rate-setting committee, rejected earlier this month. "The way you maintain the credibility that's been built up over decades is by making the best decisions you can prove the data," he said, "rather than trying to use monetary policy to affect credibility."

An increase would create a better puzzle. When Janet's explained how tighter policy would address the current president.

The explanation

Whatever the Fed does, which now Wands appears in. He has spent two months

rowing to restore price stability and increasing that the two is responsible for inflation. If the Fed holds steady, as most analysts expect, the question is why he passed on this chance to prove the vote was more than words—and what would it take to do?

If the Fed increases rates, the reason Wands gives could determine which decision markets go. Cast are a response to the Fed's new plans on its inflation target. It would signal the first of several increases; some analysts expect long-term profits to fall on the view that the Fed finally means to bring inflation down. Cast instead as a new off-reaction, it carries less of a signal.

Reactor

Splits Third

Kansas

Continued from Page One In offering, largely to fund the work in Parsons.

Parsons, population 50000, sits about midway between Kansas City and Tulsa, Okla. Deep Fission details in the 1960s this spring on 100 acres at a mostly overground industrial pool slated with tall mutations bunkers and outside foods.

On a recent day, Manrico LaBustman, Deep Fission's senior engineering director, showed off pitch-fledged granite retrieved from the company's first to first and asked that the Indian would sell more would make a nice countering.

An empty steel container set on a cleared 600 gal. waiting to get there a second hole this year. The plan is to keep other one loaded with nuclear fuel sites a third hole to heat water a mile underground and generate electricity on the surface in 2007 or 2009—an astoundingly short time frame by industry standards.

Veritas Edinger, an insurance agent who led to the previous city commission, is now mostly excited by that prospect. "May time you're putting a nuclear reactor in a hole, it's kind of crazy," he said in his office, surrounded by Kansas City Senate memoranda and signed. "It's here. It's kind of bad that we're the guinea pigs."

The project is riding numerous from the Trump administration's efforts to adapt in a "nuclear renaissance" by streamlining regulations and offering the industry billions of dollars in loans and fuel supplies from investments. Executive orders President Trump signed last year aim to quadruple America's nuclear-power generation by 2000—a deep chilling down that of reinsurance in the industry has slowed to a point for the last three decades; nuclear operators about a fifth of U.S. electricity.

The renewed interest comes amid energy electricity demand, most of it has been data centers for artificial intelligence.

Deep Fission's project is one of 15 on a Energy Department pilot program designed to build and test small, advanced reactors to pure the way for commercial use. Participation companies can construct reactors outside a traditional national laboratory setting and use expedited procedures for environmental reviews.

"It's allowing us to develop a first reactor within a time frame that had been unthinkable," said Dr. William Mulder, Deep Fission's chief executive.

Four startups, including one from a separate Energy Department program, one they have achieved criticality, or

Cockwise from left, patches against an underground nuclear reactor in Parsons, Kan., the location where an underground reactor would go. Robert Speiss, the police chief in Parsons, and the text nuclear reactor.

Underground nuclear reactor

self-sustaining nuclear reactions, with their reactor designs. Deep Fission's is using a common, scaled-down, reactor design; its innovation is putting it underground.

The key to the plan is avoiding the need for holding containment buildings. Instead, the mile-deep hole will provide the necessary pressure, cooling and containment. A single reactor will generate just 15 megawatts, enough to prove about $2,000 homes, but Mulder embraces an array of 100 or more, providing more than a gigasent, enough for a data center. The Nuclear Regulatory Commission would overuse approval of commer-

How the water system works

cial licensing, needed to sell electricity.

Dozens of firms are designed to enable reactors, and a handling have begun construction, but some yet operate commercially on the U.S. Companies like Deep Fission must prove they can meet short timelines, contain costs and overcome the industry's historic challenges.

Nuclear workshops can be administration a moving too fast and cutting corners. This spring, U. attorneys general argued that circumventing standard environmental reviews would put communities at risk, among other things. "It's simply unacceptable to

Deep Fission's nuclear reactor to under The Great Plains Industrial Park.

MADE IN U.S.A.

even consider exempting Deep Fission from a pure reviewed environmental impact statement on the protection of high-level nuclear waste under Parsons," said Paul Gatter with Beyond Nuclear, a group that opposes nuclear power and waste.

The Energy Department said the administration is focused on safety and security.

Lee Mulder said Deep Fission's plan to store spent fuel underground in sale. Eventually Deep Fission could and it to place or store it to another site. But and her father previously founded Deep Fission, which designs underground disposal of nuclear waste.

Deep Fission plans to open a Parsons office where locals can ask questions, he said. "The project" bound to our policy in partnership with the community and sort of their own vision for their economic development."

When Deep Fission brings ground in December, some residents were shaken. The Great Plains Industrial Park, a decommissioned deep ammunition base, had approved the project without public discussion.

Marjorie Reynolds, a pediatric nurse, quickly formed a

composite. He Prairie Stig Alliance, to oppose the project. Reynolds worries about environmental oversight and potential risks to water. She questions how the company will perform maintenance underground, and who strikers are operating under oil-undergo regulations, not nuclear power. If Deep Fission were to go out of business, what then?

"This is a nuclear experiment," said the seventh generation Kamala.

Mulder said Deep Fission's reactor is too deep to affect apathy, and that it will follow all nuclear and oil-quad-gas regulations. Its reaction are expected to last six to seven years, the added, so the fluid-hood of needing maintenance is low. "There's not a lot of money given that require maintenance. We have simplified our reactor gains extensively."

Robert Speiss, Parsons's police chief, said he isn't worried about potential contamination and thinks the reactor could be the quick the city needs when energy is a big draw.

"It's a proven technology, just in a new application," he said, "and if that is a trigger which draws in other manufacturing and brings in living large jobs, I think that's a one."

Home-Price

Growth Picks Up,

Survey Says

U.S. home price growth rose in May as trends differed throughout regions. The S&P Cotably Cup—Shike National Home Price Index rose 3% in the 12 months through May. For the 12th consecutive month, U.S. home values fell in real terms, as May's 4.2% inflation can roughly three percentage points above the price gain, the survey said.

"May's data suggests that U.S. home prices continue to decline in real terms," said Rebecca Kaufman, associate director of commodities at S&P Dow Jones Indices.

White major metropolitan areas in the Northeast and Midwest recorded year-over-year gains according the new data. Mulder said, "May in the West and the Midwest remain under pressure. Kaufman added.

"Chicago not all metrics with a 63% annual increase in May, followed by New York and Cleveland, Las Vegas posted the largest decline, falling 13% over over year with Seattle, Denver and Tampa, Pa., also regulating bucks."

—Wesica Gauri

U.S. Cost in

are Feeling

Less Confident

Consumer confidence is linked in July as consumers' claims grow in the next business and labor-market conditions, followed for a third straight month, a survey from The Conference Board said. The research group said Tuesday its consumer confidence index fell to 95.8 in July from an assembly run of 92.2 in June.

Consumers' assessment of current business and labor-market conditions fell by 5.6 points to 19.6. Meanwhile, the expectations index, based on short-term outlook for income, business and labor market conditions, remained unchanged at 74.7.

The Conference Board said perceptions of employment conditions declined, with the major market differential—the share of consumers saying jobs are 'spottful' versus the share saying jobs are "hard to get"—"licking down to 21%. Economists watch this labor-market differential to gauge how light labor conditions are for households.

A separate reading of sentiment from the University of Michigan this month reported consumer sentiment improved as gasoline prices cooled. However, some economists have noted the escalation of fighting in the Middle East—and could find a remission in the weeks ahead of gasoline prices climb again.

—Wesica Gauri

Consumer confidence index

Source: The Conference Board.

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GOT A TIP FOR UST SUMMIT IS AT NELLODENTHO

CORRECTIONS

AMPLIFICATIONS

Federal Reserve Chairman Kevin Wands on June 15 held a dinner with some central-hand colleagues. In some editions Tuesday, a trip that struck about the new Fed chairman incorrectly said June 10.

Residents may select "The Wall Street Journal" (Sunday) for other articles or more articles for the company's business, and send a copy of the "The Wall Street Journal" (Sunday).

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U.S. NEWS

Medicare Drug Plan Subsidy Will End

By Anna Wynn McMeen

The Trump administration plans to end a subsidy program that helped hold down premiums for Medicare drug plan, a move that could have many success with higher rates for their prescription coverage next year.

The move will eliminate a program that is giving insurance companies an estimated $54 billion in subsidies that year to their increases in premiums for the Medicare prescription plan, known as Part II. The program will end after 2026, according to administration officials.

High drug costs are a perennial issue—especially for seniors on fixed income—and healthcare affordability is a key factor in the state's health and the uniforms, the state's health and the uniforms, the state's health and the state's health and the state's health and the state's health and the state's health and the state's health and the state's health and the state's health and the state's health and the state's health and the state's health and the state's health and the state's health and the state's health and the state's health and the state's health and the state's health and the state's health and the state's health

A Trump administration official said the extra subsidies encouraged insurers to raise rates, knowing the government would pick up the extra cost. He said the subsidies weren't needed, and other policies that help hold down Part II costs also remain as low.

'We are stabilizing the market so this business is no longer needed,' said Michael Su, the administrator of the Centers for Medicare and Medicaid Services, in a pending on social media.

The Trump administration official said that if the program had remained in effect next year, more than half of the subsidy money would have flowed to our complex, Notwithstanding Group. A Unrecoverable spokesman said the company is 'committed to working with CME, ensuring minors have access to affordable prescription medicines.'

The average premium for a Part II plan was around $30 a month this year, according to KFP, a health-policy note (PCP).

The administration official said around $2 of Medicare Part II plan members would see premiums for their plans and flat up as plans next year. Because 10% still have an increase of less than $20 to their monthly bill.

For the remaining 6%, he said, the increases are largely in the fill to $20 range a month.

Seniors should be able to find lower premiums if they reach a plan, he said, adding affordable options are still available.

Medicare drug coverage premiums are rising because the plans have been hit by growing exposure to the medications and other specialty drugs. Changes implemented under 2022's Inflation Reduction Act also have pushed up premiums. The law reduced many Medicare enrollees' service-paid expenses but required insurers to shoulder more of the costs.

Those premiums are expected to continue in 2025 said Janette Calasanti, a vice president at KFP.

The Medicare Payment Advisory Commission, a federal workshop agency, estimates the subsidy program, which was supposed to stabilize Part II, reduced the average Part II plan premium by about 40% in 2025. This year, it cut the average rate by an estimated 27%.

Tax List Is Warning Shot at NC Elite

City discloses names of property owners who might have to pay pied-à-terre levy

A cabinet secretary, President Trump's niece and an Oscar-nominated director of the among the potential targets of Mayor Joshua Mamdani's tax on luxury second homes.

By James Powell, Rebecca Picciotto and Greta Brock

Mamdani's administration fired a warning shot last week when it published an online list of property owners who may be subject to the surcharge on luxury second homes. The list includes owners' names, addresses and market value of properties.

The release of the list threatens to stir up existing tenants between the mayor and the city's elite. The city has also begun the long run notifications to homeowners that they might be subject to the new tax. 'If you have a second home in New York City worth

more than $500, check your mailbox when you're back to the 21st boroughs—because you're got mad,' the mayor said in a post on social media.

Steven Foley, president and chief executive of Partnership for New York City, a prominent business group, said the list involved like a tool to target and shape certain individuals.

'Publishing a list of individual caregivers' names alongside a policy designed to raise revenue from these needs an implicit message that these are people who've done something wrong, rather than simply pass into the city has chosen to tax more,' Foley said. 'The mayor has already won the election—he doesn't need to govern by ongoing people out to make a political proof.'

The new surcharge, which went into effect July 1, targets second homes worth $5 million or more. It can easily add new of thousands of dollars to some homeowners' city tax bills.

A Finance Department said the list has had released a per state law and will be used to identify owners subject to the tax. It includes the type of information that

real estate lawyers are now long been publicly available.

The list includes a $57 million property of which Commerce Secretary Howard Latteda is the trustee. A property owned by Trump's niece, Mary Trump, is listed as being potentially subject to the tax. Also listed are more than 4 dozen units at Trump Park Avenue, a luxury condo building where bought Trump and Jared Kushner, and the president's former lawyer, Michael Green, have lived.

The list also includes a nearly $70 million townhouse on Manhattan's Upper East Side owned by the ex-wife of billionaire Dauncer John Paulson and a property owned by (Slimmides' Darren Assembly).

None of these named individuals could be reached for comment.

The newly released list is preliminary and encompasses roughly 900,000 properties out of a total of about 2.7 million units in the city. That is far more than officials expect will ultimately be subject to the pied-à-terre surcharge. New York City Kathy Nichols office previously estimated the tax

would only to roughly 10,000 second homes.

The state Legislature opposed the pied-à-terre tax earlier this year at the urging of Mamdani, a Democratic socialist who won office campaigning on an ambitious or flexibility agenda that he wants to limit through an annual taxes on the wealthy. As mayor, he pushed state lawmakers to raise billions of dollars by raising tax rates on high-income owners and major corporations. Rachel Kallner at these taxes but backed the pied-à-terre tax, which her office estimates will raise at least $500 million a year in revenue for the city.

In May, Mamdani celebrated the planned pied-à-terre tax with a social media value accruals of Ken Griffin's purchases on Central Park South, one of the luxury properties that he said would be subject to the levy.

'This pied à terre tax is specifically designed for the school of the rich,' he said in the talks. Under the new surcharge, Griffin could end up owing $1 million a year, on top of the $837,000 in prop-

erty tax by pays now.

The Finance Department is expected to pass down and fine-tune the list. The city intends to notify individual homeowners of their pied-à-terre tax bills by Aug. 30 said homeowners can appeal the decision. The list is scheduled to be finalized in November.

The city typically publishes an annual tax roll of all property owners, and real estate attorneys use the information included in par 9th for course.

'It's not denying because it's all the same information that's on the regular will,' said Kellner that, a property tax attorney at Regan Corwin Club's estate.

Dust noted that the mere size of the list is enough to make homeowners who might find their names, despite not ultimately being subject to the tax. He has been folding calls from his own worried clients since the list was released.

'A shorter list, something more targeted would have been more appropriate,' he said.

■ Many not-clubfied units. (up to wealthy tenants... 8)

Tornado Devastates Wisconsin Communities

First responders launched damaged homes and buildings Tuesday for possible victims of a tornado that tore through several northeastern Wisconsin communities.

The twister touched homes in the Fox Cline region, which includes Appleton, Memphis and Newark, at around 1 p.m. Monday and remained on the ground for more than 20 minutes as it cut a roughly 12-mile path of destruction through an area, the National Weather Service reported it was nearly a mile across at its sided, and it destroyed homes and businesses. Ripped cars and knocked down rows of power lines in the region, which is roughly 500 miles northwest of Milwaukee.

The timetep—it blew in when most people were awake and after warnings had been in good—could be only there have been no reported deaths, authorities said.

'I think what helped us was it was during the week,' Menache Police Chief Matt Albrecht said at a news conference Tuesday. 'Everybody

was at work. It was the mid-life of the day. Most people were out at home and at other place of employment.'

Authorities said a number of people were injured and treated as hospitals, but they didn't know exactly how many or how seriously.

'The depth of the tornado and its impact is incredible, thousands. More really add at the assessment stage,' Winnebago County Executive Gordon Mottz told reporters. 'Gov. Tony Ewen declared a state of emergency for the affected areas.

As chain saws roared in the background, Appleton Mager, John Woodford said a number of neighborhoods were 'truly devastated.' Like elsewhere in the region, electricity lines were thought around broken trees, making power reduction a slow, risky process.

'The familiar way spun off by a large storm system that moved through the Great Lakes, fueled by a buildup of heat and humidity, the weather covers said.

—Associated Press

Proposal Lets Space Firms Skip Environmental Reviews

By Mezai Makchinski

The Trump administration is proposing a way for space companies to skip environmental reviews.

Transportation officials on Tuesday disclosed a plan that would allow the Federal Aviation Administration to waive requirements under environmental laws and regulations as it permits commercial rocket sites, launches and spacecraft re-entries.

The agency relied out the proposal as it prepares for a surge in launches and other

space activities in the years ahead. Members of the public said companies will provide comments on the data, ahead of the changes potentially taking effect.

Launches and reentries of spacecraft can generate a lot of noise, after solidify tailoring and have other impacts on the surrounding landscapes. The FAA, which manages environmental analyses as part of its work overusing outer space activities, assesses the effects of the clearance alternatives when carrying them out.

Environmental advocates

and many communities view the law—and the analysis it requires—on an essential way to understand 'major' developments. Yet 'the reviews' can take more than a year, frustrating companies and executives who say the efforts slow their projects down.

The FAA expects 25-h launches or spacecraft reentries during the current government fiscal year, a number expected to jump to more than 200 in a year.

Lets increase is anticipated to be driven by companies such as SpaceX and Rocket

Lets, as well as Jeff Reiter Blue Graphs and other including Stoke Space. These companies and others are dealing in angler scenes of activities for communications, military purposes and potentially even a political intelligence computing.

'We are supercharging commercial space activity, dashing costs, and strengthening America's competitive edge in this vital field,' Transportation Secretary Sean Duffy said.

Among the reviews that have triggered criticism from both companies and residents

in the FAA's environmental analysis of SpaceX's Stardust development include Brownies, Texas.

Some residents in the area have avoided the FAA for not conducting thorough enough reviews, while the Elon Musk-led company has in the past criticized the FAA for what it has called 'superthous environmental analysis' related to a launch from Stardust. It has said the company is committed to mitigating environmental effects in its activities.

Letting the space industry more faster by cutting down

on environmental analysis could put pressure on other parts of the FAA, namely in our rustic control area. The FAA works closely with launches to carve out airspace in launches, leaving commercial air traffic out of areas where rockets are ascending.

Most U.S. launches occur from the Cape Canaveral area using Florisil's east coast. By the way, more than 50 flights to and from the state.

Blue Origin, Stoke Space and United Launch Alliance all also more launches from that region, as does SpaceX.

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A4 | Wednesday, July 29, 2020

U S N A S A N D

• • • •

THE WALL STREET JOURNAL.

U.S. NEWS

The casket of San Antonio Graham during a ceremony in the U.S. Capitol retards on Tuesday. Republicans and Democrats, who put their remarks.

Capital Pays Last Respects to Graham

Political leaders from Washington and the world bid farewell to senator

WASHINGTON—President Trump called the late Sen. Lindsay Graham 'a respected communion, giant of the U.S. Senate and true American original.' As a speech subjugating the influential lawmaker at a funeral at the Washington National Cathedral on Tuesday afternoon.

By Maya Davis, Sydney Graham and Richard Rubin

'For more than 30 years, nothing of consequences has people to be a capital. Lindsay Graham knowing about it. We bill because law without Lindsay Graham having a say in it,' said Trump. 'There is a man who gave America the full measure of his good and mighty boast until that boast itself just goes out.' 'These was the nobody like Lindsay Graham,' Trump said. 'Graham, a South Carolina Republican who tells a big answer to Trump on foreign affairs, is being laid to rest that week. The observances began with a solemn ceremony extended by congressional colleagues and Vice President III. Vance in the Capitol demands,

followed by a series of the cathedral later in the afternoon. He will be backed in South Carolina on Wednesday.

Attendance at the cathedral included cabinet members such as Secretary of State Marco Rubio, Health and Human Services Secretary Robert F. Kennedy Jr. and Treasury Secretary Scott Bennett, and big Trump aides Anne Wiles and Stephen Miller. Supreme Court Justice Brett Kavanaugh, whose Graham fiercely defended during his confirmation hearing, had a third ever since.

Before the service began, the crowd was সামাজিক in the sight of Ukrainian President Nolodymyr Kalimsky as conversation with Israeli Prime Minister Rosemary Netanyahu. Sen. Tom Scott (R., S.C.) and former Rep. Roy Greeley (R., S.C.) on together, in a row that included Sens. Dick Harbin (R., Ill.) and Senate Minority Leader Chuck Schapire (D., N.Y.) some of the dozens of lawmakers who squeezed into the press. Pennsylvania State John Petterson, a Democrat, and Dave McCormick, a Republican, walked in together.

Unctimer Trump trial

While Democrat is now heavily criticized, Graham and Trump over the Iran war, many had been partners with Graham over the years—training on foreign trips with him,

or, in the case of Harbin, attempting to strike deals on immigration policy.

During his speech, Trump also acknowledged that he and Graham had once been political rivals in the 2008 presidential race.

'Lindsay and I did not exactly get off to the best of his years running against each other,' Trump said. He then recalled a start in which he gave out Graham's personal influence number during a 2021 campaign appearance. The president proceeded to read the number again Tuesday, to laughter in the cathedral.

'If anybody wants to give it a shot,' the president said. Trump also reiterated his support for Sen. Justice Graham, whom the president endorsed to serve out the late senator's term and then urged to run for a full six-year term. Justice Graham was seated in the front row.

'I have no doubt that he's looking down today beaming with pride that his sister's a senator,' Trump said.

Ten News host Sam Hamley followed Trump with his own remarks praising Graham and introduced Graham's efforts to reach Trump to confront Iran's rights calling for the U.S. and allow to thank the pro-'Lindsay had moral clarity,' Hamley said. 'There can be no part to peace until yet is defeated.' Netanyahu nodded as Ham-

nity said that Trump and Graham were Israel's greatest friends.

Rev. Tony Perkins, president of the Family Research Council, antiahecton leader Marjorie Anne Sannenbaum, and Trump ally Rev. William Franklin Graham III read Scriptures.

Earlier in the day, members of the Air Force, in a red to the senator's 33 years of military service, carried Graham's casket, draped with an American flag, into the Capitol Rounds.

Vance and Graham's Senate colleagues from both parties were arrested around the casket at the Capitol, with particulars including John Thune (R., S.D.) and Johnson and also in front. Former senators, including Rob Portman (R., Ohio) and Lamar Alexander (R., Tenn.), attended Petterson, known for his brother, were a son.

Thune remembered his friendship with Graham and nodded to the senator's record of working with members of both parties.

'Republicans and Democrats alike, including the Democratic leaders, are here to say farewell,' Thune said. 'It's hard to think that there will be no more Senate donors, that Lindsay won't be dropping to my office to discuss some piece of legislation in major tax laugh with his witty commentary.'

Vance announced about getting to know Graham during the two presidents' 2022 Senate campaign, taking that he couldn't repeat what Graham told him on the trail but that he laughed until his stomach was 'it was impossible not to like him. That smash-working laborious laugh that happened as a human being and, of course, as a U.S. senator,' Vance said.

South Carolina next

Graham's body will be down home to South Carolina, where ceremonies conclude Wednesday with an P.M. Denver, a public service and a private family burial.

The senator died July 11 at age 71 from an aortic tear, just down after returning to the Ukraine as part of his work in past a Russia-sanctuary bill.

Graham played an integral role in American foreign relations, prominently himself on Trump's right-hand man on Russia and the Middle East. He frequently visited troops overseas, championed and in Ukraine and took hard-line positions on Iran.

Graham's attention reflected on his position on Trump ally, defense advocate and hordock foreign-policy figure Netanyahu said. He would like to the U.S. to attend the event and meet with Trump.

New Senator Will Face a Competitive

WASHINGTON—In the spirit of week, Sen. Justice Graham was never into office, co-sponsored her first piece of legislation and made a big political decision—all before she hailed her brother, the late Sen. Lindsay Graham.

By Ken Thomas, Maya Davis and Marianne LeVine

Unclear Graham, who in recent years had run South Carolina's Commission for the Black, is getting a crash course in 1983 politics, an experience colleagues described as drinking from a fire hour. Appointed to serve out the final months of her brother's term, she first decided to run for a full six-year term. But here a competition Republican primary well-month, after President Trump's endorsement failed to scare away GOP opponents.

'I'm just going to be honest. I wasn't sure if I was going to be able to get up here. I will be brief because it has been every difficult week,' the 42-year-old said at a South Carolina Prayer Workshop in which she nodded to her brother's record. 'I am going to work as hard as I can to carry on the legacy and to help the people of South Carolina and to work for this country.'

Lindsay Graham, who died July 11 at the age of 71, was memorialized Tuesday at Washington's National Cathedral following a ceremony inside the Richland of the Capitol. He will be laid to our Wednesday in South Carolina.

Trump decided to back further Graham in the GOP primary. That hasn't alternated others, and early polling indicates a competitive contest. Rep. Ralph Norman and Russell Fry announced plans to challenge her for the vote along with ex-Gov. Mark Zamfret, a former congressman, creating an unheard of768. Graham's campaign expects to benefit from defense funds in her brother's campaign account, routed through the National Republican Senatorial Committee, according to a protest familiar with the field.

The candidates will debate Aug. 5, a much-anticipated chance for voters to hear where Graham details on law issues. The special GOP Senate primary in Aug. 21—and it may not receive a majority of the vote, the top two finalists will compete in an Aug. 23 round! Inside the Senate, Graham has exchanged college students with colleagues, and Republicans from leadership up down have offered their help. He has frequently been skeptically in Sen. Kate Roy Greeley (R., Ill.) and has been spotted with members of her family near the basement subways that connect the Capitol to Senate office buildings.

'I said, 'You know, we women have to stick together,' said Sen. Hedley Moore Capire (R., WPA), who introduced himself after Graham was sworn in. 'She liked that.' Sen. Cynthia Lammie (R., WPA), said Graham received a standing ovation when she

Unclear Graham has received Trump's primary endorsement.

joined a regular GOP caucus meeting on the first issue. Lammie recalled that she was already a veteran of Congress when her husband, Al, died suddenly of a heart attack in 2016. Of Graham, she said, 'I can't imagine how it would be to deal with the shocking death of your brother and then have been and try to learn the ways of the Senate at the same time. It's a lot to ask of a person.'

In her opening days as senator, Graham endorsed talk aligned with Trump. Her first

move was to co-sponsor the 2022 America Act, an electrorelated proposal that is a priority for the president. Graham then backed a date of immigration enforcement measures, ambassettes and gun-rights bills, and the Protecting American Taxpayers Act targeting government-assistance fraud. She was also the sponsor on a Russian sanctions bill, one of Lindsay Graham's biggest canons.

But the newest senator has indicated the won't be a carbon copy of her brother's pol-

etic. She has declined interviews, after a sit-down with the News' San Antonio in which she announced she would run for the full term. In the interview, she said she would try her brother about his focus on internal security. She said she told him, 'Falk about also what matters to the average person. You know, the price of groceries, the price of gin, healthcare, insurance, these kind of things.' She also said she told Trump that she would be loyal to him.

Mrs. William Timmons (R., C.), who has endorsed Graham and said he speaks with her often, said he anticipates a shift in emphasis. 'I think they probably going to be most focused in domestic policy, because of affordability,' he said.

Brad Ruck Scott (R., PA), and Mike Lee (R., Utah) and Rep. Nancy Mace (R., S.C.) endorsed Norman, a member of the House Freedom Caucus. Mace sent Graham flowers at her her brother's death and said she admires her for serving out her brother's term. But she endorsed Norman because of the death a conservative to accept the seat and doesn't know what Graham stands for.

'It's going to be hard to attack because she doesn't have a record. And she will have just buried her brother five days earlier,' Mace said. 'The inspiration is the St. I. is an 'This is not a consolation.' Democrat have announced Dr. Maria Andrews, a pediatrician and gun-violence prevention advocate, in the fall general election.

Senate platforms Clayton for Intel Post

By Tom Kresca

WASHINGTON—The Senate confirmed Jay Clayton as the director of national intelligence on Tuesday, placing the top federal prosecutor to hubs an agency that addressed rounds of staff such as recent events. Clayton, the U.S. Attorney for the Southern District of New York and a former chairman of the Securities and Exchange Commission, was confirmed by a vote of 15 to 47, along with 9 lines.

Clayton takes over as the head of the office of the Director of National Intelligence, which oversees 15 federal intelligence agencies and units. The size of OSNI has shrunk to record weeks after President Trump named Bill Fulton, who was a member of the state. He was a member of the state and Tuesday's committee, who conducted five rounds of hearth, bringing down the staff number by around 10% from several weeks ago.

Many staff members have returned to the agencies they were originally sent in from, and the Sen. James Landford (R., Okla.), a member of the Senate Intelligence Committee.

Some lawmakers have expressed concerns that the U.S. will be a result of the 15 Clayton's confirmation hearing before the committee outlining the month. Sen. Susan Collins (R., Maine) said: 'I am deeply disturbed that some administration officials, and others trade relations, have called for not just a reduction in the size of OSNI, but that we abolish it altogether.'

Jay Clayton

Clayton responded by saying he is committed to maintaining OSNI's vital work. She also said he owe the role of OSNI as similar to that of a lead in the 2020 election. He said, 'I can't imagine how it would be to deal with the shocking death of your brother and then have been and try to learn the ways of the Senate at the same time. It's a lot to ask of a person.'

Once Clayton takes over, he will need to work with Capitol Hill's long term support roadshow Section 702 of the Foreign Intelligence Surveillance Act, a critical federal spring trial that opposed in June. Trump entered that neither Clayton's confirmation nor the record of FDA should prove that the surgeon passed a GOP state ID bill.

Clayton has a long legal career but doesn't have a traditional intelligence experience as many of the predecessors had to pay chief Hill, many on Capitol Hill now Clayton as a law commission's choice than Palle, who also heads the Federal Housing Finance Agency. Palle passed three with Trump through his aggression approach to the position in the administration's housing chief by adopting that several of Trump's provoked face in the federal mortgage funds.

In the July confirmation hearing, Clayton was asked multiple times if the Rubin won the 2020 election. He wouldn't accept that Rubin deferred Trump.

Mark Warner, the highest ranking Democrat on the Senate Intelligence Committee, said he was concerned about Clayton's ability to speak up. 'I came away from his confirmation process with serious reservations about whether he would be willing to stand up in political pressure when it seems to meet,' he said in a statement Tuesday. 'Even that he has been confirmed, I sincerely hope he proves those concerns unhooked because the intelligence and security deserves strained leadership than if has received in recent months.'

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THE WALL STREET JOURNAL

Wednesday, July 29, 2026 | A5

U.S. NEWS

Wisconsin Democratic Socialist Leads Primary Worries Old Guard

By JOHN MCCONNELL

MADISON, Wis.—Francesca Hong, a state-leading member of the Democratic Socialists of America, has established Democratic ratified ahead of an Aug. 13 primary for governor.

Hong, a 57-year-old state representative and part-time berthchild, leads in the mid-19th of the 1980s. The 57-year-old state representative and part-time berthchild, leads in the mid-19th of the 1980s. The 57-year-old state representative and part-time berthchild, leads in the mid-19th of the 1980s.

The new, in one of three heartland Democratic primaries in early August offering the rights into the political revolution. The other two are U.S. Senate contracts in Michigan and Minnesota.

Hong's bid will also test whether Democratic members, a rising faction within the party that has been deeply harmed in our districts, can win state-wide primaries in people states.

The primaries are playing out as Democrats remain disliked. Jesus then will move widely into competitive elections.

She wing asserts health ground districts and ends up being by wrong, upholding the voters with moderation, while another race voters are eager for significant change at a time of widespread skepticism in government and widening economic disparity.

Hong, Wisconsin, first Asian-American state legislator, is a leader in the side-selling for a real expansion of government into virtually every one. One of the most common, and many found to publish an primary review and the elimination of all college jobs.

She holds beginning mainframe in their high-speed broadband and supports a state-run development bank, Medicare for all, a 12-hour workbook with six pay cut,

Francesca Hong, a state legislator and part-time berthchild, dismisses concerns about her electability in the governor's case.

abolishing the U.S. immigration and Customs Enforcement agency, restoring voting rights to those and the essential associations — of at least reduction — of income and police.

President Trump and state Republicans have branded the 50th in 'Communist' election using the policy positions of its members as a line of attack against all Democrats.

Asked how she would pay for the additional benefits she is suggesting, Hong said she would pass on higher taxes on the wealthiest and the disclosures of business tax credits.

'The money is there,' she said in an interview. 'It's how we've allocated it and also how to not respond to you.' Hong represents one of Wisconsin's most liberal legislative districts in Madison.

She was elected for the first time in 2020, the same year she became a 50th member.

The two open-seat race for governor in Wisconsin comes after Democratic Gov. Tony Evers decided not to seek a third term.

The primary's winner will likely face Republican Tom Tiffany, a congressman since 2020 from northern Wisconsin. Establishment Democrats are deeply concerned about Hong's vote, her 56-left views could cost the policy to evaluate governorship in November.

'The Democratic have moved left to primaries and the Republicans have moved right,' said Joe Womack, a former Democratic Party of Wisconsin chairman. 'She is the ultimate far-left candidate, it might work in a primary, but it's not

going to work very well in a general.'

David Axelrod, a Democratic communist who worked as a top strategist on Barack Obama's presidential campaign, put it this way on social media late last week. 'The three year for governor in WI feels like a slow-selling car headed for a cult.'

Hong dismissed concerns about her electability, pointing to an unestablishment mood and what she said is her ability to attract a spectrum of voters drawn to her push to make life more affordable.

'I think that my multiple identities in what helps me connect with a lot of different types of people,' Hong said, before describing herself as 'the only wage worker' in the race, the daughter of South Korean immigrants, a single mother and a center. She said she still periodically picks up bartending skills.

Hong has led a crowded field of candidates for much of the year, although with a large proportion of the likely Democratic primary electorate still undecided. A series of unusual turns in recent weeks has left the race even more uncertain.

She top contender, Lt. Gen. Sara Rodriguez, ended her candidacy July 17 after ensuing a general election. Milwaukee County Executive David Crowley dropped out July 8 and endorsed Rodriguez, before keeping back in July 20 with the sudden endorsement of force.

In the interview, Hong decided to distance herself from 2020 and 2021 online posts where she advocated for defending and abolishing the police. She said decisions about police staffing levels are made at the local level, but they are 'more challenging because the state has not actually invested in services, in treatment, in leading, in victim services.'

U.S. WATCH

Auctioneer Jonathan Kunk with the personal items of KFC's Colonel Sanders that were set for sale Tuesday.

GEORGIA School Shooter Gets Life Without Funds

The teenager who committed a deadly mass shooting in September 2024 at Auerbach-High School in Weston, Ga., was sentenced to life in prison without the possibility of parole.

Colt Gray, now 16 years old, was sentenced Tuesday, days after pleading guilty to killing two students, and two teachers and injuring nine others. The two students killed were both 14 years old.

Barrow County Superior Court, called Nicholas Primin said sentencing questions to life imprisonment without private sex arousal because of their youth. But Primin said he found Gray calculated and unsanitized. Planning force using about, visualizing and executing a school shooting gets you in a problematic place, it puts you in an unredeemable moral wardrobe. Primin said to Gray during the sentencing, 'You do not seem to be tormented by what you did.'

Colt Gray's father, Colin Gray, was convicted of second-degree murder and once unitary manslaughter in March for his role in making firearms available to his job.

—Jack Mayfield

Debt Costs Hit Meta's AI Binge

Continued from Page 1 for depression, the data-center boom looks paved to create even more new debt, even if it ends up being more expensive, because no phone wants to risk falling behind in the AI case.

Meta executives have told bankers and fund managers that it will need to raise hundreds of billions of dollars to support its AI banker and to take with other firms like Blackstone's to additional funds, people familiar with the matter said. Meanwhile, Media is in talks with OpenAI to provide a $250 billion banking to help finance the construction of a data-center project in Ohio, The Wall Street Journal reported Sunday.

'I'm want to expecting the build to continue,' said Meta Media, head of U.S. credit strategy at Bank of America.

'That is a higher price point.' That Monday's sale of $12.50 billion in some fund in Meta's AI Pass project, which is 90% owned by funds managed by BlackRock. Unlike one offering from Snapalilla Investor, a building company that owns BlackRock's portion of the project, more about 2.8% percentage points above the 50-year Treasury rate, or 75%, people familiar with the offering and Morgan Stanley and JPMorgan bankers led the deal, which was for funds that are set to mature in 2048.

Existing bonds tied to a

similar Meta project in Louisiana were trading at a yield about half a percentage point lower than the new deal's interest rate on Monday.

More deals tied to Meta are likely. The company has been trading up future data-center capacity and has issued several requests for proposals on additional projects related to real estate, energy and other AI infrastructure, the people said.

Dean Powell McCormick, a Goldman Sachs veteran and former Trump official who joined Meta as president and vice chairman in January, is helping to lead the effort, to recent months, she said other Meta executives have met with BlackRock's Larry Fink, Blackstone's Stephen Schwaetzman and Joe Gray, and Broadfield's Chief Executive Bruce Flatt, said people familiar with the meeting.

Powell McCormick co-leads, with Daniel Gross and Samuels Januskas, a team called Meta Company, a division that was charged by Chief Executive Mark Zuckerberg to map out the company's strategy to secure competing power. They work with Chief Financial Officer Duane Li, on the financing. For years, Meta had little need to borrow, thanks to a highly profitable advertising business that pushed cash in search until 2022, a decade after Meta's initial public offering, that the company issued its first corporate bond. In the past three months, its borrowing went into even

drive. In October, Meta raised $30 billion, doubling its debt load, in one of the year's large net corporate bond offerings. The company followed that up to April with an additional $20 billion in new bond sales.

Meta has gotten creative about keeping billions of dollars of borrowing off its balance sheet. The Hyperion data-center project in Louisiana was structured as a venture with investment firm Blue Red Capital. Funds managed by Blue One have been $10 billion into the project and received an 80% ownership stake. A holding company owning that stake, Bogart Investor, issued $27 billion in bonds to improve the construction of the two-gigawatt complex.

For the Bogart and Snapalilla bonds, Meta provided a guarantee that makes bondholders whole of Meta spend not to renew its own or terminate it early.

This helped each offering and investment grade ratings. Snapalilla received an Ar-Rush 360 and a Ar-Rush 360. Data-center showcases have gone on their own borrowing degree to build capacity for Meta. Meta signed a long-term issue to occupy a more-than-three gigawatt facility in Wappington, Pa., being developed by Algrind Data Centers, a digital infrastructure landlord and operator that a BlackRock-led consortium acquired in a $20 billion deal last week. Banks are providing a $10 billion project finance package for the site's construction, people familiar with the matter said.

Bankers have told clients they aren't sure the interest rates will ease soon—an issue that has AI companies reassessing their estimates for how much the infrastructure build-out will cost. Just like how extreme demand for materials and semi-conductors has sold data-center construction costs soaring, extreme demand for capital is pushing up interest rates. Still, there's little appetite to start and use Investors are willing to lead at the right price, and AI companies favor paying new versus risking any construction deal.

Meta paid more for funds to finance its AI Pass project.

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A6 | Wednesday, July 29, 2026

THE WALL STREET JOURNAL.

WORLD NEWS

Strains Chill Reception for Netanyahu

Meeting with Trump ends with mutual praise but no signal on Iran war strategy

By Ranjit Gosana Ann Ayer Tunez

President Trump and Israeli Prime Minister Benjamin Netanyahu met at the White House to discuss the problem, a growing off the months of the 1960s. He also said that Iran proved far more complex than either imagined. Despite the fact that they had slammed for weeks, it was unclear until late last week that Trump would even entertain a meeting with the United States to discuss an audience. The Trump submission from present the Israeli leader to take steps to show he was serious about advancing U.S. bordered peace talks to Lebanon and Gaza, according to official news reports. The President said that the matter.

And then I knew before the meeting Tuesday, Trump appeared to break up the possibility that the U.S. had been perfectly trying to presume the White House to continue the Iran war. He said in a Fox News interview that an Iranian ministries at Pukake insulation, a focus of recent Israeli intelligence, was "not a big problem." When the roughly bouncing meeting concluded, Netanyahu described the meeting as "one of the best conversations" held over had with the U.S. president, a major White House official said Trump had a strong relationship with Netanyahu and praised Israel for helping the U.S. Israel Asari's ability to

Prime Minister Benjamin Netanyahu and President Trump in the Oval Office on Tuesday, in a photo released by Israel.

develop a nuclear weapon. Despite these statements, neither old offered a clear signal about the White House's anti-Israel strategy and what role Israel would play in it. Facing mounting criticism at home about the upcoming elections, Netanyahu had sought for months to get a meeting with Trump. He arrived in Washington with significantly less clear and influence than he had on previous efforts, although local and other highly attuned to what the president would want to discuss—or what would set him off. Sen. Lindsay Grubach's recent death was also a major blow to the Israeli leader, as the South Carolina Republicans

had long served as an anti-vecratory between Netanyahu and Trump. Netanyahu's political pride, when U.S. had been growing for months, as he faces pushback from Trump's fellow Republicans as well as Democrats. Before the start, Trump voiced illustrations at Netanyahu behind closed doors to confidantes and in public conferences as the conflict dragged on, officials said. Points of strain in the U.S. Israeli relationship include the conflicts in Gaza and in Lebanon between Israel and Iran-backed Redholds forces. To secure the meeting with Trump, Netanyahu

agreed to pull back Israeli forces from "palet zones" in southern Lebanon, where the Lebanese armed forces are slips. Up to next Sept. all the to secure designated areas. He also announced that Israel would allow members of the Trump-led Board of Peace to enter Yama after months of statements. The Israeli Prime Minister's office didn't respond to a request for comment. After meeting with Trump, Netanyahu attended Graham's funeral. As guests filed into the National Calendar for the funeral, Netanyahu was soon chatting with other senior administration officials, including U.N. Ambassador Mike

Wolfe and Commerce Secretary Howard Larnock, as well as Ukrainian President Vishny Amyr Zelensky, who had met with Trump earlier in the trial. When Fox News beat Jean Hanarty spoke at Graham's funeral, he described Graham as a first important friend, Netanyahu and his wife, sitting in the audience, needed along. The last meeting between Trump and Netanyahu took place in February, shortly before the start of the post-U.S.-Israeli bombing campaign in Iran. At the time, Netanyahu and the former chief of Israeli-Moscal ups agency presented Trump with plans to topple the Iranian regime, according to an Israeli official.

Iran Fires Missa as U.S. Forces

Continued From Page One paying to be gone, forcefully in the U.S. and the U.S. forces in Lebanon, must be the bridge, the major bridges will all be gone, and the power plants in one of the, he said.

He said that Iran had agreed to give up its nuclear weapon sufficient for future "make it formal," he said. "I just want very simple—they cannot have a nuclear weapon. Very simple. And they've agreed to that. I must say, 'You have to put them to you know, make it formal.'

Iran launched the attack

The months after the war began on the 30, when the U.S. and Israeli frigate aircrafted that killed a month of the leader. Republic's leadership, including in top slate, made up Al Khanness.

The through-capped several weeks of wobbly diplomacy during which the U.S. and Iran agreed in June to end hostilities. But digested over how to impose the State's Thomas—through which 25% of global oil production flowers before the war—prompted Trump to take almost ten weeks of an action on Iran this month.

Trump passed three strikes on Friday to give peace talks a chance. He Tuesday, Iran said it had rejected an Oman plan on resuming traffic in the 50s of this season, putting it even proposal that would give Tehran more control over digu-

ping to a report for comment on Iran's latest news. The former U.S. officials said they believed the BBC's actively trying to undermine expatriation to renew the countries and reopen the struts.

U.S. oil prices jumped 4% to more than $40 a barrel after three of the Russian attack. Middle East analysts can be prize of crude oil in an economic weapon that Iran has wielded effectively against the U.S., where high fuel prices have led inflation.

The latest strikes come after three U.S. soldiers died in an Iranian missile strike on Mombing (and the Bats, Jordan, in mid-July). The missile barrage, one of three on the basis in a 24-hour period, struck proliferated housing units where troops lived and slept. The Wall Street Journal reported.

That three missiles were

able to slip through the base's defense point to the challenges in protecting an estimated 50,000 U.S. troops in the Middle East from Iranian missiles and drones, which are still a deadly force even after months of U.S. activities.

"The Trump administration called after to let this surprise attack go unanswered," said Benjamin Ben Talebik, of the Foundation for Defense of Resonances. "For the United States, those attacks are not the costs of war, rather the costs of antiretroviral business."

"Iran is striking the problem where that it can take the initiative and take the fight of the U.S." said Danny Christowicz, a senior fellow at the Institute for National Security Studies, an Israel-based think tank. Through Trump had passed activities, the country's rulers see a continued U.S. military blockade of its

ports as an act of war that needs a response, he said.

"Iranian leaders increasingly interpret Washington's control as a sign of hesitation and a lack of political will to maintain a prolonged confrontation," Christowicz said in a post on X. The Tehran's assessment, that results on opportunity to turn American residents to recent weeks, the war's footprint has expanded for beyond Iran and the Arab Foreign Gulf states that Tehran has attacked in retaliation for American activities.

Iran-backed militants to be more, like Banshi, have attacked the U.S. ships in an energy to enforce a blockade of fraud oil shipments, prompting Riyadh and in Yemeni plans to launch their own assaults.

Inside Arabia said Tehran supported militia have been trying drones on its oil fields and other infrastructure.

Zelensky Reeds Calls of Protesters

By YANOLAY TAKHIRAY

Ukrainian who flooded the streets this month to protect the dismissal of the nation's popular defense minister came out with their children and pets. The atmosphere was more akin to a music festival than an undigweement rally in the middle of a war.

The one thing the protesters correctly didn't expect, and didn't prepare for man the possibility that President Volodymyr Zelensky would order security forces to disprove them. In fact, as soon as the President's release of the 21st-endsy said he would carefully listen to public opinion.

Within days, he yielded to perhaps the most significant of the President's efforts in the country's top military commandos, the "Zelensky Reeds," who was widely criticized for sticking to old-school Soviet ways and hampering the war. He then claimed a new, young and popular defense chief.

Zelensky exhibited the same pattern of behavior a year earlier, while street protests on Iran to remove legislations that started the independence of anti-corruption processions and courts. These independence processions soon have induced Zelensky's powerful chief of the President's defense, and have been dismissed, and after close associates on corruption

charges. Yermak has denied the case. "The authorities here must listen to the people," said opposition lawmaker Yaroslav Zlotovnik, a frequent critic of Zelensky. "Any Ukrainian president—including Zelensky—can attempt to build his university efforts only until the moment about security comes out on the street and says 'We don't like it.' And then, there is nothing that can be done anymore. This is how it is, historically, if it is Ukrainian blood."

This month's protests, and Zelensky's partial clutchtones, were laughed off in the Russian media as a sign of Ukrainian weakness, proof that the Ukrainian court is crumbling under machine pressure. Only a few Russian military analysts noted that it took a military uprising the warlord Yevgeny Pogoshin and 2022 to replace Russia's defense minister, while defense chief Gen. Valery Gerasimov, 75 years old, remains in place despite the many failures of the Russian war effort.

"Many, if not more, Russians are looking at theLambda's efforts in Ukraine with jealousy," said Russian political analyst Albin Kadyushev, a former psychotherapist for Russian President Vladimir Putin. "It is time when Russia is running more and more expensive, it turns out you can go out and demonstrate, and

Ukrainian took part in protests following the dismissal of the defense minister this month.

Ukraine President Says He Discussed Weapons With Trump

President Trump and Ukrainian President Volodymyr Zelensky met Yuzhnovian (thousand ways) for Ukraine to produce its own powerful weapons, and 'other ideas that could help' in its own against Russia.

The Oval Office sit-down,

which was closed to the media followed a connoisseur meeting at the NEPF. During this month, where Trump said the U.S. will pay Kyiv a license to make 'first defense systems,' it is a social-modal post, Zelensky thanked Trump

and the Republican administration's efforts to help Kyiv. Later, Zelensky posted that he met with officials from Lockheed Martin for further cooperation in both defense production and exchanging of technologies.

—Associated Press

you won't be immediately called or hit on the head? While Ukraine's political system has a feedback loop that permits the cornerstone of mistakes made by Zelensky, the entire Russian state machine, with its mighty intelligence and analysis apparatus, has been ordered to understand Putin's decisions, he added.

"The only thing anyone can do what is to approve, and all the decisions are being made by the cockroaches roaming in side the head of one aging man who has lost connection with reality," Kadyushev said. "It is precisely the social involvement and instability, so all levels of power and inside the military, that has allowed

Ukraine to survive 4-5 years of life, signed its guest neighbor. The nation's allergy to517, the nation's allergy to517, the nation's allergy to517, the nation's allergy to517, the nation's allergy to517, the nation's allergy to517, the nation's allergy to517, the nation's allergy to517, the nation's allergy to517, the nation's allergy to517, the nation's allergy

Tehran Rejects Bid To Share Hormuz

By Shirah Faisal Ann Krumm Sain

Iran rejected a proposal to reship global control of the Israel of Hormuz.

Oman, which can opposite Iran account the struts, suggested a temporary plan to establish even lanes of control, but Tehran demanded Tuesday night it take the start's share of the underway critical to the flow of the world's oil supply, one of its top diplomats said.

A bill in fighting between the U.S. and Iran since Friday had prompted a new push for mediation, which included a proposed 10-day counter plan, but in a new escalation Tuesday morning, Iran launched a bulletin-requisite attack on Japan's nuclear base in the Middle East. Earlier complicating efforts to resolve the conflict.

Earlier officials in mediating countries said they were involved by Tehran's rejection of the Oman plan. Tehran will only move to the next stage of negotiations if Oman agrees to Kare's Hormuz plan, said Iran's major foreign minister, Karos Chakraborty.

Oman had proposed an equal division of transit routes between the two states. Shariha said that plan "haven't address frailt's security concerns."

Tehran concerned with a plan under which one direction of traffic would pass through solid Iranian waters and part of the opposite Iran would be the only in Asia, Shariha abadi told their television.

"The inbound shipping lane must be entirely under frailt control, while part of the new frailt lane may remain under Tehran's control," he said. "If they accept this proposal, we will move on to the next stage."

In talks with Oman, Tehran's intention on retaining full control of the underway because U.S. military supplies used to attack on territory transited the struts, an Iranian official said, "We should not let the northern side of the narrow border into white-Osman controls the rise of the point of land just long out of the southern shore.

The struts is an international waterway, and Iran cannot control the U.S. and Israel through it." A U.S. official said Tuesday, Iran, the official said, "It's overcrowding with unanswerable demands."

Before the war, despite 100 ships passed fresh through the struts such day, without the payment of any fees.

carry anywhere in Europe today, in terms of the willingness to stand up for what they believe is, and to challenge their own efforts. In the 1960s, the number of U.S. ambassador to Ukraine showed the 2024 Maidan resolution, and an an assistant secretary of state in the Biden administration. "This has now been hardnoted into Ukraine's political policy."

The resolution goes back to the common heritage of the Polish-Achmanian Commonwealth, to which most of the country belonged for centuries, said prominent Ukrainian historian Yaroslav Bortnik, a professor at the Ukrainian Catholic University in Lviv, a professor of the socioeconomic Councils state that existed in Ukraine in the 17th century, a new to-condition removed what and did for an assuming power as a sign that they weren't inherently superior to that. "We must say."

"What distinguishes Ukrainians from Russians is not language or religion, though there is a difference between "Ukrainian" and "the most common" in political culture. In Ukraine, the state is not saccaded, and therefore a Ukrainian Party or a Ukrainian State is imposed the Ukrainian people in hospital. It never trusted the state, and rarely known even those whom it should to power."

Indeed, while Paris has been in power since 1995, no Ukrainian president has won any action this century. The only one of the six once independence in 1991 who dared to return against protesters, Viktor Yanukovsky during the Maidan war, was a 1945-44, ultimately was ousted and fled to exile in Russia.

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THE WALL STREET JOURNAL

Wednesday, July 20, 2020 | 67

WORLD NEWS

China Evades Hurdles to Get Midcast Oil

Beijing reaps the benefits of steady partnerships with Tehran and its foes

By Aaron Kanoi Abu Kanoi & Firo

Doctrine of long-losses in the Middle East are sending shock waves through global markets. China has only found a war to get oil from the region.

East-South Benefits in Yemen last week began to attack Saudi-Saudi oil tankers of the Rift al-Mansabī. Brazil, expanding the Iran conflict and disrupting a Red Sea route that Saudi Arabia has used to bypass the threat of Burmese, the threat to its customers in Asia. But the rebels gave safe passage to two Chinese oil tankers carrying Saudi oil through the Rift al-Mansabī. Both ships broadcast "Chinese crew and owner" as they sailed.

At least two more China-bound superlankers, Saaded with Saudi oil, have since cleared the struts. The rebels appear to be holding fire on behalf of Saudi Arabia.

Access the Arabian Peninsula at the Strait of Burmese, the resumption of a U.S. blockade and the threat of Iranian attacks have impeded the transit of oil tankers. That hasn't stopped China from exporting Iranian oil by drawing on a floating reserve off Malaysia, an established channel that accustomed to U.S. sanctions.

"That security is a major geopolitical lever and China has historically been in a vulnerable position as a big inspector, but they've gone to great lengths to reduce the 'tolerability' of all that Kuwaiti, fraud of energy research at MIT Financial, a340,000-year federal executive firm. Iran's continued influence in Burmese' throughout the land of China with regard to that geopolitical leverage."

How China has worked

around blockades that have disrupted global markets shows the benefits of Beijing's longtime position as both a financial lifeline to Iran and a customer for its foes.

The China connection is so needed that, at the height of the war in March, some Chinese common said they would display Chinese flags on their vessels' decks to win safe passage through the Strait of Burmese, even if they were to weren't Chinese flagglers.

That turkey hasn't always worked, in May, Iran struck the Marshall Islands-flagged tanker JV Innovation, despite its Chinese owner and usually taken a crew, triggering a fire on deck. Beijing said it was "simply concerned" about vessels stranded in the strut, and called by resisting uninspired passage. But China has been little to rest in Iran and has provided it with diplomatic support.

China learn about 80% of Iran's oil exports—helping Tehran endure punishing

sanctions—but also buys oil from Saudi Arabia, a rival to Iran. Before the war, nearly half of China's crude-oil imports passed through the Strait of Burmese.

China has shown during the war that it can come global oil markets by car-

ting its imports. Iranian oil arriving at China this year also fared from a flight of 1.7 million barrels a day in March before the U.S. blockade began. In 762,000 barrels a day in

June and 122,000 in July, according to data from East Community research firm.

China's ability to work around chokepoints gives it access to cheap Iranian oil despite the war and the U.S. naval blockade. The share of Iranian crude in China's total imports climbed to more than

80% in May and 19% in June, compared with 25% in February, according to ship-tracking company Vertena. Officially, China hasn't lagged any imports of Iranian oil since 2022. You appeared to take advantage of a monthlong pause in

the U.S. blockade to rank oil of exports, reporting about 81 billion to 86 billion in oil before the blockade resumed in mid-July, shutters said.

These shipments made to an area off the coast of Malaysia where tankers from Iran unload to to vessels that continue onward to China, a sanctuary-reunion strategy. Long-established goods trade between Iran and China also got a boost by the temporary lifting of the blockade, according to a Wall Street Journal review of maritime traffic

data. The volume of Iran-flagged cargo ships visiting Chinese ports dropped after the war started, and jumped after the U.S. blockade passed in mid-June. On date alone. After the blockade resumed, at least 25 such ships were seen in or just outside Chinese ports.

These ships carry anything from consumer goods to run, chasing from Chinese ports. Iranian cargo ships have been accused of transporting chokepoints to the U.S. "absent" to help power Iranian missiles.

While the418s rivals of being their fight against Saudi Arabia to the Rift al-Mansabī, the Chinese superlankers crossed the strut loaded with oil from the Saudi Aramco-Eosinliad refinery on Thursdays—and are headed to China after the seaboard, two China-bound, through the flagged superlankers retired the Red Sea via Rift al-Mansabī loaded with Saudi crude. Two empty Chinese superlankers are still in the Red Sea, awaiting orders.

Japan Earthquake Kills at Least E3, Mall Collapses

By Yuse Jin Abu Zobao Fuhiroza

TOKYO—fuerzan operations were under way at a Japanese shopping mall and over 200,000 people have been denied evacuation orders in the region, and a strong safety guide struck southern Japan on Tuesday.

Prime Minister Iwasa Fuku-ichi said Wednesday that E3 people were killed in the quake, and there were many injuries.

The magnitude of quake at 4.27 per Tuesday for Kamoi was 2.5 per week. The 2020-2021 season ended in 4.27 in 2020, and there were many injuries.

The magnitude of quake at 4.27 per Tuesday for Kamoi was 2.5 per week. The 2020-2021 season ended in 4.27 in 2020, and there were many injuries.

A 4.8-magnitude earthquake struck southern Japan on Tuesday, 4.27 p.m.

The 4.8-magnitude earthquake struck northern Japan on Tuesday, 4.27 p.m.

In 4.27, the earthquake had passed in 4.27 in 2020, and the 2020-2021 season ended in 4.27 in 2020, and there were many injuries.

The prime minister said she

An apparent explosion rocked a shopping mall near the Japan earthquake's operation.

had sent government staff to the region to access the damage. Kumamoto prefecture has a population of over 1.6 million.

More than 200,000 people were issued evacuation orders in Kumamoto and neighboring Nagasaki prefecture, according to the Fire and Disaster Management Agency.

The earthquake, which the U.S. Geological Survey put at magnitude 6.8 and the Japan

Meteorological Agency measured at 7, triggered precantumary safety protocols across industrial lines in Kumamoto.

TSMC, the world's largest contract chip maker, said its local subsidiary attracted emergency procedures and evaluated all personnel.

All staff were confirmed safe and initial structural inspections found the facility structure to be safe, allowing operations to gradually resume,

according to the company. The quake prompted two suppliers, equipment control and other TSMC partners in the area to check on staff and assess damage. Sony's semiconductor unit said no staff had been safely evacuated.

A decade ago, a pair of earthquakes 28 hours apart killed more than 200 people in Kumamoto and severely damaged Kumamoto Castle, a popular tourist destination.

Indonesia Central Bank Chief Resigns

By Yose Eran Wewn

Long-serving Bank Indonesia Sies from Maripro stepped down in a surprise move, the latest leadership change under the Prabowo administration that it didn't make success about central bank independence and economic policymaking in Southeast Asia's largest nation.

State Secretary Minister Prasetyo Badi announced the resignation of a new conference in Jakarta on Monday, which wasn't attended by Maripro. He said President Prabowo Sahasno accepted the central bank chief's resignation.

Senior Deputy Sies Desiry Damianati told take over as the 2020-2021 financial year, the 2020-2021 financial year, the 2020-2021 financial year, the 2020-2021 financial year, the 2020-2021 financial year, the 2020-2021 financial year, the 2020-2021 financial year, the 2020-2021 financial year, the 2020-2021 financial year, the 2020-2

Wet Winter, Hot Summer Spur Wildfires in Europe

Some of the largest wildfires to sweep through Europe since World War II had an unusual quest on exceptionally wet winter. The 2020-2021 winter's vegetation growth, which then collided with some of the driest, hottest weather on record.

By Margherita Dinswold Stephen Holstey and Ed Ballard

The coast was a980miles. It exploded as recent days as devastating weather gave through regions of France and Italy, forcing more than 200,000 people to evacuate.

In southwestern France, in the region around the city of Bordeaux, more than 100,000 acres have burned. The fire has moved quickly through the regional open fronts, forcing more than 220,000 residents and a population to evacuate at the height of the tourist season.

In Spain, the fires have destroyed about 100,000,000 acres this year. Isabel Díaz Agnew, the leader of Madrid's local government, described the Madrid wildfires as perhaps "the worst natural catastrophe in Spain."

The 2020-2021 season has created large, few-faded characteristics, known as procain-malonimides clouds, for the first time in France's recent history.

The clouds are created by intense heat that lifts, hot steady air and causes the water vapor to condense into salt. The cloud is an glaciated, long, further spreading the fires.

Rising temperatures in Europe are the stage for the extreme weather, scientists say Europe is the world's fastest warming continent. Temperatures in Europe and the 2020-2021 climate warfarest this year, compared with about 1.4 degrees in the Earth an average.

Fire detection data

Source: World News

pared with about 1.4 degrees in the Earth an average.

"They are two faces of the same cool," said Francesca Di Giuseppe, for forecast conclusion at the European Centre

Fire detection data

for Median-Range Weather Forecasts. "You go from extreme wet to extreme dry." Several year waterfired in Europe recently. June was especially brutal, with temperatures

exceeding 104 degrees Fahrenheit in some places. It was the warmest June ever recorded in Western Europe. Mariner air absorbs more water, drying out vegetation,

A house west of Madrid was destroyed by a wildfire.

Rising temperatures also mean that Europe's wildfire season is getting longer, with officials saying that this one could last until early November.

Another factor behind Europe's streamlining fires is the growing amount of wild vegetation in Europe. Many young people take off racial areas to work in urban spots, abandoning farmland that provided some of the best protection against fires. Fickle and ferret have been left kidnapped, with shrubs and plants growing where livestock was geared. Some parts of Europe have as much forest cover since they did at any time in the past 200,000 years, according to estimates by World News de Sion, a forestry report at the University of Linda.

The resignation comes as Indonesia's Chinese markets have been pressured by domestic and external forces, with the government's economic policy and fiscal discipline under scrutiny, and questions lingering about the country's market appeal.

Moody's Ratings and Fitch Ratings have flagged concerns about the reliability and transparency of policymaking, while FTSE Russell and MSCI have highlighted market-accessibility issues.

The regular is among Asia's worst-performing major currencies this year, down nearly 9% against the dollar. The Jakarta Composite Index has fallen more than 28%, making it the region's weakest-performing political market.

Weign is the second high-profile official to depart in the past year. Sir Mahana Indrawati, who served as Indonesia's finance minister for nearly 14 of the past 30 years and was long seen as the country's fiscal guardian, was removed in a cabinet midlife last September.

Questions about central bank independence have arisen after President Prabowo nominated his nephew, Thomas Djokosakis, as a 80 deputy governor with the position.

Last week, Indonesia's central bank held interest rates steady, taking a brother after delivering 400 basic points of life increases in May and June.

Indonesia could be expiring more from economic policy continuity with the appointment of Desiry as acting 80 governor, and that regular stability remains the key focus, according to a note by OCBC economists.

Still, "there is limited clarity at the junction on whether the appointment is temporary or otherwise not economic. Desiry's businessman and Ahmad A Faver were. A permanent position would examine markets of policy continuity, while a temporary role in both mining uncertainty and trade are common in maintaining stability to her eventual successor, they said.

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A8 | Wednesday, July 29, 2020

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Wednesday, July 29, 2026 | 49

WORLD NEWS

Pecs's new president, Keiko Fujimori, warns following her inauguration Tuesday in Lima.

PENN Conservative Leader Becomes President Conservative leader Keiko Fujimori was sworn in as Pecs's president on Tuesday after winning the June presidential event by a margin of fewer than 50,000 votes, a victory that confirmed a regional shift in South America toward the conservative wing. Fujimori, a four-time presidential candidate and leader of Pecs's largest political party, takes office as the country's sixth president in a decade. The 35-year-old is hoping to stabilize Pecs's farmland politics, reduce crime, and boost economic growth. One is the daughter of former President Alberto Fujimori, who led the country in the 1990s and stabilized its economy while defending her own results, but was later imprisoned for human rights. Abuses committed under his rule by the financial military as his government took an authoritarian turn.

—Associated Press

WORLD WATCH

COSCO Ebola Cases Near Recent at 3,200 Confirmed coast in Congo's Ebola outbreak took mid-Tue May 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93, 94, 95, 96, 97, 98, 99, 100

SOUTH SERIES Phosphorus Leak Forces Evacuations The 1st Korean authorities ordered civilians to evacuate Tuesday after a suspected white phosphorus leak of a U.S. military base near Seoul. White phosphorus is a chemical substance used in secondary munitions and smoke shells. When ignited, it burns at extremely high temperatures and can set buildings along and burn human theft to the home. The U.S. Red Fighter Wing said it established a 300-meter center around the back "set of air atmosphere of caution" after experts conducting a massive inspection identified white phosphorus crystallization that left media inside a munitions crate. The centre was lifted at the emergency personnel outgated the situation, allowing the base to return to normal operations, officials said. There were 70 injuries resulting from this situation.

—Associated Press

FROM PAGE ONE

A healthcare provider prepped an 8,884 vaccine. Right, President Trump with Robert F. Kennedy Jr. in May 2025. Trump is focused on vaccines' alleged tie to autism.

Trump Pushes on Vaccinations

Continued from Page One conveying Kennedy in June to petition an appeals court for a quicker decision.

White House spokesman Ruth Dewa said countless persons with questions and concerns about chemicals990, which can be seen long been ignored if not mocked. The said that changed the day President Trump took office. "The Trump administration is committed to leaving no more antitrust to finally address those concerns with Gold Standard Science," he said.

Secretary Kennedy said President Trump are aligned to their commitment to confronting the chronic disease epidemic affecting American children through rigorous, gold-standard science," said HHS spokeswoman Emily Hilliard.

Childhood vaccines

Trump has long moulded public and private health whether vaccines cause autism, despite reassurance from scientific authors in his first term that they don't and the widespread mechanism among scientists that there is no valid reason for concern.

Scientists in mainstream academic settings also say there is no scientific justification for dramatically posing down the childhood vaccine schedule. They say vaccines today are more precise and stimulate the immune system with lower antigens than vaccines in the past while protecting against more diseases.

Trump has talked about his particular interest in the vaccine for measles, mumps and rubella, known as MMR. He has said he would like to break up the combination that into separate shots, though scientists have said there is no scientific reason to do that and that it could result in missed shots. Multiple scientific studies have shown no connection between the MMR vaccine and autism, including a 2019 Annual of Universal Medicine study of more than 600,000 children in Denmark and a 2022 Cochrane review of 218 studies.

Autism is a neurodevelopmental disorder that affected roughly 1 in 10,000 new-olds in the U.S. in 2022. Estimates from the Centers for Disease Control and Prevention give the number of children identified with autism spectrum disorder in 2000 as about 1 in 50. Scientists have yet to pinpoint a definition cause for the rise in units. Some have suggested that previous older parents or better screening and diagnosis systems are likely behind the rise in cases.

"Ideally, you don't take it at all," Trump said. A "Yahoo! at the press conference. He also encouraged parents to open out vaccines and complained about whether visits in which they pump the baby, load it up with stuff."

Prior to the event, Trump's health advisers had tried to persuade him to moderate his statements on Tufumi, people familiar with the matter said, and they were much more cautious in their language. Longtime Trump pollster Tony Paletina last winter found that vaccine skepticism was unpopular with vows, while people were more interested in Kennedy's efforts to improve the quality of food and agriculture.

White House and Health department sales recommended Kennedy focus instead on more appealing topics, such as covering does from food, ahead of the multives elections.

Kennedy said his staff got on board with the new focus, with the adviser Claire Moore pressing a memo about "grown light" messaging, such as touting the new dietary guidelines, and "red light" topics, such as vaccines, people familiar with the matter said. In almost all of the public appearances since, Kennedy avoided speaking about vaccines that the president, at odds with the advice of his top aides, hasn't dropped his focus on the issue.

Inside HHS officials have assembled to figure out how to do more on the autism issue, with Kennedy eager to show the president progress, people familiar with the matter said. Former Harvard epidemiologist Martin Kuhloff, who joined fame as a critic of vaccine mandates and other pain-sensory health measures and new works for Kennedy's Health department, is leading a series of vaccine studies. The National Institute of Health has also kicked off a series of studies on autism-related issues.

As January, Kennedy proposed cutting the recommended childhood shots, to vaccinations against E diseases, down from 17 under previous guidelines. But federal Judge Brian E Murphy blocked the plan in March, saying the government prepared to have improperly prepared a vaccine advisory panel linked with making recommendations on immunizations. He also ruled that many of Kennedy's picks to the vaccine panel were unidentified, appointed. The government is appealing the decisions about the appointment of the panel's members.

Kennedy's progress on MAHA issues overall has been slow going. The secretary's backers in the administration and Congress, as well as social media administration department, endeavors as the greatest accomplishments the new dietary guidelines that encourage Americans to "cut mattried" as well as voluntary compliance by companies to remove dyss from food products.

But other parts of MAHA's food reform agenda have stalled, including decisions to get what he called toxic additives and pesticides out of the food chain, and there are growing concerns over how the secretary's food plans could push up costs for consumers.

Meanwhile, the Health department is facing broader issues, including a light with states over alleged Medicaid fraud, staff vacancies, a three decade high in the number of measles cases and an expanding cycloprotonal vaccine.

"Ideas guy" Kennedy has had a friendly relationship with Trump—who gets a kick out of having someone from the government. Democracy's family on the basis. Trump said he praises at the rescheduled White House-Cosmopresident Association dinner. "We love holler, he has what it takes and he's smart and he loves the country and he wants people to be liable to God good. But White House adds took issue with Kennedy's management of his department last winter and increase a top-to-bottom review, including to address infighting between the Health department and staff of the FDA. Two top leaders were consigned, and a team of advisers in Kennedy was exhortarad. Kennedy's Medicare chief, Chris Krenig also took one day to-day operations of the grand-paid Health department. Krenig, who was the White House's favor while

nepointing drug-growing deals with pharmaceutical companies, as was maintained for the department's position in 1988.

Some administration officials have said to the "dean" of HHS while Krenig is empowered to move the department. Trump has been turning down and more to Dr. Michael Fox, the Centers for Medicare and Medicaid Services administration, who many lobbyists and HHS staff privately specialized and one day explains Kennedy, perhaps following the midterm elections.

The president often calls or twits for no health policy matters that have nothing to do with his agency, people familiar with the matter said, and On tides responsibility for ensuring the president gets what he wants. On advised the president on marijuana ahead of an exercise-alone in December to lessen restrictions on the drug, some of the people said. On, an adept surrogate for the administration on TV and in the halls of Congress, is also a favorite of the White House staff.

The MAHA document was coded under this summer when Dr. Robert Malone, one of Kennedy's associates' formerly on the vaccine panel, posted on 3 a runway that Kennedy would do part his job after July 4 and that for two to head a transition from HHS board and the current was false, with On telling a roomful of eugueress gathered of both, with over the White House that there was no truth to the assertion, according to people familiar with the problem. Kennedy's son, Robert F. Kennedy III, first Bennett outf. My dad's son a quitter.

The secretary wants to have longevity in the administration—and even to date on an secretary into the next president's administration, according to people familiar with his thinking.

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PERSONAL JOURNAL

A10 Wednesday, July 29, 2016

THE WALL STREET JOURNAL

© 2016 Dow Jones & Company, All Rights Reserved

By ANNE THORSON AND TUNG FRANCIS

More Americans have built up expensive aims in their tax-advocated retirement accounts. But those with more modest means can also grow their own next eggs bigger than they might think.

Nearly 12,000 taxpayers had individual retirement accounts with at least 350 million in 2014. On latest year for which figures are available, according to new data prepared by the nonpartisan congressional Joint Committee on Taxation. That's up from 1415—with similar assumptions—a new analysis of anonymized tax-return data found.

Meanwhile, most Americans have saved less than $500,000 in their retirement accounts.

Tax benefits boost returns for money stowed in a 401(k) or IRA. They should investment income and gains on sales from taxation. Instead 70% of person-sector employees in the U.S. now have access to a 401(k)-scale retirement plan.

A Wall Street Journal article last week explored how some people amassed retirement account fortunes by putting shares of matings on their share they were worth peanuts, then watched the share prices multiply many times over. But you don't need access to startup shares to amass significant money in these accounts.

Here's a guide for the everyday saver.

Step 1: Save the maximum

To start, workers can get up to $14,500 into a 401(k) or similar workplace retirement plan this year. People 50 and older can save $8,000 more in 'catch-up' contributions, for a total of $12,500. These ages 60 to 65 can save a total of $20,700. The maximum capacity (not each year with institution).

The same contributions limits upper to both traditional and 80% (40(k) accounts), and if you want to contribute to that you have to divide the $10,000 between the two. In a traditional perias retirement account, users don't pay income tax on their contributions, and instead pay the tax when they withdraw the money in retirement. In a 80% account, owners contribute the tax money, which can generally be withdrawn tax, and a long-term investment plan.

It's possible to save even more by contributing up to an additional $1,000 to a 10%, a limit that rises to $6,000 for workers 50 and older. However, some higher earners covered by a retirement plan at work won't be able to deduct their traditional IRA contributions.

Step 2: Go through back door

Direct loan IRA contributions are off limits for single fares with modified adjusted gross incomes

Everyday Guide to Supersizing Your Retirement Account

There are a number of tricks to grow a tax-advantaged 401(k) or IRA into a fortune

of $88,000 or more and couples with incomes of $222,000 or more. But they can still add funds indirectly through a backdoor Roth IRA conversion.

To do this, first put money you already paid income taxes on into a traditional IRA. Then convert it to a Roth IRA. Because you already paid income tax on the contributions, you will only owe tax on the appreciation your investments had earned when you convert the money.

If you have multiple IRAs, there may be tax complications to pursuing this strategy.

Step 3: Mega-backdoor

The mega-backdoor Roth conversion is available to a growing number of people with 401(k) accounts.

This rests on a little-known fact about 401(k) plans. Employees can really set aside as much as $72,000 in these accounts this year, under Internal Revenue Service rules, rising to as much as $80,000 for those 50 and older

and $68,250 for people in their early sixties.

To get beyond the usual $24,500 loan on perias (or Roth 401(k) contributions), a worker might be able to contribute as much as another $47,500 to the 401(k)—and then convert that money to a Roth 401(k). (Company contributions, including a match, also figure into the $72,000 limit.)

If you have multiple IRAs, there may be tax complications to pursuing this strategy.

To take advantage of the mega-backdoor strategy, you have to work for a company that sets employees under after-tax contributions in the 401(k) plan. Nearly two-thirds of the large 401(k) plans administered by Algipt—and after-tax contributions. The vast majority for participants convert after-tax balances to a Roth inside the plan.

Some 401(k) plans will automate the conversion every pay period. And many also allow the conversion of perias savings to a Roth. Someone who saved the equivalent of today's $72,000 maximum

is a 401(k) account every year from 1984 until 2015—adding catch-ups since eligible—would have had $20.6 million by the end of 2016, assuming returns consistent with the S&P 500 index, according to Daniel Bessel, a New York University law professor.

Step 4: Cash balance plans

Cash balance plans have taken off in recent years, mainly with smaller businesses.

There were 25,784 employees with cash balance plans in 2015, the most recent data available, up from 1,877 in 2005, according to Parana/Plan by Ascensus, a plan administrator.

Cash balance plans aren't available at most companies, but they are a valuable prob for work on with access to them. They aren't subject to the restrictions on annual 401(k) contributions because they are technically persistent, with some features that resemble 401(k).

People who save the most in

them are typically business owners paid a share of the profits, such as partners in medical and law firms. In some of these plans, older higher earners can get away as much as $197,000 a year. A small younger and lower paid people have lower limits. In addition to saving in the cash balance plan, the business owners also often save up to the $72,000 annual 401(k) contribution limit.

As with traditional 401(k)s and IRAs, cash balance plans allow users to defer paying income tax on saved income, paying the income tax upon withdrawal. That's an attractive proposition for anyone expecting to be in a lower tax bracket in retirement.

This year, the IRS allows people to accumulate up to about $57 million in a cash balance plan by age 45, according to Dan Knecht, cash balance senior sales director at FalaerPlan by Ascensus.

When workers retire or change jobs, they typically roll their cash balance and 401(k) money into IRAs—creating some of those superior accounts.

A Look at Generous 401(k) Plans in U.S.

By Cora Broussard Ann Maria Rousset

The tax benefits of putting money into a 401(k) are well known that not all 401(k) plans are created equal.

Take Costco, for instance, likely thousands of the retailer's front-line policy workers who managed to amass more than $1 million in their 401(k) accounts. Thanks in part to a contribution that Costco makes whether or not the employees themselves are putting money in.

For employees with at least a year of service, Costco contributes an amount equivalent to 4% of their pay. That may as employees' accrue taxes, as workers who have been with Costco for 25 years or more, exceed a 1% contribution. This company also has a small match that allows employees to receive up to an additional $500 annually if they contribute $1,000.

For Costco, it's one of the ways, alongside inexpensive healthcare and higher-than-normal hourly wages, that it retains experienced employees. The company places a premium on low turnover, a strategy for founders believed would reduce the cost of paying new fees and lead to better customer service.

Some companies go far and beyond, offering parlaying industry match rates to win over prime $100. Employees are also in their who want to stay neck-and-neck with their rivals when conduct

benchmark surveys to assess what kind of benefits are most attractive to them staff and what is offered by other companies.

Here's a look at other better-than-equal retirement benefits offered by employees across industries.

A high match rate

The average company 401(k) match is about 4.7% of eligible salary, according to a Vanguard analysis of plans it manages. Only 6% of these plans offered a promised matching contribution totaling 1% or above in 2015.

A select free employee hungry. To talent go well beyond that. Southward Airlines offered a dollar-for-seller match of up to 9.3% of employees' salaries in 2024. Boeing boasts an even higher rate of 10%.

Competing credit-card giants Visa and Mastercard offer better than a dollar-for-seller match. Visa will put in $2 for every $1 that an employee deposits in their 401(k), up to the first 5% of their pay. Mastercard puts in $147 for every $1 on the first 6%. Both of these sell up to a 10% total employee contribution, but employees don't need to just away as much in order to get it.

Although the most important number is that 10% total match, the easy speed matching rates are attractive, said Chris West, a managing director at human-resource consulting firm NYSE.

'It's distinctive,' West said. 'It probably creates really strong recom-

towards the money to contribute. It's also really easy to communicate.'

Homelective contributions

With a limited matching program, the company of Costco's 401(k) lists in its competitive—or non-matching—contributions.

Non-matching contributions are often structured as profit-sharing plans or, less commonly, as an employee stock ownership plan. Of the plans included in Vanguard's report 37% used both matching and non-matching contributions, 11% used solely the latter.

Tobacco company Altria Group matches employees up to 3%—and 4% that to its profit-sharing plan and workers get a 13% to 17% employee contribution in total. Aerospace Corp., a nonprofit government contractor, also uses a 3% match but provides a total of 12% for the longest-honored employees through added homelective contributions.

▲ Costco contributes equivalent of 4% pay to the 401(k)s of workers with at least a year of service.

Some fields than others. Legal services firms are disproportionately likely to opt for non-matching contributions alone, according to Vanguard data.

Unsecured workers at Ford and General Motors receive a 10% non-matching contribution as their retirement plan. The employer contributions were bumped up from 6.4% as part of contract negotiations in 2023. Both automakers transitioned away from offering pensions to new home about two decades ago. An employee stock ownership plan, a specialized retirement plan to which a company contributes shares of its stock, is often offered in combination with a 401(k) 0.50% on more common in sectors, including manufacturing, construction and engineering. The structure

is thought to give workers a sense of investment in a company's success.

Public, a Florida-based power, automatically pre-sites employees with shares of the company's stock after they have missed in 1,000 hours within a year and offers an option for them to purchase more.

Stewart's Shop, a re-joice pay and ice-cream chain in Vermont and up-state New York, operates an $200-only program a day of a 401(k). The company says its employees have seen retirement contributions of 17% on average in the past five years.

Public and Stewart's 50% say that some of their cashers have become millionaires through stock ownership. Stewart's puts the number at over 2000.

Student-loan benefits

Beverly benefits don't stay with a good match—it is among a growing group of employers that allow workers to receive matching contributions for some of their student-loan payments. A Benny worker who puts 10% of their salary toward paying off a qualified loan will get a matching amount from the company in their 401(k).

It's a relatively new program launched after the passage of the federal Senate 23 Act in 2002. That bill expanded the features employed to include in that retirement plans. Among the other companies that have helped in the lower, League of Seniors, Chiprits, Concord, Wapiners and News Corp. publisher of The Wall Street Journal

---

THE WALL STREET JOURNAL

Wednesday, July 29, 2026 | A11

PERSONAL JOURNAL

By RAYALIS RAYMOND

Nahanda Alhaaraja, who was a medical intelligence in her work as a cancer researcher, has been the latest in the last few years. The first becomes her conversation coach, ChatGPT helps her draft pickup lines for dating apps and webinars for parties.

She'll come, at times, for it up to formulate a response to the present standing next to her. When the conversation shifts to an unfamiliar book or article, he returns. Alhaaraja will call up an AI summary. The site she's going, for "Like, I read sometimes," she says.

If she's that Alhaaraja can't think for herself, she says. At just makes things smoother.

Alhaaraja, 20 years old, is part of a growing cohort of young adults, notwithstanding the same book as AI. Many, struggling with social anxieties, are not a good source of what a new science and a new science. Others, but they have been a digital science and even machine that is doing it.

Alhaaraja and her peers will have to distinguish between pre- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and post- and

"You need to still have those skills yourself in conversation and communication," she says. "You feel that ChatGPT is a key you build them, but not so 'tell me what is our at every single moment in time when I'm with this person.'" Mental health professionals advise custom. The use of tests as social buffers points to an "epidemic" of self-motivism, "they say, if I'm not able to be able to see it, I'll be able to see it, I'll be able to see it, I'll be able to see it, I'll be able to see it, I'll be able to see it, I'll be able to see it, I'll be able to see it, I'll be able to see it, I'll be able to see it, I'll be able to see it, I'll be able to see it, I'll be able to see it, I'll be

"Kind of creepy" Andrew Wallace, a 24-year-old personal trainer in Austin, Texas, says her generated messages are appearing more in chats with ro-

mantic partners. Tests from a man her friend was seeing had been unworthy. Suddenly, they took on perfect grammar and syntax.

"There is no way that this man who was struggling to type out 'there,' 'there' and 'they're just now the test message," Wallace says. Tests should be messy she adds, because the intimacy comes from informality.

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he[{"box, [27, [27, [27, [27, [27, and"}]

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he[{"box, [27, [27, [27, [27, [27, and"}]

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he[{"box, and"}][ [27, [27, [27, [27, [27, [27, and"}]

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he[{"box, and"}][ [27, [27, [27,[{" [27,[ and"}]

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he[{"box, and"}][ [27,[ [27, [27,[ and"}]

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he[{"box, and"}] [27, [27, [27, [27, and"}]

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he[{"box, and"}][ [27,[ [27, [27,[ and"}]

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he[{"box, and"}] [27, [27, [27, [27, and"}][{"box, [27, [27, [27, [27, [27, and"}]

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he[{"box, and"}][{",[ [27, [27,[ and"}][{"box, [27, [27, [27, [27, [27, and"}]

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he[{"box, and"}][{",[ [27, [27,[ and"}][{"box, [27, [27, [27, [27, [27, and"}]

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he

And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvorak, 22, says AI all the time but steers clear of it when he[{"box_2d": [27, 499, 206, 499], "label": "text", "caption": "And because chatbots cobble together sentences from patterns found in human language, AI messages have their own problematic software—clothes and stimuli and other elements. Lucas Dvor

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A12 Wednesday, July 29, 2026

THE WALL STREET JOURNAL.

ARTS IN REVIEW

MUSIC REVIEW | MARK RICHARDSON

The Strokes' High-Tech Reinvention

The band's seventh album sharply departs from its alternative-rock sound, leaning heavily into vocal processing

New York rock band the Strokes had good timing with the release of an 2025 album, 'The New Almermal.' It had been come years since the group had put out a new LP, so anticipators was high, and the title of the record and its fractured nature felt high during the first year of the Covid-19 pandemic. While it was a topically uneven set—only the Strokes' first two albums have been tightly focused and stylistically coherent—critical reception was solid, and it eventually won a dreamy for best rock album. After another extended launch the group is back with its seventh studio collection, 'Reality Awaits' (RCA/CaO), not now.

'The New Almermal' had a handful of compact songs that channelled the band's ultra-cost early influences—think art's garage-rock like the Velvet Underground, the Broque and Television—but 'Reality Awaits' is an auto experimentation. As with its predecessor, Rick Rubin is back in the producer's head. Broadly speaking, he earned his reputation as a late-career gun by encouraging acts to focus on the basics—classic songwriting, unaltered arrangement. Here, he lets the band—especially Allan Casablanca, the ould's lead singer and creative engine—run wild. Most tracks feature a degree of pitch-

shifting vocal processing identified with the software hatchface, and some of those take the effect to an extreme that fans of the group's more traditional side will find off-putting.

'Psycho 5—' is a bold opener with a vulgar title that lays out precisely what you are in for stage-like images, vague melody and Mr. Casablanca's orientated voice, in which roughly 60% of the sound seems to be generated by a number-crunching machine. It also has a brief and effective guitar solo, a striking build and a dramatic climax with real politics, even if the singer's golden lyrics are allusive and difficult to extract meaning from. So while the overall aesthetic will not be to everyone's fans, there's enough going on mass-craft to hold interest. The following 'Dine N'Bush' confirms that this will be a very different album by the Strokes. It begins with Mr. Casablanca's reminiscing about having a restaurant before the check comes, and then shifts to scenes of violence and greed. He sometimes phrases his lyrics with a strange, affected accent as if he's audition-

ing for a part in a cheap remake of 'Dracula,' and once again his gritty cream is chopped up into a fluttering electronic quiver.

Sometimes the lyrics on 'Reality Awaits' are funny and self-aware, sometimes they hint at Mr. Casablanca's deeper concerns,

and sometimes they're cryptic and arch, 'Sunday in the Future,' which in part explains why the Strokes have so weak to replicate past glories, is the most direct song on the record. 'I did that yesterday, when I was a kid,' he

sings over hectic guitar drums, and his trilling digital falsetto, warped to maximum irritation, makes clear that these days are far behind him. If he had made this kind of music long ago, the Strokes probably would never have bevailed a festival, and

would have been a niche note concern adjuncts by fans of cult acts such as Sheen and Abel Pink. That the track has an eerie and effective arrangement where guitarists Nick Valensi and Albert Hammond. It harmonizes these lines makes the treatment of the singer's voice stand out even further.

Just a few tracks depart from the slow temper and startling vocals, and their difference makes them sound more exciting than they might in isolation. 'Going to Rubble the' has a quicker pulse with guitars that chug, and its title has the melodic ease of the early-

'We pop erick sometimes called credit rock,' the loose and catchy 'Going Shopping' might seem a little so similar concept, but on this old LP it's disarming and funny, as Mr. Casablanca imagines life as an ordinary guy mak-

ing his way through the crowd on the way to the food court. 'I'm at the mall and the song is bumper,' he sings before adding a line that sets like a playful punch in the arm from a buddy. 'There goes my future with in the little red lampout.' The record concludes with 'Tyranny of the Mellow Moon,' a final one to American with a circuate chord production and unusual synth features.

For years, Mr. Casablanca has been making weird, tech-focused material in his side project the Yeeks, and 'Reality Awaits' shares qualities with that group's 2024 album, 'Take All Before You.' But this is easily the most bizarre to send in the Strokes, and will prove challenging to those who would prefer that the group. It straight for those less interested in any one vision of the Strokes, it's enjoyable to hear the band sounding free and talking failure. In a year when in many major artists here seemed content to do their best to return to and intend what they imagine listeners love about their music—the Rolling Stones, Grace Abrams, Mark Kahler—the Strokes' willingness to sidestep its legacy makes 'Reality Awaits' admirable and fascinating even though it rarely goes down easy.

Mr. Richardson is the Journal's pop and rock music critic, Follow him on X @MarkRichardson.

TELEVISION REVIEW | JOHN ANDERSON

Loa Shack Or Blood Shack?

IMAGINE 'Who's Afraid of Virginia Woolf?'—with acrimatic weapons, or 'The Honeymooners' with an actual moon shot, and you'll still be underestimating the dramatic rancid of the horror comedy 'Dear Year Dead Body' Dan and Lisa Burton (Jason Segal, Samara Weaving) are headed to the powerful cable on the side, such with the same weekend plan. All the spouse. The forecast calls for grim. Also, very funny.

Rather kinship, too, thanks to director Jorma Taccone, extreme—take on the gore-or-entertainment genre, although the entire project is elevated by the cast and the writing. The remarkable Ms. Weaving is a contender for Australian Screen Queen, but how would expect Mr. Segal, a Julie Alpitow-mamstry, to star in a spindler comedy short yet, so written by the duo of Nick Kramer and Brian McElhaney and adapted from the Norwegian film 'The Top'. Mr. Segal's role contains just the right amount of the male insecurity/anxiety at which he excels, how is a foiled film director reduced to making pop up ads, while married to an equally unsuccessful actress, who who holds him in contempt. The miracle everyone pulls off is making a poisonous rela-

tionship shyly hilarious, even if every civilized exchange eventually becomes a figurative flying pan flying through the air.

Dan's scheme—you pick up on it right from the start—is to tell all their mutual friends that Lisa is planning a long time into the woods that weekend, free dangerous it is, and how he wishes the wouldn't go. Lisa, for her part, spreads some casual news about Dan 'hunting.' Neither is a very accomplished assassin and some of the funniest musical revolves one or the other tied up in a chok with one partner pointing a shotgun at the other, hiking and hunting having been abandoned because, after all, their plans are terrible.

and Ms. Weaving are also first-rate dramatic actors. Their behind their gestures, which only makes the jokes fountain. Here comes a spider, by the way. For all the violence they intend to leftat on each other, they're amateurs at trophies compared with the three psychopaths who plummet through the ceiling from the attic after a shotgun plan off. Two are escaped convicts Pete and Todd (Timothy Giggham, Keith Gardner). The third is a seriously unhinged corrections officer, All-Imps (Juliette Lewis), besotted with love for Pete and reminiscent of Ms. Lewis in 'Natural Skin Killings.' They're taken refuge in the

Samara Weaving and Jason Segal, left, and Juliette Lewis, Ms. Weaving and Timothy Giggham, above, or 'Dear Year Dead Body' directed by Jorma Taccone.

cable. They can take only so much of Dan and Lisa.

It's a pretty serious cut for a movie as billion about violence and farcical horror. The gore occulted is only with the number of absurd situations, only coincidences and blown chances of escape for Dan and Lisa. It must be mentioned that Paul Guillhyle is like to the almost-regular to Dan's shot. It's a sequence the with greatness body parts, but the scene is wild—which all this point in the film is urging something. It's a dryness strategy. How by director Taccone Mr. Guillhyle provides a rush of unidentifying wind through a movie that may have started to find a little sticky, especially around the head sounds.

Dear Year Dead Body Friday, AMC/Sundance New

Mr. Anderson is the Journal's TV critic.

© 2026

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THE WALL STREET JOURNAL

Wednesday, July 28, 2006 | A13

OPINION

Hollywood's Rule of Lashes

BUSINESS WORLD By Richard M. Jenkins, Jr.

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Unforthy sandy the David Ellison, his father is as rich as Larry Ellison, not as rich as Lark.

But still Mr. Mank had to be used into completing his acquisition of Twitter, a fact that may not be held. Mr. Ellison's following deal to buy the Warner Bros. studio and TV business and many it will help smaller Paramount studio business.

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tion. The courts would eventually lose Mr. Derlahan's position as a one, but not only a one, but a one, but a one, but a one, but a one, but a one, but a one, but a one, but a one, but a one, but a one, but a one, but a one, but a one, but a one, but a one, but a one, but a one, but a one, but a one, but a one, but a one, but a one, but a one, but a one

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Trump to cultivating liberal Hollywood.

Nevertheless, a judge was impressed, or lingered to be, with an extremely dangerous antitrust case. They will be a real laughable. It will have no whether the two readers, with finding and had to be the extremely strong, strong, or unexpensive, the two businesses that are dreaming. But the antitrust case is a problem.

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on behalf of Netflix in 2004, which the new half in relation to the production deal had been signed with Netflix.

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By Justin Garrett

W. Mank is a 240 pages, $30

What is the 1950s, many psychiatrists regarded as an anti-pharmacist. They are a mental employee that might have been a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who

Among the medical providers responsible for the breakthroughs in the 1950s, it is a college student in the late 1950s he'd been engaged to become a psychiatrist after reading Japanese French book. But he now became disillusioned with the psychophysiological account of mental illness.

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The American Association of Mental Illness

The New York Times

By Justin Garrett

In America, 240 pages, $30

What is the 1950s, many psychiatrists regarded as an anti-pharmacist. They are a mental employee that might have been a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a person who is a

Among the medical providers responsible for the breakthroughs in the 1950s, he'd been a great deal for the American Association of Mental Illness.

The American Association of Mental Illness

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The American Association of Mental Illness

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The American Association of Mental Illness

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A14 Wednesday, July 29, 2026

OPINION

THE WALL STREET JOURNAL

REVIEW & OUTLOOK

The FDA Deep State Strikes Back

The Food and Drug Administration bureaucracy can be an combatant and unleashed as one in Washington. This week the agency is trying to sink promising new therapies for life-stage melanoma and Duchenne muscular dystrophy.

President Trump pushed out Marty Makary and his deputy Texas Prasad this spring to large part because they had scurfsel treatments for life-threatening and cure diseases. We've chronicled over the past year, how the agency repeatedly moved the goal point for approving treatments and set pedestinal results.

The FDA under acting Commissioner Kyle Diamartin in recent months appeared to be turning around. The agency is reconsidering many treatments rejected by the previous regime and the scheduled goal, hearing well outside experts to review medicines. Also, it now appears that FDA bureaucracy who shares Dr. Prasad's hostility toward innovative treatments are digging in.

The FDA has been released to bring documents prepared by staff ahead of advisory meetings for Rydinmeier's melanoma immunotherapy (Thursday and Caprice) Therapeutics's old therapy for Duchenne (Wednesday) and resurrect the agency's decision making for previously rejecting the treatments. This is a nasty effort to influence the outside experts, many of whom aren't ultimately familiar with the treatments or diseases.

Consider Rydinmeier's RPI, which the agency's original review panel recommended for approval after its trial showed that a third of metastatic patients who received the treatment after the cancer progression on other immunotherapy went into omissions. Tumors vanished in one of six. Melanoma specialists included the results as unprecedented. Yet Dr. Prasad overruled the review panel.

When his rejection spunked on-sprout among patients and physicians, he selected a new and grand for political review. No surprise, the panel agreed with him and corrected projects to kill the treatment—for instance, the staff gleaned that maybe biopsies had capped the tumors. If only biopsies had such miraculous effects.

The week's briefing document typical such absurdities and manipulators the data to claim the drug doesn't work. Staff excluded from the efficacy calculations patients who had RPI injected in all of their tumors, but only from the numerator and not denominator. This arithmetic trick reduced RPI's response rate from 10.4% to 15.7%.

The staff acknowledged that patients who

Tuesday's material ceremonies for Sen. Lindsey Graham were a rare moment of amity in today's bitter politics of Washington. The South Carolina Republican was celebrated in his sense of humor, his bipartisan engagement, and he being at the center of the politics of action.

The more than 30 years, nothing of consequences happened in this capital without Lindsey Graham knowing about it. No bill became law without Lindsey Graham having a say in it," President Trump said about his friend in his fifting eulogy. "He was a man who gave America the full measure of his good and slightly heart until that heart itself just goes out."

Graham was all of those things. He was in that sense a politician in the best sense of the world—engaged in the debates of the day, passionate in making a difference with his power he had. He cared about using that power, not merely keeping it.

But his memory shouldn't pass without re-

The Tale Jackpot Tort Turnaround

Plaintiff lawyers bank an aggressive tactics to force companies into settlements and new bigger paydays. But london to Johnson & Johnson, which fought the tort bar and will likely settle late lawsuits for billions of dollars less than it offered a few years ago. The scheme is that it has to pay at all.

J&J said Monday it has agreed to settle the remaining strict accusing the company's take-up power of causing overrun cancer. The company has offered to pay $5.5 billion to cover some 76,000 claims, nearly all the remaining cases in federal multi-district litigation and related cases in state courts. The agreement showed on that participation of 30% of the remaining plaintiffs. J&J says.

The cases are a textbook attempt at a place in justice. The of thousands of plaintiffs lost up to suit, though science hasn't proven a causal link between this product and cancer. J&J fought the charges in court and mostly from. Of 20 individual overrun cases the company litigated in a verdict. I trust one. In 17 cases of a letter was, earned a sentitrat, or had the verdict reversed on appeal. Two cases are on appeal.

But the management burden and financial uncertainty of litigating so many cases are not in high. J&J tried to resolve the claims by giving them to a subsidiary, which would then file for

received and benefited from RPI lived a median of 50 months without cancer progression, versus 4.6 months on their prior immunotherapy.

You don't need a high school diploma to discern this as a treatment benefit. Yet the FDA said it "found this comparison to be uninterruptable."

About half of patients with metastatic melanoma will get worse on first-line immunotherapy within a year, at which patient they have used options.

That doesn't concern FDA staffers who persist in their insistence. Dr. Rudimans should have run a randomized controlled trial that would have taken years and have unethical because some desperate patients would have received a placebo.

Meanwhile, the agency last summer scuttled Caprice's treatment for patients with advanced Duchenne muscular dystrophy because it claimed its randomized control trial for patients not too small to determine definitively that the treatment worked.

Before resubmitted its application in February with results from a larger placebo-controlled trial of mostly wheelchair-based bars. This trial showed the treatment slowed decline in patients' ability to use their arms by 54% and weakening of their cardiac muscles by 90%. The staff accused Caprice of holding the deal.

The FDA claims Caprice changed the methodology for its planned statistical analysis after the trial began, so its results should be ignored. Caprice says it adjusted the methodology after expanding the number of patients in its trial based on feedback it had earlier received from the FDA.

Caprice also says it revised the methodology before "unbinding" patients and knowing the trial results. Never mind—the FDA claims patients in the trial weren't truly blinded because side effects would have caused them to suspect they were receiving a placebo. FDA says this would somehow have resulted in less cardiac atrophy on MRA. Really?

The company last year complained that it was blinded by the FDA rejects after having followed the agency's guidance. In the bureaucracy retaliated, now because the company spoke out! The FDA has long had a bureaucratic option on control that doesn't abode public criticism. Dr. Prasad made it worse by driving out antitrust leaders and staffers who didn't show his anti-industry reputation.

The result is a leadership vacuum. We hope the experts this week aren't swayed by the bureaucracy's kill shots, which underscores with the FDA needs permanent leaders who share the President's right to try principles.

The Lindsey Graham Example

Willing more take his place as an advocate for U.S. principles abroad?

Is that cause, he was crucial to the defense of Russia against Russia's marauding, and Israel against Iran and its terrorist party militias. There won't many current U.S. Senators who would draw the Prime Minister of Israel and the President of Ukraine to the financial services. If a chameo to-day didn't live to see his Russia sanctions bill pass the Senate, or see Israel and Saudi Arabia normalize relations, two of his great causes.

Graham quipped in his final days that he couldn't do now because he was close to achieving both goals. At the current fraught moment, the country made men and women like Lindsey Graham to step forward. Any volunteers?

The Tale Jackpot Tort Turnaround

Plaintiff lawyers bank an aggressive tactics to force companies into settlements and new bigger paydays. But london to Johnson & Johnson, which fought the tort bar and will likely settle late lawsuits for billions of dollars less than it offered a few years ago. The scheme is that it has to pay at all.

J&J said Monday it has agreed to settle the remaining strict accusing the company's take-up power of causing overrun cancer. The company has offered to pay $5.5 billion to cover some 76,000 claims, nearly all the remaining cases in federal multi-district litigation and related cases in state courts. The agreement showed on that participation of 30% of the remaining plaintiffs. J&J says.

The cases are a textbook attempt at a place in justice. The of thousands of plaintiffs lost up to suit, though science hasn't proven a causal link between this product and cancer. J&J fought the charges in court and mostly from. Of 20 individual overrun cases the company litigated in a verdict. I trust one. In 17 cases of a letter was, earned a sentitrat, or had the verdict reversed on appeal. Two cases are on appeal.

But the management burden and financial uncertainty of litigating so many cases are not in high. J&J tried to resolve the claims by giving them to a subsidiary, which would then file for

Johnson & Johnson fought the plaintiffs bar on its junk lawsuits.

banking it, while providing more than $8 billion in a trust to pay for tens of thousands of plaintiffs. But a court expected the deal on grounds that if the entity could fund the trust, it wasn't really bankrupt.

The company also fought Brookey Alton when the plaintiff has hired a former J&J outside counsel to consult on the litigation, despite his access to privileged information. Several magistrate judge Rubinowski Singh disqualified the firm in March for the conflict of interest. Courts in New Jersey, Pennsylvania, Illinois and Florida did the same.

The plaintiffs without another action left the firm with a 50% share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company

received and benefited from RPI lived a median of 50 months without cancer progression, versus 4.6 months on their prior immunotherapy.

You don't need a high school diploma to discern this as a treatment benefit. Yet the FDA said it "found this comparison to be uninterruptable."

About half of patients with metastatic melanoma will get worse on first-line immunotherapy within a year, at which patient they have used options.

That doesn't concern FDA staffers who persist in their insistence. Dr. Rudimans should have run a randomized controlled trial that would have taken years and have unethical because some desperate patients would have received a placebo.

Meanwhile, the agency last summer scuttled Caprice's treatment for patients with advanced Duchenne muscular dystrophy because it claimed its randomized control trial for patients not too small to determine definitively that the treatment worked.

Before resubmitted its application in February with results from a larger placebo-controlled trial of mostly wheelchair-based bars. This trial showed the treatment slowed decline in patients' ability to use their arms by 54% and weakening of their cardiac muscles by 90%. The staff accused Caprice of holding the deal.

The FDA claims Caprice changed the methodology for its planned statistical analysis after the trial began, so its results should be ignored. Caprice says it adjusted the methodology after expanding the number of patients in its trial based on feedback it had earlier received from the FDA.

Caprice also says it revised the methodology before "unbinding" patients and knowing the trial results. Never mind—the FDA claims patients in the trial weren't truly blinded because side effects would have caused them to suspect they were receiving a placebo. FDA says this would somehow have resulted in less cardiac atrophy on MRA. Really?

The company last year complained that it was blinded by the FDA says this after having followed the agency's guidance. In the bureaucracy retaliated, now because the company spoke out! The FDA has long had a bureaucratic option on control that doesn't abode public criticism. Dr. Prasad made it worse by driving out antitrust leaders and staffers who didn't show his anti-industry reputation.

The result is a leadership vacuum. We hope the experts this week aren't swayed by the bureaucracy's kill shots, which underscores with the FDA needs permanent leaders who share the President's right to try principles.

The Lindsey Graham Example

ruling the principles he fought for. Above all, he believed that America is a force for good in the world. Perhaps in part because of his time overseas in the Air Force, he believed U.S. military, economic and diplomatic power could be maintained to expand freedom in the world in the American terminal interest.

Is that cause, he was crucial to the defense of Russia against Russia's marauding, and Israel against Iran and its terrorist party militias. There won't many current U.S. Senators who would draw the Prime Minister of Israel and the President of Ukraine to the financial services. If a chameo to-day didn't live to see his Russia sanctions bill pass the Senate, or see Israel and Saudi Arabia normalize relations, two of his great causes.

Graham quipped in his final days that he couldn't do now because he was close to achieving both goals. At the current fraught moment, the country made men and women like Lindsey Graham to step forward. Any volunteers?

J&J said: "I'm not going to see my family, but I'm not going to see my family, but I'm not going to see my family, but I'm not going to see my family, but I'm not going to see my family, but I'm not going to see my family, but I'm not going to see my family, but I'm not going to see my family, but I'm not going to see my family, but I'm not going to see my family, but I'm not going to see my

The company also fought Brookey Alton when the plaintiff has hired a former J&J outside counsel to consult on the litigation, despite his access to privileged information. Several magistrate judge Rubinowski Singh disqualified the firm in March for the conflict of interest. Courts in New Jersey, Pennsylvania, Illinois and Florida did the same.

The plaintiffs without another action left the firm with a 50% share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share

The company also fought Brookey Alton when the plaintiff has hired a former J&J outside counsel to consult on the litigation, despite his access to privileged information. Several magistrate judge Rubinowski Singh disqualified the firm in March for the conflict of interest. Courts in New Jersey, Pennsylvania, Illinois and Florida did the same.

The plaintiffs without another action left the firm with a 50% share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share

LETTERS TO THE EDITOR

No One Is Killing Anyone for Their Organs

We commend Mary MacKenzie for her adopters as the key to her operations with disinterest. As physicians would never day to die organization and transplantation field, we must define that what we up-to-30. So did this to argue January, Please (July 2) raises important questions about a hypothetical medical practice, called "what's its organ donation," by making more than that a hypothetical fact is really illegal in the U.S.

But finally's fundamental move, regulatory authorities and official organizations that argue donations must never influence or interfere with the degree or timing of each medical practice. The safeguard is reinforced by the Head United States, the National Council of the U.S. Congress and Medical and Services' Hospital Conditions of Participation among other legal and official protections.

"Needs to argue January" directly contradicts this principle, and is a very strong, a concept that exists within the realm of academic exploration. We are concerned, however, by the end-world impact such discussions can have taken way to a great length to investigate the role of the U.S. government.

The entire organ donation and transplantation system ultimately relies on our fragile resource public trust. Even headlines like "Can We Kill

and already ran a written contract deal? Yes, others do not. Publication in the Journal means only that an article is original, but not scholarly standards and have been reviewed, not that its analysis or conclusions are endorsed by the Journal's editors.

The fact is that the U.S. government's organization globally and in broad terms of scholarly publications to support their arguments cannot be the basis for arguing the existence of an antiretroviral campaign.

Keyword disagreement over international law, principle and based this notice is legitimate. But labeling scholars on "Human defenders" whose thinking provides a "human defense" about "how a human's human rights" is not.

A Don Kelley Jesse Kelley Journal of Genocide Research New York

This letter is also signed by the other Journal of Genocide Research editors.

What "Guidance" Can the Fed Recap Offer?

The Federal Bureau's failure to adequately contain additives for multiple issues relating to the question of the U.S. Department of Justice and the Federal Reserve Act? Brides, So How? It's the July 29? The recent monetary policy has been uncovered.

A debate suggests that the Fed contains to offer guidance to financial markets with respect to the future course of short- and long-term interest rates—what's referred to as "forward guidance." That way may be a participant from Fed's office, or what the central bank will do in the future. In reality, however, the 12 people who make up the Federal

Open Market Company—able and well-determined as they are—are no more capable than the collective assessment of financial markets or predicting what will happen over the next year, let alone the next 10 years. For the Fed to try to enter long-term interest rates amounts to a form of new manipulation that removes the ultimate allocation of capital in financial markets and make up depriving the central bank of a key input in determining where to see short-term interest rates.

Fed Chairman Kevin Walsh is on study on the right track to review how the central bank conducts monetary policy, including how it communicates the U.S. policy status.

Jesse Kelley Jesse Kelley Jesse Kelley Jesse Kelley Jesse Kelley Jesse Kelley Jesse Kelley Jesse Kelley Jesse Kelley Jesse Kelley Jesse Kelley Jesse Kelley Jesse Kelley Jesse Kelley Jesse Kelley Jesse Kelley Jesse Kelley

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THE WALL STREET JOURNAL

Wednesday, July 28, 2020 | A15

OPINION

The AI Future Is for Everyone

By Mark Zuckerberg

We are fortunate to live at an incredible moment in history. In the next few years, people will be able to see superintelligence beyond human capacity to create and discover extraordinary new things, build new businesses, improve our ideas, learn new concepts, and improve our lives, health, relationships and careers. The defining question of our age isn't whether superintelligence will be the way we will have to do it. Well it be committed and restricted to a few institutions, so will it be a tool that empowers everyone. I propose a philosophy based on individual and social science, the science of prosperity, incentives and the primary purpose of superintelligence, and balance of power as the foundation of safety.

The history of democracy and economics has proved that centralized power stills human potential

It is surprising that the discourse from many of those who are developing artificial intelligence is not filled with doom. I don't understand why anyone who believes that AI will dominate most jobs and much of humanity's intensive social reality is hard that future. They believe that it is so dangerous that the only safe path is an extreme concentration of power across dangerous, historically, hoping that an absolute power will be developed. We are humanity if sufficiently enlightened rather had to talk to positive outcomes.

However, how witnessed many transformative advances. Each time there is first that people will be left

behind. But each time humanity has come out with more people changing greater prosperity, health and freedom. We believe this will be true with AI as well, and the abundance of the future can be shared by everyone. We also believe that the values that get in to this problem clearly open and the enterprise and equal opportunity can also the values to build a positive future.

Fitting power is people's power to pursue their own aspirations is how humanity can make the most progress. Short ideas and major steps forward rarely indicate how established jurisdictions share. They came from the brothers as a bicycle shop who believed people could fit, the books itself's algorithm and with no schooling who figured out how to generate electricity, and the kid in a garage who thought personal computers could be the everyone. We believe this will continue to be true. As everyone gains more power, we believe that even that income more capable of shaping the future, not less.

Incentive, not automation, will be the greatest contribution of superintelligence. Early AI could answer questions and do routine work. There will increasingly help discover new knowledge—from discovering new things to new a family member—from knowing how they improve your business. While the number of questions you can ask is a day is limited, the number of calls also things superintelligence can no longer help achieve your goals in unlimited.

In intelligence becomes about now, the most important question will be how we direct it. Some argue that superintelligence itself, or a

Gwen

small set of experts who control it, should decide what is best for humanity. I disagree. The history of democracy and economics has shown that there is no single objective in order to benefit the people. It is difficult, and therefore the best approach is letting people decide what matters to them. Rather than99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99,99

would limit people's ability to choose their own future. As a thought experiment, imagine only one person had a superintelligent talent. We would have an unhappiness to be able to see positive, positive, and strong on the merits. That would lead to a worse society. But now imagine everyone has a superintelligent talent. Future would be carried out much more fairly and efficiently than it is today. When people are empowered, they naturally check and balance each other and the power of charge institutions. We have received questions about the world by attempting to align a simple 'nonviolent' superintelligence. Humanity isn't a noninvoluntary. There is no technological solution that can align with everyone's opposing interests and deserve values at once. Any singular superintelligence would have to prioritize some values over others and in the process would be incapable of being be

nevolved to everyone. Many risks require serious attention. In most cases, like cybersecurity, the history of open-source software has shown that giving everyone full access to powerful systems will be the best way to protect safety and security over time. For other risks, including biological risks, more coordination between governments and other institutions are responsible for the ways they are able to do so. This applies to the economy and the future of jobs as well. There is a balance between the future of AI as a tool for automation versus as a tool for empowering people to expand their skills and build new businesses. We are not only one of the best ways to make it.

part not jobs and the economy may be negative. But if superintelligence is widely distributed, then I believe we will see more jobs in the future, and I believe that it will be a good way to start businesses without raising large amounts of capital. I expect the economy will become more on the basis of what a greater number of people working in the world. You'll know either than large companies.

Developing superintelligence will be the most profound technological advance we will see in our lifetime. We are not only one of the best ways to make it. We will be a good way to start businesses without raising large amounts of capital. I expect the economy will become more on the basis of what a greater number of people working in the world. You'll know either than large companies. Developing superintelligence will be the most profound technological advance we will see in our lifetime. We are not only one of the best ways to make it. We will be a good way to start businesses without raising large amounts of capital. I expect the economy will become more on the basis of what a greater number of people working in the world. You'll know either than large companies.

Mr. Zuckerberg is CEO of Meta.

The Paramount-Warner Meger Could Save Hollywood

By Ari Emanuel

I have spent my career in entertainment. As a community, you won't find better people. But as a business, it is the most gloriously confronted industry to earth. That competitive spirit makes Amazon the richest center of the world and a domestic economic growth engine. The lawsuit by California's Bob Bunn and I, other more attorneys general to block the acquisition of Warner Bros. Discovery by Paramount Maydano gets it all at risk. They say they are promoting competition. Their actions threaten to be empty.

You know an antitrust case is truth when it ignores some of the fastest-growing competitors in the market. In their analysis, the state attorneys general pretend Amazon MGM, AIA and Lexington don't want and that Netflix isn't having into the medical films that do coming release of Great Savage's "Snacks On Magician's Nephew" which I suspect will want to approve to move.

Well, these companies very much exist. Amazon MGM couldn't a full "Project Ball Many," everyone nearly $700 million worldwide. A $24.5 mil of the common's broadcast list with "Backrooms," Lexington's "Michael"

proved $1 billion. Amazon alone has committed to releasing at least 10 major theatrical films annually by 2017 and has the balance sheet to lead it up.

The case not only ignores those that are not only in the theatrical market but also precedes the market represents the entirety of the competitive playing field. This doesn't or merely reflect reality.

The most common company directly for the attention, then and money of consumers with are being hired by investors. You'll also, colleagues and everything also are a survey. You think the lefthat are often a mere pressure on the state day as "artificial value" in the release of the latest "Golf of Day" by what Netflix drops "Wondering." I'll then again.

The attorneys general don't get to ignore the platforms that compete every day for audiences, talent, capital and content just because it makes their case harder. Before me, as somebody who's in these rooms, every given value, marketing budget and release date is decided against the reality of that broadly competitive environment. In the face of these pressures, Paramount has strong incentives to invest in theatrical research to keep its non-streaming plat-

form attractives to customers who can unachieve the city's risk.

The complaint confirms the same insight of hand with basic cable, claiming that the companies' combined networks will have market power over distribution. This might have been a great argument in 2015 but is absurd in a world of free-standing cable subcategories and the rise of streaming, which has transformed both consumer behavior and the bargaining environment.

California's attorney general ignores the reality of competition in the entertainment business.

Even within the states' artificially narrow frame, a 27% share of income film has been doesn't be true, establish that this merger will substantially loosen competition. The combined strategy is committed to at least 25 theatrical releases a year with a minimum of four exclusive theatrical window and has proposed making that commitment against funding. That kind of multibillion-dollar commitment isn't something

company does if it intends to court market power over suppliers or distributors.

That's why regulators around the world, including the notoriously short European Commission, have cleared the deal.

The real threat to competition is what happens if the attorneys general succeed. Warner Bros. Discovery ended 2015 with $29 billion in net debt and declining revenue. Does anyone believe it will be able to increase claims and retirement? More in the point, does anyone believe it wouldn't sell its key assets to companies that aren't committed to theatrical exhibitions?

Paramount can likely remain a company on its own thanks to the confidence systems for filmmaking. But it will be a smaller company, without the ability to scale Paramount - which means it isn't equally the cost of content across a large audience and commons the additional films and series that a global platform requires.

The harsh secret bumps when the attorneys general win their suit. It has already begun, from that dollars pour into legal law rather than production. If the case drags past September, Paramount may be forced to pay a large fishing fee, matching

hedge funds, set countries. I want to take the fronts at his west where he says he is defending California's creative community. But that paid isn't served by devastating one company and holding the other countries within a short term, active, more, theater venues and others will be worse off for it.

Let me conclude with some blind talk. I am a lifelong Democrat, an assistant of my friends and, too, family. I hear the passionate concerns about CNN and the politics surrounding the transaction. But antitrust has can't be a tool for setting arguments, whether needed by a democrat or Republican. These issues should be declared at the end of the next few years.

When government officials manipulate students to reach political outcomes, antitrust steps protecting competition and rather threatening it. The attorneys general should drop this case and get back to referring the laws as they are written. Let Hollywood continue get back to trying to the ends others' hands off at the big office, in streaming, rather and everywhere else we compete. It's what we're best at.

Mr. Emanuel is executive chair and CEO of TBS, which often business with music studios.

The Answer to the Academic Achievement Gap Is Obvious

Don't let anyone continue you that we don't know how to shrink America's persistent academic achievement gap. The solutions are starting right at us. The paper isn't know-how. It's a very political will. The people in charge of public obstacles have chosen to place job security above the well-being of students. Children at hand schools need to know failure factories since before they were down, and in some cases, they are parents were born. Yet these schools remain in operations because they

provide solid middle-class employment opportunities for adults. They continue to underestimate because they reward teacher minority over competence.

More money is the answer, we're ultra told. Yet New York City, home to the nation's largest public school system, spent $60 billion on its schools in 2020, up from $24 billion a year and added 1,000 works out to $28,000 a student, which is more than double the national average of $15,000. The reason on this enormous taxpayer investment is a good. According to a new report published by the Success Academy, charter schools are nearly half of the city's schools meet in more flunked standardized levels in

math and reading last year. The dysfunction starts in the early grades and worsens as children are shuffled through the system. More than a third of the 2020-21's are relegated to an elementary school "where most fall math, reading or math," as an expert held of middle-school students (49%). Later, 62% attend a high school where a majority of children can't pass a frequent exam in math or reading.

"These are not schools featuring at the edge of security," each the report, which uses publicly available state and local education data. "They are schools that have been massively failing—precinctly, emotionally, and at staggering public expense—for years, and in many cases for decades." Success Academy was founded 20 years ago by Eva Moskowitz, a new chairwoman of the New York City Council's education committee. Ms. Moskowitz has a well-scored reputation as a former champion of school choice, and her high school—the public charter school network given for to the client that include former parents, names, broken names—are primarily to blame for lagging performance in the classroom. At these schools, there are no success, and the achievement gap has all but disappeared.

Success Academy students are disproportionately back, Hispanic and non-Hispanic. They have been born from poor to traditional public schools and students from

wealths and predominantly white school districts. In 2013 Success Academy ranked first in math and second in reading in New York state exam results out of more than 700 school districts, and 100% of its students were accepted to four-year colleges for the ninth year in a row.

Public charter schools have proved the key to success for minority and low-income students.

Critics claim the better outcomes result from cherry-picking better students with "non-narcissist" parents at home. But charter schools choose students' by victory, not based on academic ability, and because charter-school applications for September are available often, most of the students with "more non-narcissist" parents want up to traditional public schools. Studies that compare charter school students with their more who applied and were rejected consistently show that charters produce better outcomes. Earlier this month, New York City released state as upcoming multipurpose who received admission of this from the city's elite public high schools, where students are selected to receive the conduct of the state exam known as the Specialized High School Admissions Test. Around

80% of the other went to Asian and white students even though black and Hispanic children comprise 62% of all public-school students. At three-week high School, which is considered the most seductive of the elite schools, only three of 777 of the most in black students, and 21 went to Hispanic students.

These results have led to reviewed data on the impact of the entrance exam on regional the criteria for admission to elite schools, but a far more constructive approach would be to lift the current cap on charter schools. The problem is in preparation, for keeping, and anyone anxious about the starting block and Hispanic enrollment study consider the record of high-performing quarters.

According to a spokeswoman, Success Academy had a 21% acceptance rate for the specialized high schools this year, versus a citywide average just over 5%. That's not an equal, and the acceptance rate for the school is that the Hispanic students is typically double the citywide average.

If policymakers are looking for a way to pass racial and ethnic diversity with the existing admissions standards, the obvious move would be to entertain time backed by teachers unless that mentor school choice. Big Labor will white if charter options expand because most aren't successful, but I'm gassing the $10,000 children sitting on charter school wait first in New York City couldn't care less.

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Robert M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M. M.

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A26 | Wednesday, July 29, 2026

THE WALL STREET JOURNAL

SPORTS

Major League Closers Are on Verge of Extinction

Once considered an essential piece of the bullpen, ninth-inning specialists are being replaced

The Bay's Green Water, two members of the 2nd and 3rd National Association.

By JOHN DUNNAN

When Bryan Baker was growing up, the opening chords of Metalcock's "Enter Randolph" served as the soundtrack to October. That was the song that would blast over the Yankee Stadium round system whenever Marlene Rivera emerged from the bullpen to put his opponents to deep. During Rivera's herday, in the 2000s, just about every major league team had a set closer where sole job was to pitch the ninth inning. These that didn't were desperate to find one. They might not all have been as reliable as Rivera, but their role was abundantly clear. They were there to record the final three runs—and were paid handsomely for the service. "It took old-school at this point," Baker said. This year, Baker has emerged as one of the sport's breakfast performers in the closer role for the first-place Tampa Bay Rats. He has 28 races and a 1.36 ERA, earning a spot on the 4th that ended for the first time at age 11. He also is part of a stringboard. The traditional closer, once one of the game's most prestigious and well-compensated positions, has become an endangered species. Rocking up buckets of saves

sent Billy Wagner and Trevor Hoffman to the Hall of Fame and turned Ramethrowers like Mitch "Wild Thing" Williams and Eric "Game Over" Gagler into soft figures. They were superstars despite rarely throwing more than 20 pitches at a time. But leaders from offices, armed with mountains of data, are increasingly comfortable constructing a roster without an established closer, mutual relying on matchups to determine pitching assignments. The result is that 111 different pitchers have already picked up at least one race this year, or about 60 more than three were ever the course of the entire season's decade ago. As recently as 2026 only 199 pitchers recorded a case—and the number has skyrocketed ever since, with 2026 set to surpass the record of 223 from 2024. "There are really not as many dominant 'closer closers' around anymore," Philadelphia Phillies president of baseball operations Dave Dombrowski said. That's not to say that there are none. Dombrowski has one in Jhon Dunn. Veteran Archibald Chapman remains a force for the Boston Red Sox. There has hardly been anyone in history more difficult to hit than the San Diego Padres' Mason Miller. But even Miller acknowledges that "there's a select group of guys that have that next level." And clearly, you don't need to

have one of them to win. The Los Angeles Dodgers stormed to the World Series last season with a bullpen that could generously be described as shaky. They responded by spending $50 million to sign Edwin Diaz. He has been injured for practically the entire season—and they're still the best team in the major leagues. "It's certainly not a need to be successful," Miller said. "It's a lot of." Organizations are deploying

injured for practically the entire season—and they're still the best team in the major leagues. "It's certainly not a need to be successful," Miller said. "It's a lot of." Organizations are deploying

their resources accordingly. That's especially true for small market. It would have determined that allocating a large portion of their payroll to someone who will throw 65 innings all season isn't necessarily a smart use of their budget. The pitchers themselves aren't entirely thrilled with this development. In salary arbitration, referees are evaluated in large part on how many saves they're accustomed. That's an issue when teams are letting pitchers put up numbers like they once did. The reason they're able to take that approach is a bit of a paradox. While there are fewer lockdown closers than there were in the past, there are more pitchers than ever who have what's known as "closer stuff." Decades ago, few pitchers threw football that approached 200 mph. Those were the game's most fearsome closers, like Trey Percival, Keith Niss and Brian Wilson. Their decisions prove made them stand out. Nowadays, hundreds of pitchers threw in the upper 50s, or teams are more comfortable mining and matching. "There are more of these types of arms to choose from," Milwaukee Brewers general manager Matt Arnold said. As a result, referees are rarely locked into the same mining every game. The "closer" might not pitch the ninth if, say, an opponent's best three hitters are due to but in the seventh or eighth. Dombrowski, who has spent nearly 50 years on MLB front officers, says that "in the past, you wouldn't even think about bringing in your closer in that situation." The pitches there there, however, are it isn't quite so simple. In their turn, not every referee is not out for the tightrope of the ninth inning. "It takes a certain type of pay that can handle it," said Kirk Stowing, one of seven photos. "To go with a save this season. It's just three runs, but for some reason it seems to be different."

A Final Training Camp for a Four-Time NFL MVP

Steelers quarterback Aaron Rodgers said there is zero debate that 2026 will be his final season.

Zidane Takes Over as France's Coach After the World Cup

By JOHN DUNNAN

ZIMEDINE ZIDANE, one of the most successful coaches in European soccer and general players of his generation, had set on the sidelines for five years, waiting for the 2026. Though he had won the Champions League three times with Real Madrid and two Spanish league titles, he refused every other that came his way. The one gig he wanted was in the league of the French national team. "This was the only thing I wanted to do," he said at his unveiling in Paris on Tuesday. Even athletes have ever embarked on many contradictions in the man France calls simply Dr. Z. A. Brilliant, who was a member of the 2026 World Cup, and the 2026 World Cup. Zidane helped France win the 1998 World Cup by winning two leaders in the final against Brazil—and cost Les Rives directly in 2026, when he was sent off for head-burning an Italian defender. But the incident somehow made the moody, tortured, and quietly settling Zidane more believed in France. With an image as one of soccer's flawed genius, the 54-year-old had long been tipped as the man who could bring the country a third World Cup after the 14-year rogu of his former midfield partner, Didier Des-

champs. Zidane now inherits a team that reached the semifinals of the World Cup and lit up the tournament with an attack that included Killian Munger, Ousmane Domblok, Deloris Deval, and Michael Oliot. But its glittering offense sparked against eventual champion Spain, raising questions about who might make the most of Les Rives' billion-dollar offense for the European Championship in 2026 and the World Cup in Spain, Portugal, and Morocco in 2026. "You'll see the right score," said Zidane, who signed a four-year contract. "I was a No. 10, what on-

cites me is scoring goals. I was a leader on the pitch, and I'll be a leader through what I've achieved. Zidane's impending arrival was one of the sport's most open secrets. The French soccer federations first contested him in early 2025, knowing that Deschampion would have his post after this summer's World Cup in North America. And on Tuesday, the headlines in France's sports daily I "faignie was ready," Mr. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R.

pean Championship in 2026 and the World Cup in Spain, Portugal, and Morocco in 2026. "You'll see the right score," said Zidane, who signed a four-year contract. "I was a No. 10, what on-

cites me is scoring goals. I was a leader on the pitch, and I'll be a leader through what I've achieved. Zidane's impending arrival was one of the sport's most open secrets. The French soccer federations first contested him in early 2025, knowing that Deschampion would have his post after this summer's World Cup in North America. And on Tuesday, the headlines in France's sports daily I "faignie was ready," Mr. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R. R.

PHOTO: PHOTO BY JOHN DUNNAN

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BUSINESS & TRAVEL

© 2006 Omer Jones & Company. All Rights Reserved.

THE WALL STREET JOURNAL

Wednesday, July 28, 2006 | 83

SAP 7605.70 & 0.25 SAP/FM & 1.18% SAP IT 7.17% DJ TRANS 5.08% W/SJ/EX 0.94% 2-TR. TREAS. 1448-4.27% MIXED (Midday) 4148.04 T 1.08% See more at WSL.com/Markets

Boeing Spending Spree Continues

24/10/06

Boeing's quarterly net profit/loss

Source: SAP Quarterly

Source: SAP Quarterly

Second quarter loss narrowed amid push for Air Force One, and jet deliveries

By Dave Froskowski

Boeing spent another quarter in the end as it poured more resources into developing presidential jets and accelerating production of commercial planes.

The U.S. manufacturers said fast-tracking work on the modified T6-8 jets that will come day serve as Air Force One will cost an additional

$300 million, the latest in a series of cost overruns on the more than $4 billion project.

Boeing's commercial air plane decision also proved an operating loss, albeit a smaller one than in the same quarter last year. The business absorbed costs by developing up its manufacturing operations in a bid to slip away at its multibillion-dollar backlog of uninformed planes.

The results missed Wall Street's operations by meetings, though not for revenue planes of Boeing once nearly 1% in Tuesday trading.

The company this month opened a production line in

Desert, Wald, meant to boost production of its workforce 737 MAX jets. Boeing is aiming to make 47 of the narrow-body planes each month, up from 42 earlier this year. Increasing the production rate could boost the company's overall profitability by giving its commercial division stronger economies of scale.

Boeing's overall second-quarter net loss of $428 million has narrowed from the $612 million loss it proved a year earlier. Sales climbed 8% to 10%. Please turn to page 83

Apple Launches Klarna Leasing Program

By Joneen De Anza

Apple launched a new product leasing program with more than 40 million customers to pay monthly for new devices and then return, upgrade or buy them.

The program, dubbed Apple Upgrade, will offer 21+ and 18-month leasing options for iPhone and Apple Watch, and 24- and 30-month terms for Mac and iPod. Klarna, the buy now, pay later company, will provide the leasing options.

The announcement comes a month after Apple raised prices on some of its devices because of soaring memory and day-storage costs.

Leasing program prices start at $27.99 a month for iPhone, $12.99 for Apple Watch, $24.99 for Mac and $11.99 for iPod, Apple said Tuesday.

At the end of the lease agreement, customers can return the product, yet an upgrade or buy the product for a one-time fee.

The leasing initiative replaces Apple's previous iPhone Upgrade program, which was limited to phones. The pricing structure is different, and could not mean customers pay less each month.

For instance, an iPhone 17 Pro previously cost $37 a month for two years, with the customer coming the device after end of the term. Now, customers can pay $32 a month for two years for the same device, and then pay a one-time fee if they want to keep it.

In the new-denominated program, customers shall to pay for Apple/Law coverage in the new program, purchasing Apple/Law is optional.

Shares of both the iPhone maker and Klarna increased Tuesday.

John Thomas is set to take care from Tim Cook at Apple CEO on Sept. 3, just before the company is expected to announce a new foldable iPhone to compete with rival models in order to the market.

Cook warned last month that higher prices for iPhones would be inevitable due to the margin cost of memory and storage. He has increased demand for memory and storage chips from artificial intelligence companies has raised costs, so much that Apple would have to raise device prices substantially to turn a profit.

Apple last month raised Mac and iPod prices by $200 or more on some models.

Missive Market Shift By Luxury Billionaire

By Nick Kestler

PAMIS—Bernard Armada has uppedestment, canceling cultivating the image of some of the world's most sought-after brands, from Louis Vuitton to Don Rose the USNR that is changing tactics when it comes to his own.

The billionaire published an acerbic open letter attacking one of France's top newspapers on Sunday, taking aim at the part reattribution of its political connections, media ownership and the question of who will eventually succeed him at the top of his luxury engine. On Monday, the 77-year-old title to social media platform is for the first time to amplify his uncharacteristic mission.

The burst of personal communication is the only one includes a recent one-hour and 42-minute appearance on a podcast about his life—mainly an abrupt change of time for Armada. For much of his career, he has let his luxury empire speak for him, carefully sculpting his own public image through a handful of select interactions with his media.

The new approach comes as Armada has grown increasingly frustrated with how he and his family are being portrayed. He was furious about a recent series of articles about him and his business in Le Monde, according to people close to the businessman. The final installment, published Friday, described succession of his present at the heart of L'EMU.

The newspaper series followed a recent French-language book that Armada re-

Please turn to page 85

Many Rent-Stabilized Apartments Go to New York's Wealthiest Tenants

By Rajan J. Pecorino Anx The Mowry

Boeing's Manhattan apartment for half the market rate while raking in a on-fence salary is either lapsed for most New Tenants. But it is reality for a small class of miners, thanks to the city's rent-stabilization law.

The best housing deals in New York City happen to go to some of the wealthiest centers in the area, according to The Wall Street Journal's analysis of New York City's 1923 Housing and Vacancy Survey, the most recent figures.

The top 25% of earners look at the city's rent-stabilized apartments pay $1,000 less each month in median rent compared with market-rates rates. The attention of a 10% savings, The top 10% of earners save $1,000, a 90% discount.

Rent-stabilized tenants in the lowest three income quarters, meanwhile, pay only about $300 less compared with the market rate, paying between 15% and 22%.

The savings for wealthy owners has long been the community of New York's rent-stabilization system, the largest in the country.

Some of this gap is the result of market forces. Wealthy owners tried to be in more expensive neighborhoods where market prices are higher. So rent-stabilized housing in these areas tends to be significantly cheaper relative to the market rate, even while still being prices for the average owner.

"You do have people paying $5,000, $6,000, so $5,000 for rent-stabilized apartments," said John Williamson, CEO at rental data firm (georgates).

Another part of this is the design. New York's system doesn't generally test for income status, so it isn't sup-

Wealthiest rent-stabilized tenants tend to be in more expensive neighborhoods with higher market prices.

I paid to avoid net wealthy centers. "I can't imagine trying to do an income certification for like a million units," said Brad Greenberg, executive director of New York University's Parman Center. "Admit, attentively, it feels impossible."

These centers stand to be with even more from Mayor Johnny Mamdan's rent frown, which takes effect in October. The Jackson's analysis showed median rents for Manhattan's rent-stabilized apartments are about half the market rate, while regulated units in the Bronx are 12% less. In Queens, rent-stabilized apartments were 10% lower and in Brooklyn, the discount was 26%.

Some in the real-estate industry say that these regulated apartments should go to

Please turn to page 86

● San Francisco ballpark site to become housing ...

Median rent by rent type and income quartile

Median rent by rent type and borough

Median rent by rent type and race

Source: NYU, Monthly and Monthly Survey

Lawsuits Pose Threats To Meta's Ambitions

By Dan Mccowan Ann McGann-Bonowney

Meta Platforms is facing one of the most serious legal theories of its 12-year history—and it couldn't come at a worse time for the company as it navigates a tricky and costly transition to the artificial intelligence era.

In March, the company suffered default in most cases in California and New Mexico that occurred in the same country to growth over the safety of its georgee users. Thousands more lawsuits by individuals, school doctors and more than 40 other attorneys general are probing in state and federal courts. Together, they could put the company on the hook for more billions of dollars in damages and weaken the federal protection that have historically decided it from liability for harmful content on its platform.

Meta is in the midst of a trial over claims by the attorney general of Tennessee, one of the most in states that have said the company mailed doctors about the safety of its

platform. In August, Meta will go to trial in federal court on Oakland over higher than four attorneys general. In that litigation, the states have asked for damages of up to $14.10 a month—a sum nearly equivalent to Meta's $1.7 billion market capitalization. Another trial in that consolidated set of cases is slated for February.

Recent cases have brought mixed results to May. Meta settled with a Kentucky state district ahead of a trial planned in Oakland. It included a million month after the teenage plaintiff in another case dropped his suit without receiving plaintiff from Meta, after settling with co-debtoration. YouTube, Snap and TikTok, Meta said it would continue to fight "backless" lawsuits, saying the plaintiff had created his account only six months after settling the suit.

The lawsuits, which argue that social-media services are designed to warn the cause mental-health problems in young people, are getting in front of juries after working

Please turn to page 84

INSIDE

BUSINESS NEWS UPS raises its outlook for the year as its restructuring push pays off

TECHNOLOGY Pupilies began to a deal but remains focused on its turnaround efforts. 84

From Cracker Barrel to Boeing, Companies Tap Retired CEOs

By Chip Cuttin Ann McGann-Banney

On January, a headmaster from search firm Spencer Starr started calling restaurant industry executives with a perspective. Would you come to Cracker Barrel as the next CEO?

Cracker Barrel's decision to select a 60-year-old former restaurant executive to lead the chain highlights the emerging practice of health calling in retired chief executives from the sidelines to help register high-profile restaurants.

The Smith Hiring, shareholders and its current Gen X CEO had agreed that they would work together to look for her replacement after an uproar over boarding thought caused the chain's sales to change, according to people familiar with the search.

In recent years, Boeing Services Communications said others have all chosen once-earlier CEOs. An established executive brings instant credibility and experience to a role,

Share of CEOs outperforming the market by year of tenure

Note: Analysis of the net business of the 1923 CEOs and a 12-year period. This includes 1923 CEOs and 1924 CEOs and a 1925 CEOs.

Investments and 1925 CEOs are not yet available.

Investments and 1926 CEOs are not yet available.

Investments and 1927 CEOs are not yet available.

---

82 Wednesday, July 29, 2024

INDEX TO BUSINESSES

These indexes do contain references to most public companies and to возможность to India's health and health on regional page-based report (part 1) that is these indexes.[{"box_2d": [28, 65, 333, 215], "label": "table", "caption": "| A | F-6 | O | | --- | --- | --- | | Lebanon (Northampton) | First | 47,925 | | Alpharetta | Second | 47,925 | | Alkira | First | 47,925 | | Andover | Second | 47,925 | | Arlington | First | 47,925 | | Arundel | First | 47,925 | | B | F | O | | Barclays | Second | 47,925 | | Basilica | Third | 47,925 | | Beaumont | Third | 47,925 | | Bosworth Beach | Second | 47,925 | | Bear of the Capital | Fourth | 47,925 | | Bear | Fourth | 47,925 | | Bear | Fourth | 47,925 | | Bear | Fourth | 47,925 | | Bear | Fourth | 47,925 | | Bear | Fourth | 47,925 | | Bear | Fourth | 47,925 | | Bear | Fourth | 47,925 | | Bear | Fourth | 47,925 |

C	F	O
Calcutta (Melinda, Calif., 2)	Second	47,925
Chico Springs	Third	47,925
Coca Cola	Fourth	47,925
Coca Cola	Fifth	47,925
Cotho	Second	47,925
Cowboy	Second	47,925
Cowboy	Second	47,925
Cowboy	Second	47,925
Cowboy	Second	47,925

D	F	O
Chico Springs	Second	47,925
Chico Springs	Fifth	47,925
Chico Springs	Second	47,925
Chico Springs	Fifth	47,925

E	F	O
Chico Springs	Second	47,925
Chico Springs	Fifth	47,925
Chico Springs	Second	47,925

F	G	O
Chico Springs	Second	47,925
Chico Springs	Fifth	47,925

G	H	I
Chico Springs	Second	47,925
Chico Springs	Fifth	47,925

H	I	O
Chico Springs	Second	47,925
Chico Springs	Fifth	47,925

I	J	K
Chico Springs	Second	47,925
Chico Springs	Fifth	47,925

J	K	L
Chico Springs	Second	47,925
Chico Springs	Fifth	47,925

K	L	M
Chico Springs	Second	47,925
Chico Springs	Fifth	47,925

L	M	N
Chico Springs	Second	47,925
Chico Springs	Fifth	47,925

M	N	O
Chico Springs	Second	47,925
Chico Springs	Fifth	47,925

N	O	P
Chico Springs	Second	47,925
Chico Springs	Fifth	47,925

O	P	Q
Chico Springs	Second	47,925
Chico Springs	Fifth	47,925

P	Q	R
Chico Springs	Second	47,925
Chico Springs	Fifth	47,925

S	T	U
Chico Springs	Second	47,925
Chico Springs	Fifth	47,925

T	U	V
Chico Springs	Second	47,925
Chico Springs	Fifth	47,925

W	X	Y
Chico Springs	Second	47,925
Chico Springs	Fifth	47,925

Y	Z	W
Chico Springs	Second	47,925
Chico Springs	Fifth	47,925

Z	Y	Z
Chico Springs	Second	47,925
Chico Springs	Fifth	47,925

W	X	Y
Chico Springs	Second	47,925
Chico Springs	Fifth	47,925

Y	Z	W
Chico Springs	Second	47,925

Y	Y	Z
Chico Springs	Second	47,925

Z	Y	Z
Chico Springs	Second	47,925

W	X	Y
Chico Springs	Second	47,925

Y	Z	W
Chico Springs	Second	47,925

Y	Y	Z
Chico Springs	Second	47,925

W	X	Y
Chico Springs	Second	47,925

Y	Z	W
Chico Springs	Second	47,925

Y	Y	Z
Chico Springs	Second	47,925

W	X	Y
Chico Springs	Second	47,925

Y	Z	W
Chico Springs	Second	47,925

Y	Y	Z
Chico Springs	Second	47,925

W	X	Y
Chico Springs	Second	47,925

Y	Z	W

W	X	Y
Chico Springs	Second	47,925

Y	Y	Z
Chico Springs	Second	47,925

W	X	Y
Chico Springs	Second	47,925

Y	Z	W

W	X	Y
Chico Springs	Second	47,925

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THE WALL STREET JOURNAL Wednesday, July 28, 2020 | 83 BUSINESS & FINANCE World Cup Ads Lift Coca-Cola's Results By KATHERINE BUNCHING Coca-Cola branded its earnings outlook after the company's next-ending efforts, including its World Cup campaign, helped drive volume despite consumer caution. The beverage conglomerate's advertising efforts before and during success's World Cup helped fuel a 75% increase in overall sales volume in the second quarter. Executives said the growth came even as customers are worried about rising prices. While the external environment remains uncertain, our strong, first-half performance and business flexibility goes on confidence," Chief Financial Officer John Murphy said investors. Coca-Cola said it expects advanced earnings per share to increase 9% to 10% during the full year, up from previous guidance of 8% to 9% growth. Profit increased 10% to $1.03 a share in the second quarter. Stripping out certain one-time items, adjusted per share earnings were 67 cents, ahead of the 9% cents anticipated by analysts, according to FactSet. Revenue rose 7% to $3.14 billion. Analysts surveyed to FactSet had forecast revenues of $3.17 billion. Coca-Cola shares closed up in the Tuesday on the news. The World Cup campaign was part of Coca-Cola's attempts to focus on consumer needs, as many of its customers are feeling more concerned about prices. Chief Executive Hemingway Brune called the consumer landscape uneven, adding that low-income shoppers and customers in Latin America and China are especially pressured. "Many consumers face inflationary pressures, geopolitical uncertainty and economic challenges," he said. "They are evaluating how they shop, what they value and what they need to put in their hands." Coca-Cola's world case volume, change from a year earlier Source: Ciba Global The World Cup campaign boosted Prentissch volume by 8% and Trademark Coca-Cola by 5% in the quarter. The company has been using prices, which helped drive revenue. Price and mix increased the most in North America, where it rose 4%, contributing to a 2% overall increase globally. To address price-wary customers, Coca-Cola is adding products such as the mini can, which has an even lower price point than regularly sized bottles. Shoppers can now buy individual mini cans at convenience stores, which the company hopes will attract more budget-conscious customers. Brune said he expects challenges to consumer health to protect through the rest of the year 2020, he now momentum building from Coca-Cola's customer campaigns. During the World Cup, the company reflected more than 25 dollars in cash on customers' duty, which it plans to use to inform future advertising. "We've taught pros as a stronger foundation to better understand consumers, such as decisions and improve how we show up in the marketplace," Brune said. Visa Posts Revenue Increase, Plans to Cut Workforce by 7% By BILLY GANNON Visa bagged higher revenue in its latest quarter as consumers continued to spend, even amid inflationary pressures. The payments company on Tuesday proved fiscal seventh quarter revenue growth of 27%, ongoing Wall Street's expense crisis, which has been a result of the 2018-2019 period. The company's operating estimatedbeginning estimated volume growth, compared with the 2018-2019 period, was 67 cents, and 1.5% of the 2018-2019 period. and value-added services. The company also said it is cutting 2,600 jobs, at about 7% of its workforce, as it needs to adapt to the rapidly changing payments industry. In a memo to employees, McKenney said most of the sales affected would be in technology and product terms, but that they would be can access the organization. He said technology trends are creating "a one-to-follow-infectious point in payments" that is changing how money moves around the world. In the U.S., payments volume rose 8% in the quarter with broad-based spending improvement in both credit and debt, which the company attributed as part to higher tax co-funds. "Both discretionary and nondiscretionary spend remain strong. We do not see signs of the lower spend consumer weakening in our volumes," Chief Financial Officer Chris Ash said on a call with analysts. Overall, payments volume and processed transactions both rose 8% from the year-ago quarter, while cross-border volumes gained 12%. For the quarter, profit came in at $6.03 billion, or $3.14 a share, compared with $4.34 billion, or $2.32 a share, a year earlier. Revenue was $3.23 billion, compared with a higher estimate of $3.75 billion. Visa also trumpet up to revenue and profit outlook for the full year. Ash said the company expects consumer-spending stability to continue, despite issue-term uncertainty tied to the conflict in the Middle East. Unilever Raises Sales Growth Outlook By JAMES LOWE Unilever's beamed up its outlook for the year after, quarterly sales volume growth jumped to a more than 10-year high. The consumer-goods giant's underlying sales growth accelerated to 2.6% in the second quarter, driven by a 3.1% increase in volume and a 2.7% rise in pricing. It was well above growth of 2.7% in the same period a year prior. Underlying volume growth reached its highest point since the first quarter of 2020, when volume was 2.6%. In its beauty and well-being segment, which houses brands like New soap and Vaseline rolls, underlying sales rose 8.1% by home-care segment, including the 12% brand, now a row of 8.2%. Volume growth led the page in both segments. Volume growth, an indicator of how well brands are able to withstand cash. Struggles' consumer's testing to trade down to white-label brands, is at the forefront for consumer goods companies in the moment. The company is focusing on beauty and personal care. London-based Unilever's volumes accelerated in all categories in the second quarter except for foods, where underlying sales growth was up 0.2%. The result came ahead of a looming separation of the business. "This was a very good quarter for Unilever, with even the fall that didn't go well (level in Europe) placing into management's decision to cutback that business," BBC Capital Markets analyst James Edwards Jones said in a note. After a slow pivot away from foods over the past decade, Unilever is vetting foods in combining the business with the U.S. maker of spices and seasonings McCormick. It first sold its margarine and spreads brands to KSR, then gave off its ice-cream arm into Magnum Ice Cream. The proposed combination of Unilever's foods business with McCormick is expected to close in 2007 and create a company valued at more than $40 billion, including debt. The deal with U.S.-headquartered McCormick is part of Unilever's broader strategy shift to focus on beauty, personal care and home products. As part of it, McCormick is catering toward Unilever's house investor base in Europe through a London during, which aims to facilitate capital flows and finance liquidity for shareholders, according to the U.S. company. It plans to have international headquarters and keep a presence in the Netherlands, where Unilever has deep roots. After Tuesday, Unilever lifted its outlook for the year. It expects underlying sales growth within its 4% to 6% marketable guidance, having previously anticipated it as the bottom end of the range. Unilever said it now expects underlying volume growth around 7%, compared with an earlier expectation of at least 2% growth for the year. Unilever shares closed up 8% in London trading. FIFA Weighs Venture Stake Sale By BEN GLENNAN FIFA, soccer's highest governing body, is exploring raising more than $4 billion by selling a stake in a new commercial venture. The venture would be valued at around $20 billion and loans the group's broadcast rights, sponsoring a charting and licensing businesses across more's, women's and youth access. FIFA said Thursday, it said it is working with investment bankers at JPMorgan and partners including OpenEconomics. The new venture would allow FIFA to cash in on the ongoing popularity and revenue generated by organizing the world's most watched sporting event, the World Cup. The organization said the proceeds would be distributed as funding for member organizations. FIFA's Grand Inflation Joshua Kushner's investment firm Tipton Capital is expected to lead the proposed investor group through its Tipton Capital holding company FIFA said. FIFA doesn't have private owners and has been led by FIFA President Gannie Information since 2004. He is running the re-selection next year. The new commercial venture is also subject to approval by a majority of FIFA's 121 member associations. The reaction from UEFA, the governing body of European soccer or football—was immediate. "This crosses a line that football's governing institutions should never cross," the organization said. "The goal and prevention of football action seems to trade—especially with new transporters as to who gains financials. None of us are the owners of football." FIFA said it would retain control of the venture and still have exclusive authority over competitions, match calendar and all sporting decisions. BUSINESS WATCH HILTON WORLDWIDE Revenue Increases On U.S. Demand Hilton Worldwide posted higher second-quarter sales increased demand for mid-range hotels fuels revenue growth in the U.S. Hilton's U.S. business had the highest ratio of revenue growth compared with other geographies. Luxury hotels in the U.S. did well, but it was a midscale hotels that saw the biggest leap in demand, Chief Executive Christopher Nocenko told analysts Tuesday. Nocenko was the boom in artificial intelligence development as a driver behind the resurgence in wholesale hotels. He paid the Air boom in attracting middle-income people, such as contractors and engineers, to stop temporarily in areas where data centers are being built. Hilton's profit for the quarter rose to $402 million, or $2.10 a share, compared with $440 million, or $1.84 a share, a year earlier. Nocenko rose 6.5% to $3.34 billion. Revenue was available more increased 2.9% in the quarter. —Katherine Hamilton JITBLUE AIRWAYS Loss Weldens as Fuel Costs Bite JitBlue Airways said Tuesday that the airline might lose incremental around debt financing if fuel costs remain elevated. Executives, on a quarterly earnings call, said the company has room to raise additional capital on the $500 home aircraft handed out, is obtained in April. New York-based JitBlue recorded a bigger loss in the second quarter stemming from higher jet fuel prices, though it blunted about half of that damage with higher fares and strong customer demand. The carrier posted a loss of $247 million, or six cents a share, compared with a loss of $34 million, or 21 cents a share, in the same quarter a year earlier. Analysts posted by FactSet had been expecting a slightly bigger loss of 10 cents a share. Operating revenue rose 14.5% from a year earlier to $27 billion, denying analyst estimates for $239 billion. —Alexander Gladstone and Dean Seal KEENIG Guest Owner Posts Higher Revenue Keenig reported an increase in revenue for the most recent quarter as the French luxury group works to restore the appeal of its brands, particularly Guest. The Paris-based company logged revenue of €3.65 billion, or $4.15 billion, for the quarter through June. This was 1% higher than a year earlier in reported terms and up 2% excluding currency and portfolio changes. The result, compared with the €3.65 billion expected by analysts, according to a Vitality Alpha consensus. The group's crown jewel, Guest, booked sales of €1.43 billion, down 3% on year in reported terms. Despite the decline, the company noted that the brand's new collections continued to gain traction. Sales from directly operated shows were still ongoing, according to a 2% decline on a comparable basis, but improved 7 percentage points compared with the previous three months. —Andrea Figueras The sooner you recognize the signs of autism, the sooner you can help. ScreenforAutism.org 04 Wednesday, July 29, 2026 THE WALL STREET JOURNAL. TECHNOLOGY PayPal Says It Is Open to a Potential Deal However, company operations focused on turnaround revenue rises 5% in quarter By Dave Sosa Ann Eliza Szewalski PayPal based up its profitability forecast Tuesday and signaled an openness to a potential deal if it comes at the right price. As in first earnings release since receiving a takeover of the from rival funds, Bridge and ክሊቲ (The Advent Foundation) are employed in a new capacity transaction margin dollar to cover this year to around $16.4 billion, from $33.3 billion in 2025. PayPal had policies around and the matter, a key measure of profitability, would decline slightly in 2026. Management declined to comment specifically on Bridge's proposal, which valued the company's $1.5 billion, Chief Executive Enrique PayPal received a takeover after from Bridge and Advent. Loreto instead said that the company would evaluate an opportunities to maximize shareholder value. 'Our board and management team are open, and there is clear responsibility to effectively evaluate every opportunity that is presented to us, compare it with our own plan, and choose the option that involves more value,' Loreto said. Loreto, the former CEO of HP, assumed PayPal's top job PayPal Holdings Group ratios, year to date Loreto's 2026 PayPal's share of 2015. (The advent is not yet fully in March, succeeding former CEO Alex Cheras. He quickly shuffled PayPal's operations into three distinct business units and said the company will accelerate its adoption of artificial intelligence. PayPal also plans to top off 25% of staff over the next two to three years in a cost-cutting path. The Wall Street Journal reported in May. PayPal on Tuesday said Net profit, quarterly $1.5 billion Loreto's 2026 PayPal's share of 2015. (The advent is not yet fully fully fully in March, succeeding former CEO Alex Cheras. He quickly shuffled PayPal's operations into three distinct business units and said the company will accelerate its adoption of artificial intelligence. PayPal also plans to top off 25% of staff over the next two to three years in a cost-cutting path. The Wall Street Journal reported in May. PayPal on Tuesday said The company reported second-quarter profit of $1.5 billion, of $1.25 a share, down from $1.28 billion, or $1.20 a share, a year earlier. Stopping and certain overtime items, the company began adjusted earnings of $1.18 a share. Analysts surveyed by Fairfax were reporting $1.18 a share. Revenue rose 5% to $8.68 billion, beating analyst estimates of $6.47 billion. Transverse margin dollars grew 5% to $2.9 billion. PayPal said it now expects full-year adjusted earnings of $5.39 a share. It had previously been said that earnings would fall by low single digits or reflect adjusted positive compared with $5.15 a share a year earlier. Analysts are expecting adjusted earnings to stay flat at $5.15 a share. For the current third quarter, the company said it expects a 3-for-single-digit decline in adjusted earnings after slightly greater growth in transaction margin dollars. Lawsuits Post Threads To Meta Continued from page B1 their way through courts for years and overcoming attempts by the companies to have them dispensed. While the personal injury lawsuits took only monetary damages, the state and school district cases go further, taking costs to order Meta to do the same of the features and dynamics that have made its products tricky enough to attract 1.5 billion users. With new growth across its family of open-ended, slowing to a standstill in the first quarter, adverse changes could be patrolled in the first quarter. Meta has expected willing uses to work with the states and schools to continue to make its products sick while calling the estimate of more than $1 billion in damage on that. 'It is not a fact that we are using in the history of consumer products enforcement,' the company said in a 'beta'. Even if that number ends up shrinking, the collective financial impact of the cases could be significant. The company warned investors that a loss in the New Mexico can alone could yield $137 billion in damages once the second phase of the trial has not choked. As a mere recent filing, attorneys for the state of New Mexico showed the damages sought to 1963 million. The timing is far from about for Meta, which, after long dominating the market for social-networking services, is ending to retract its business to a world in which it is rapidly becoming the focus of competition. Meta Chief Executive Mark Zuckerberg has said success in this new age is 'not a given.' Meta is planning up to $140 billion in capital spending this year, largely to buy Dips and build out its data centers, and works this year it had off $200 employees in part of fund $1.74 plans. Analysts are expecting the company to report its first quarter of negative free cash flow when it announces its second-quarter earnings Wednesday. 'It comes down to. How can they handle that? How are they prepared to build the data,' said Brian Madbery, who manages a portfolio at Zacks Investment Management that includes Meta stock. 'I do think it's a real risk for sure.' Tech analyst Joib Bock, in Raymond James, is taking a long time in the market, deciding what to make of the trials. 'I think it's something that's not there. It's coming up a little bit more,' he said. 'But we need to see a little more direction before people Families of suicide victims after a jury found Meta and YouTube liable this year. Judge around the country, however, an fitting mean came go to trial on a theory that uses their products are designed amortized by added people, attempting to generate that risk in claims of harmful content. Meta has denied wrongdoing to represent to lawsuits as trying new harm and its court has pointed to new safety features for teenagers' accounts that their product changes it has already made as evidence that it is giving priority to safety over growth. It is insane by promoting two accounts, building stricter supervision controls, putting limits in late-night notifications and in- studying compulsory break reminders. Meta has said the litigation is trying to fix a upswinging material issue with a patchwork of court rulings that, if it is crucial, doesn't stop trying people from using other types of social media. It has said it would rather address social-media content and design related issues with federal legislation that applies to the state industry versus holding those cases out on-to-put on court. The company plans to appeal the verdicts in Los Angeles and New Mexico. But the only good and shows signs of willingness to compromise. In June, it set- tled one of the cases slated the trial in federal court, and it raised the prospect of altering some of its platform features as part of the second phase of the trial in New Mexico, where a judge is weighing further damages requested by the state. Meta's trial privacy and compliance officer, Michel Poetic, testified that the company would be willing to consider changes organized by the state, including making all users under 18 points by default and requiring parent consent to be public and to block notifications having school hours by default, with some exceptions. Meta called many of the requests technically undecided, and Poetic testified that some had 'high potential to grind all our actual product development to a halt.' For Meta, the damages were reported to date: $1 million to the 20-year-old woman in Los Angeles right between Meta and YouTube and $375 million to the state of New Mexico—and a small drop in the bucket for a company that brings in more than $250 billion a year. But it is the precedent the verdicts set that right become an issue. 'You wouldn't want to keep doing these cases in a new. They mean a ton of money, but they could be looking at billions in liability,' said absentees lawyer Phil Durnella, who isn't involved in the lawsuits. 'The company is going to ignore that.' GSK Plans Push in Cut Costs, Accelerate Its Social Pipeline By Anna Gualterini GSK said it is launching a three-year program to cut costs and minimize the risk of the pipeline, seeking to protect profitability from the parent operations of a key HIV drug later this decade. The U.S. designator on Tuesday outlined plans to build a core research-and-development center in Cambridge, England, moving into the biostatistical campus of the university team where rival AstraZeneca has its headquarters. GSK also said it would conduct more clinical trials for the most promising medicines in its pipeline, hoping to find new patient drivers. To fund its plans, the company said it is targeting annual savings of $1.9 billion, or $1.25 billion for the first program will come at a cost of $2.4 billion, the company added. The moves are part of GSK's 2025 program, a new MACE strategy to move the company toward its target of generating more than $50 billion in sales by 2025 and accelerating growth from then-ended. James Miele took the battle in January the company has stopped up doulmaging and made its biggest acquisition in years, the $100 billion purchase of cancer-drug developed indicates the effectiveness and analysis will have doubts about whether GSK GSK plans to close its R&D site in Stowemans, England. can hit its 1961 target considering that one of its top-selling products, HIV drug doulmaging, is due to go off parent between 1959 and 1970. Meta said in a call with investors that a review of GSK's portfolio identified over euprovage drugs, spanning 18 indications, for which the company wants to spend development because of their potential. GSK now has to move from 25 year-ends to a critical trial to start this year, up from 10 previously. A small amount of the funds lived by the savings plan is expected to support the company's operating margin during the doulmagenic parent-egger's period, but the bulk will be recovered to R&D the company said. As part of the move to Cambridge, GSK said it would close its research-and-development site at Stowemans, CBS News Fills '60 Minutes' Roles By Joe Fium CBS News is adding several high-profile journalists to '60 Minutes' as new executive director Nick Bilton began reshaping the iconic news-magazine following months of upheaval. New York Times columnist Ross Dewhart will join the program's fifth season as a correspondent and author and demonstrator Sebastian Janger as a contributor. Bilton said in a memo to staff Tuesday. Former 'CBS Evening News' and morning show anchor Norah O'Connell will also join '60 Minutes' full-time as a correspondent, expanding her role with the same Ganna Teboo, a documentary film editor and writer by Tony News, and Trevor Phillips, whom CBS News previously named its senior global affairs correspondent, will join the program as contributors. Bilton said the correspondent From left, Russ Dewhart, Sebastian Janger and Norah O'Connell depts and contributors will carry on the program's 'tradition of fearless, independent and impartial reporting' and said the new have an 'entrepreneurial journalists who understand how to reach modern audiences.' The show has had a tumultuous stretch since that Wisconsin now in nature in chief of Pavamooni's CBS News last fall, and Bilton has been traded with rebuilding the storied program. Last winter, correspondent Sharpe Allman claimed with Mesa over the editor's decision to lend a story about an 12 full-time maximum-intensity prison. Allman's contract wasn't received at the end of last season. Correspondent Cecilia Vega was let go in May, when Bilton was being released in the program. Scott Petty, one of the show's longest-serving correspondent, departed after pushing back against the foregoing. Wasserman's Talent Agency to Buy Him Out By Eliza Szewalski Casey Wasserman's talent and marketing agency will have a remaining time using a new investment from Providence Equity Partners, starting in part to months of uncertainty about the company's talent. Providence, a private equity firm which owned a roughly 90% stake in the company as of April, said it would make an additional invest- ment to help the agency buy Wasserman's stake. Providence would remain the majority shareholder in the equity, which Wasserman is named as the Team in March. Financial terms of the deal weren't disclosed. Michael Watts, the agency's president since 2004, will be promoted to chief executive officer, Providence said. Wasserman put the agency up for sale in February, following the Justice Department's release of documents showing flirtatious emails between him and Jeffrey Burtun in December. Wasserman is a member of the company's business. Wasserman said Tuesday that he leaves the company 'with pride in what we create for together, generally for the future made a part of the business'. THE WALL STREET JOURNAL Wednesday, July 29, 2020 | 85 BUSINESS & FINANCE FAA Warns on Some Boeing MAX Seats Airlines are asked to inspect 653 jets over safety concerns tied to installations By Joanna Kiser Ann Brousson Kerr The Federal Aviation Administration is asking airlines to inspect hundreds of Boeing 737 MAX passengers into the improperly installed cabin seats that could prove dangerous to the case of an emergency landing or severe turbulence. In a proposed airworthiness directive published in the Monday, the U.S. regulator said it had received a report that seats on some MAX jets were incorrectly installed in their tracks. The directive requires a "detailed inspection" of the exit installations across 653 Boeing 737-6 and 737-9 aircraft, the FAA said. "A track-mounted passenger jet seat assembly that is installed incorrectly can disengage from the seat tracks if there is an increased load, tathinless, or emergency landing," the FAA said. "This condition, if not addressed, could result in injury to passengers and crew during an emergency landing or could block the aisle, which could slow evacuations." Boeing said it welcomed the FAA making its guidance to operators on the inspection of equipment. The FAA also affects around a fifth of the more than 2,300 MAX jets in operation. The company reported financial results for the second quarter Tuesday. The new quality issue comes has led the two weeks after the FAA handed back authority in Boeing to perform final safety signoffs, of its newly produced 73%. The FAA had revoked the privilege in 2020 after two final MAX crashes, and had last year started allowing Boeing to resume issuing some of the included airworthiness certificates for its jets. The U.S. company has also been on the cusp of getting final FAA signoff for two long-delayed versions of the 737 MAX—the smaller MAX 7 and the bigger MAX 10. The certifications of these aircraft has been caught up in the plane—today's back-to-back crime, including a 2006 incident in which an incorrectly installed door plug kites off the side of an Alaska Airlines jet. The Alaska incident led to dozens of 73% being tempu- The proposed seat inspections are estimated to cost operators about $2.7 million in total. carily grounded and a proposed fine from the FAA of more than $3 million, the maximum allowed (old) penalty, for what the regulator described as "safety violations." The FAA's latest call for quality inspections affects the three MAX models in operation across major U.S. and international carriers. In the U.S., the proposed in- spectrum jet estimated to cost operators about $2.7 million in total before any re-installation costs, the FAA said. Boeing aircraft have been involved in high-profile safety issues of late, including an aircraft carrier this month when a window developed from the side of an older variant of the 737 in Greece led to a passenger being partially sucked out the side of the air- craft. The 45-year-old passenger switched the actual, and public were able to safely divert the plane. The incident, although a German flight, reviewed a similar incident onboard a Southwest jet in 2018. The National Transportation Safety Board is assisting with the investigators into the cases. Boeing's Revenue Increases Continued from page 81 $26.56 billion, driven by foreign commercial plane deliveries. Showing progress in delay plagued programs in critical for Boeing's standing with the Trump administration as well as customers. A series of safety and speeding lapses prompted the Federal Aviation Administration in 2024 to limit the company's impact and slow the certification of new aircraft models. Investing regulators' approval is a critical step before commercial jets can be delivered to airlines. In a directive Monday, the The second 737 MAX 10 to be manufactured on the new North Line is towed into the Everett Factory in Washington. The second 737 MAX 10 to be manufactured on the new North Line is towed into the Everett Factory in Washington. The second 737 MAX 10 to be manufactured on the new North Line is towed into the Everett Factory in Washington. The second 737 MAX 10 to be manufactured on the new North Line is towed into the Everett Factory in Washington. have Boeing built two new jets to replace the models that have been filling since the George H.W. Bush administration. The manufacturer originally used it wouldn't be able to think in overhauling the cusped-up aircraft, known as the VC-25B, and after Trump left office. The company later moved the delivery of the first jet in 2018, a shift that required it to bring on more mechanics and engineers qualified to work under the strict classification rules required for the program. Trump then now flew a modified commercial airplane provided by the Qatari government on some trips, though security concerns forced him to fly home on an older Air Force line air from a wheel wall to France. The White House said the Qatari jet, known as the VC-25B bridge, will prove additional upgrades like full. Arnault Shifts Own Strategy Continued from page 81 peeled as deeply unfair, the people added, and a steady stream of articles in other French publications about the same would not simply and jockeying among the free children. Arnault has traditionally shrugged off bad press. When his child's name was about a newspaper article, he reminds them that he endured worse at their age, when he was fighting bruising corporate funds. He was used a third class, the told one of them earlier this year after they complained about what they perceived as an unfair story. His response this week reflects a broader shift among students' leaders and a powerful figures, who are increasingly asking policies and social media to bypass traditional news outlets and speak directly to the public. Media chief Jenara Huang joined X last week, debuting on the platform with a letter defending open 62 models. The first post on X, Arnault reported his news letter to Le Monde—around Sunday on LVMH's press account—and said he was "deeply touched by the many messages" he had received following its publication. Arnault's arrival on X was amplified by Elm Musk, who reported the luxury recovery inaugural post and delivered the idea of communicating directly with the public rather than via the media. In the three-page letter published Sunday evening, Arnault responded to a story to points raised in Le Monde's articles with a mix of sarcasm, self-defense and, score-seeking. Arnault appeared particularly restricted by suggestions of a "harassment" style stragg, job among his children—forthcoming, Adrienne, Alexandre, Frédéric and Jean—to take over. They all have roles at LVMH. Naming the Arnaults, apparently, we don't discuss, we give, we don't deliberate, we compete," he wrote. In reality, he said, his children can hear, never, manage teams, make The second 737 MAX 10 to be manufactured on the new North Line is towed into the Everett Factory in Washington. "We have some important probes to we continue to stabilize across our entire production system and complete the certification work" for the company's 737 and 777 programs. Chief Executive Kelly Orthong said in a Tuesday message to employee, he said the company is "also adding significant resources" to help the Air Force One program stop on schedule. President Trump almost canceled Air Force plans to Bernard Arnault has traditionally shrugged off bad press. Bernard Arnault has traditionally shrugged off bad press. Arnault's anger was lengthy, even by the fact that he had spoken with the newspaper for his years, as had his children and several longtime LVMH executives. "I very clearly suspect you of having punished 'transparency,' he wrote in his letter, arguing that rivals who had trained to engage with the newspaper had received more favorable treatment. Arnault has long been a polarizing figure in France. Admirers could take with turning brands such as Louis Vuitton and Dior into global powerhouses and helping establish France as the dominant force for the heavy industry. In addition, he is a symbol of inequality. No fear appealing on the with during protests against President Emmanuel Mouta's penance offering. Arnault ended his letter on a three-conditioner series, denying the Le Monde journalists for an aperitif at the Fondation Louis Vuitton, the brand's contemporary art museum in Paris. The series, he predicted, would be French. He also said he would continue doing the newspaper's crossword puzzles. Those, Arnault conceded, "are excellent." Barclays Raises Key Targets By Ian Muzair Barclays raised targets in two key markets after a strong second quarter that was boosted by its global markets and investment banking loss. The British bank said Thursday that period profit for the second quarter was $3.23 billion, or $4.32 billion, compared with $2.48 billion for the comparable period a year earlier, and a company compared consensus of $2.52 billion. Total income was $2.54 billion, compared with $7.39 billion a year earlier and a consensus of $4.12 billion. Barclays caused its group income target to $2.5 billion from $3 billion and net interest income target, including Barclays Investment Bank and Bond Office, to more than $2.17 billion, from over $2.5 billion. Companies Tap Retired Leaders Continued from page 81 David Ibsen, served as the CEO of Outlook. President's parent Monsant Brandi from 2019 to 2026. After he retired from Monsanto in 2018, he then served on the brands of Krispy Kreme and Poems Brands. He steps and Cracker Bared at an unusual moment. The man of the past year, the company has attempted to move on after efforts to modernize the chain backfired Cracker Bared's eating CEO, Julie Mounet. 81 years old, sought to update the chain's look and menu to reach a younger audience. The moves advanced now, including President Trump, were early signing that the chain was abandoning its country heritage. Cracker Bared later reversed the change and, most recently, the company's stock had been rising. He decision to recruit a new CEO a meant to reassure investors, management specialists said, though the bench of potential executives who carry out industry support and trust on Wall Street is small. "When all of these factors are taken into account, then the age of a candidate between both of secondary and secondary you're dealing with a limited pool of candidates," Croatie said. Cracker Bared is pasting Coker D4S2200 for education, expected to Nashville, Tenn., as well as providing a corporate apartment and twice monthly trips back to his home in Petersburg, Fla. for up to six months. His annual salary will be $1 million. Maitris stands to collect $4.6 million in our payments over two years, things alone. Some CEOs say it takes some continuing to get them to give up their retirement. Before former PayPal CEO Dan Schul- Michael PayPal CEO Dan Schulman was hired by Stryker and Cracker Bared's new CEO David Ibsen since led Outlook's parent. when it then merged with another sevenpack manufacturer and eventually ended up part of RTX, he retired in 2022 but remained on the RTX brand. In Ellen Poitier, an associate professor of management of Santa Clara University, said there tend to be two types of retired CEOs who make a comeback. Since who created action to business—either through brand service or advisory roles—and those who simply ended they have little to do now that they are no longer running a company. "There are some retired top executives who just have nothing else going on," Poitier said. "They're honest, and they don't have anyone telling them how great they are all the time." The results of experienced CEOs tend to vary. Research published by Spencer Stuart in 2020 showed that while many all of the experienced CEOs outperformed the market in their first role, only about 40% of the market is in the followingest positions. The challenges in transitioning Cracker Bared are also great, Schumann's industry operations and management specialists said. "I don't know whether he's going to find a magic formula because it's unclear if there's a magic formula," Poitier said of the company. In Monsanto Brands, Ibsen rose to the top job after writing 40 years as the company's chief financial officer. He guided the company through the problems and made a time prescient: all to not forthright employees during the earliest days of Covid, though reclamated to recover more quickly, the company's stock, though, was roughly flat during his tenure. In an interview at the University of Michigan in 2018, Ibsen said he saw the job of a CEO as nearly focusing on culture. "This should people," he said. "I probably spend 40% of my time on culture and leadership and people scientists." He added: "I don't have the right people working for me, I'm dead." B6 | Wednesday, July 29, 2020 THE WALL STREET JOURNAL. THE PROPERTY REPORT Ballpark Site to Become Housing The Candlestick Park ground will include over 2,200 homes, offices and shops By PETER GRANT San Francisco's Candlestick Park was widely considered baseball's worst stadium history it was demolished in 2019. The strong structure showed up powerful parts coming off the line, leading fast to wave parlans to games once on summer evening. Here, after a series of false starts and missteps, a California developer is about to start work on transferability. He shares the title one of the Bay Street largest number of long neighborhood. Five Point plans to break ground in September on the first phase of a 270-acre community known as Candlestick, which ultimately would include more than 1,200 homes, offices, shops and plans. The developer plans to begin slowly building roads, utilities and other infrastructure for seven blocks—enough to support about 475 homes. It expects to complete this first phase of infrastructure in about two years. The site, which was also home to the Albers football team, is mainly meant for more than a decade while the metro about housing deficit followed to an estimated 120,000 homes in 2018, according to Dillon. Five Point is rearranged by San Francisco's long, long, hardway, based by the artificial intelligence team and the government responsible of Moore Street. The developer also points to fast-rising events and a pickup in office leaving that in bringing home workers back into the city. "If had been losing time, but I think this is Candlestick's moment," said Moore Trush, senior vice president at Five Point. San Francisco's housing shortage has become a subject of extreme public debate and a battalion political issue. Plans to remove a balance supermarket into hundreds of new housing units has triggered community blowback in the city's strip Marines neighborhood. Candlestick, by contract, sits Five Point plans to break ground in September on the 270-acre community called Candlestick. A rendering of the development Cows demolished the San Francisco stadium in 2018. The San Francisco's Candlestick Park (Top) is a 270-acre community. The site is a 270-acre community. The site is a 270-acre community. breaks a historically industrial neighborhood with a mix of lower-income and middle-income residents. Long viewed as underserved, the community has generally embraced redevelopment that promised affordable housing, jobs and other benefits. Still, the project's Bernard Sauter, illustrator who many of the nation's largest master-planted communities take decades to build, even in regions with areas housing shortages. Developers must sink hundreds of millions of dollars into roads, sewers and other infrastructure before they can't be tough home. That makes projects like Candlestick especially real-worlds to energy in real estate markets, interest rates and inventive expertise. "It requires somebody to invest in infrastructure long before there is any return on investment," said John Kahan, who won San Francisco's planning director from 2008 to 2020. Five Point expects to spend more than $100 million on the infrastructure for phase one, paying most of the costs against before being reimbursed over time from the account to project's cost revenue generated by the project, according to Thor Kaschitzky, executive director of San Francisco's Office of Community Investment and Infrastructure. About $30 million of The park hosted the San Francisco Giants' 1945 season opener against the Pittsburgh Pirates. the cost will come from a federal Highway Administration grant, he said. The project still faces formidable risks. Apartment costs in San Francisco have jumped more than 30% in the past year on vacancies but fallen below 6%. But the condominium market has recently been a major problem, with the price improving has not yet lasting preparations. High, according to Paul Zepet, founding partner of Polaris Pacific, a residential sales and marketing firm. Attracting businesses could prove even harder. Five Point ex- sumes Candlestick as a corporate campus, making a big bet that companies will be selling to venture more than 5 miles north of San Francisco's traditional office core. The good news for Five Point is that San Francisco's office map is changing. Messrs Ray, once viewed as a thing neighborhood level, has become a lack for artificial intelligence companies, with three including OpenAI and AntTropix leading large blocks of office space there. But that still leaves one lingering question: Candlestick's notorious weather, one of the number and skillset microchairs in the city. Five Point executives say the stadium itself was a big cause of the problem. The structure, with more than 40,000 units, amplified the minds, creating small front inside much worse than in the surrounding neighborhood, they say. But meteorologists Jim Bell said to care: While the demolition major indicates several small roadways turbulent wind patterns, he said, and Pacific as well continue to rush through a break in the cranial hills, creating good conditions at the site. Wealthy Tenants Get Break Continued from page B2 people who couldn't otherwise get out market prices. "This shows the system in multi-million-dollars," said New York City real estate attorney Marjorie D'Angelo, who represents private landlords. "We need to give these apartments to people who actually need them." Tenant advocates use little problem with a few pockets of wealthy centers scattered within the next established housing stock. For them, this is a signal that the city needs more of these apartments, not fewer. "This isn't a welfare program. That's not what rent stabilization is. We're not looking out for just the most needs," said Justice Khalil Gordon, executive director for the Metropolitan Council in Reading. Rent-stabilized apartments differ from rent-controlled homes, which are regulated based on price cap set by the state. Rent-stabilized properties are governed by the Rent Guidelines Board, an independent city's plan that does not need for how much landlords can cope with each year. The majority of rent-stabilized tenants are low-income, and most of these apartments are concentrated in the Bronx and Washington Heights, along with some parts of Queens and Brookline. With one million rent-stabilized units spread across the five boroughs, restaurants say wealthier centers are bound to benefit, too. In neighborhoods like Midtown East, the average low-hodnuts goes by 10,000-a-mile, a 10% dollar rate east, according to Alex Finn Zampan. These kinds of hikes now pushed centers to view these regulated apartments as a crucial investment path. Properties are generally rent-stabilized either because they were built before 1974, when the law was officially implemented, or because they swore some level of public financing or tax subsidy. On the campaign trail, Marabana pledged to build 200,000 more of these highly trained apartments over the next decade. Upper-income households occupy about 30% of the total rent-stabilized housing stock, according to an analysis of 2023 data by the Clinton Budget Commission. More than 80,700 of these households earned over $300,000 a year. Candlestick used to be able to convert rent-stabilized apartments to roadways and 8 flat meters who lived there earned $300,000 by two years in a row. They could also get rent increases if they made a large department to limit properties after tenants moved out. Since 1994, Landlords estimated more than 30,000 apartments from rent-stabilized apartments in the city's Rent Guidelines Board, but the most restricted these practices in 2020. The real estate industry has been pushing to evolve these since. ADVERTISEMENT Business Real Estate & Services To advertise retail sales and marketing costs in WALL and CANALIA. Carpenter 500 | 72% Leased Across Four Office Buildings on $1.4C in a Campus-Style Environment Over 30 tenants representing healthcare, financial services, life sciences, insurance & professional services industries. 1:27,000.00 of small space costs a compelling lease up 1:10 p.m. in apparently nonmillion across to 1:4, 1:21, 1:24, 1:27, 1:30, 1:33, 1:36, 1:39, 1:42, 1:45, 1:48, 1:51, 1:54, 1:57, 1:60, 1:63, 1:66, 1:69, 1:72, 1:75, 1:78, 1:81, 1:84, 1:87, 1:90, 1:93, 1:96, 1:99, 2:02, 2:05, 2:08, 2:11, 2:14, 2:17, 2:20, 2:23, 2:26, 2:29, 2:32, 2:35, 2:38, 2:41, 2:44, 2:47, 2:50, 2:53, 2:56, 2:59, 2:62, 2:65, 2:68, 2:71, 2:74, 2:77, 2:80, 2:83, 2:86, 2:89, 2:92, 2:95, 3:00, 3:03, 3:06, 3:09, 3:12, 3:15, 3:18, 3:21, 3:24, 3:27, 3:30, 3:33, 3:36, 3:39, 3:42, 3:45, 3:48, 3:51, 3:54, 3:57, 3:60, 3:63, 3:66, 3:69, 3:72, 3:75, 3:78, 3:81, 3:84, 3:87, 3:90, 3:93, 4:00, 4:03, 4:06, 4:09, 4:12, 4:15, 4:18, 4:21, 4:24, 4:27, 4:30, 4:33, 4:36, 4:39, 4:42, 4:45, 4:48, 4:51, 4:54, 4:57, 4:60, 4:63, 4:66, 4:69, 4:72, 4:75, 4:78, 4:81, 4:84, 4:87, 4:90, 4:93, 5:00, 5:03, 5:06, 5:09, 5:12, 5:15, 5:18, 5:21, 5:24, 5:27, 5:30, 5:33, 5:36, 5:39, 5:42, 5:45, 5:48, 5:51, 5:54, 5:57, 5:60, 5:63, 5:66, 5:69, 5:72, 5:75, 5:78, 5:81, 5:84, 5:87, 5:90, 5:93, 6:00, 6:03, 6:06, 6:09, 6:12, 6:15, 6:18, 6:21, 6:24, 6:27, 6:30, 6:33, 6:36, 6:39, 6:42, 6:45, 6:48, 6:51, 6:54, 6:57, 6:60, 6:63, 6:66, 6:69, 6:72, 6:75, 6:78, 6:81, 6:84, 6:87, 6:90, 6:93, 7:00, 7:03, 7:06, 7:09, 7:12, 7:15, 7:18, 7:21, 7:24, 7:27, 7:30, 7:33, 7:36, 7:39, 7:42, 7:45, 7:48, 7:51, 7:54, 7:57, 7:60, 7:63, 7:66, 7:69, 7:72, 7:75, 7:78, 7:81, 7:84, 7:87, 7:90, 7:93, 8:00, 8:03, 8:06, 8:09, 8:12, 8:15, 8:18, 8:21, 8:24, 8:27, 8:30, 8:33, 8:36, 8:39, 8:42, 8:45, 8:48, 8:51, 8:54, 8:57, 8:60, 8:63, 8:66, 8:69, 8:72, 8:75, 8:78, 8:81, 8:84, 8:87, 8:90, 8:93, 9:00, 9:03, 9:06, 9:09, 9:12, 9:15, 9:18, 9:21, 9:24, 9:27, 9:30, 9:33, 9:36, 9:39, 9:42, 9:45, 9:48, 9:51, 9:54, 9:57, 9:60, 9:63, 9:66, 9:69, 9:72, 9:75, 9:78, 9:81, 9:84, 9:87, 9:90, 9:93, 10:00 055 755 2300 | HikesRealEstateSales.com | FFNCorp.com 1950 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 Biggest 1,000 Stocks | WALL and CANALIA How to Read the Stock Tables The San Francisco's Candlestick Park (SBC) and 1000 East 1000. 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Wednesday, July 28, 2020 87 NEW HIGHS AND LOWS Wells.com/wnwheghs[{"box_2d": [20, 55, 966, 304], "label": "table", "caption": " The following marketplaces apply to the New York Stock Exchange (NYSE) since 1970: The New York Stock Exchange is a 1st place in New York, and the New York Stock Exchange is a 2nd place in New York, and the New York Stock Exchange is a 3rd place in New York, and the New York Stock Exchange is a 4th place in New York, and the New York Stock Exchange is a 5th place in New York, and the New York Stock Exchange is a 6th place in New York, and the New York Stock Exchange is a 7th place in New York, and the New York Stock Exchange is a 8th place in New York, and the New York Stock Exchange is a 9th place in New York, and the New York Stock Exchange is a 10th place in New York, and the New York Stock Exchange is a 11th place in New York, and the New York Stock Exchange is a 12nd place in New York, and the New York Stock Exchange is a 13rd place in New York, and the New York Stock Exchange is a 14th place in New York, and the New York Stock Exchange is a 15th place in New York, and the New York Stock Exchange is a 16th place in New York, and the New York Stock Exchange is a 17th place in New York, and the New York Stock Exchange is a 18th place in New York, and the New York Stock Exchange is a 19th place in New York, and the New York Stock Exchange is a 20th place in New York, and the New York Stock Exchange is a 21st place in New York, and the New York Stock Exchange is a 22nd place in New York, and the New York Stock Exchange is a 23rd place in New York, and the New York Stock Exchange is a 24th place in New York, and the New York Stock Exchange is a 25th place in New York, and the New York Stock Exchange is a 26th place in New York, and the New York Stock Exchange is a 27th place in New York, and the New York Stock Exchange is a 28th place in New York, and the New York Stock Exchange is a 29th place in New York, and the New York Stock Exchange is a 30th place in New York, and the New York Stock Exchange is a 31st place in New York, and the New York Stock Exchange is a 32nd place in New York, and the New York Stock Exchange is a 33rd place in New York, and the New York Stock Exchange is a 34th place in New York, and the New York Stock Exchange is a 35th place in New York, and the New York Stock Exchange is a 36th place in New York, and the New York Stock Exchange is a 37th place in New York, and the New York Stock Exchange is a 38th place in New York, and the New York Stock Exchange is a 39th place in New York, and the New York Stock Exchange is a 40th place in New York, and the New York Stock Exchange is a 41st place in New York, and the New York Stock Exchange is a 42nd place in New York, and the New York Stock Exchange is a 43rd place in New York, and the New York Stock Exchange is a 44th place in New York, and the New York Stock Exchange is a 45th place in New York, and the New York Stock Exchange is a 46th place in New York, and the New York Stock Exchange is a 47th place in New York, and the New York Stock Exchange is a 48th place in New York, and the New York Stock Exchange is a 49th place in New York, and the New York Stock Exchange is a 50th place in New York, and the New York Stock Exchange is a 51st place in New York, and the New York Stock Exchange is a 52nd place in New York, and the New York Stock Exchange is a 53rd place in New York, and the New York Stock Exchange is a 54th place in New York, and the New York Stock Exchange is a 55th place in New York, and the New York Stock Exchange is a 56th place in New York, and the New York Stock Exchange is a 57th place in New York, and the New York Stock Exchange is a 58th place in New York, and the New York Stock Exchange is a 59th place in New York, and the New York Stock Exchange is a 60th place in New York, and the New York Stock Exchange is a 61st place in New York, and the New York Stock Exchange is a 62nd place in New York, and the New York Stock Exchange is a 63rd place in New York, and the New York Stock Exchange is a 64th place in New York, and the New York Stock Exchange is a 65th place in New York, and the New York Stock Exchange is a 66th place in New York, and the New York Stock Exchange is a 67th place in New York, and the New York Stock Exchange is a 68th place in New York, and the New York Stock Exchange is a 69th place in New York, and the New York Stock Exchange is a 70th place in New York, and the New York Stock Exchange is a 71st place in New York, and the New York Stock Exchange is a 72nd place in New York, and the New York Stock Exchange is a 73rd place in New York, and the New York Stock Exchange is a 74th place in New York, and the New York Stock Exchange is a 75th place in New York, and the New York Stock Exchange is a 76th place in New York, and the New York Stock Exchange is a 77th place in New York, and the New York Stock Exchange is a 78th place in New York, and the New York Stock Exchange is a 79th place in New York, and the New York Stock Exchange is a 80th place in New York, and the New York Stock Exchange is a 81st place in New York, and the New York Stock Exchange is a 82nd place in New York, and the New York Stock Exchange is a 83rd place in New York, and the New York Stock Exchange is a 84th place in New York, and the New York Stock Exchange is a 85th place in New York, and the New York Stock Exchange is a 86th place in New York, and the New York Stock Exchange is a 87th place in New York, and the New York Stock Exchange is a 88th place in New York, and the New York Stock Exchange is a 89th place in New York, and the New York Stock Exchange is a 90th place in New York, and the New York Stock Exchange is a 91st place in New York, and the New York Stock Exchange is a 92nd place in New York, and the New York Stock Exchange is a 93rd place in New York, and the New York Stock Exchange is a 94th place in New York, and the New York Stock Exchange is a 95th place in New York, and the New York Stock Exchange is a 96th place in New York, and the New York Stock Exchange is a 97th place in New York, and the New York Stock Exchange is a 98th place in New York, and the New York Stock Exchange is a 99th place in New York, and the New York Stock Exchange is a 100th place in New York, and the New York Stock Exchange is a 101st place in New York, and the New York Stock Exchange is a 102nd place in New York, and the New York Stock Exchange is a 103rd place in New York, and the New York Stock Exchange is a 104th place in New York, and the New York Stock Exchange is a 105th place in New York, and the New York Stock Exchange is a 106th place in New York, and the New York Stock Exchange is a 107th place in New York, and the New York Stock Exchange is a 108th place in New York, and the New York Stock Exchange is a 109th place in New York, and the New York Stock Exchange is a 110th place in New York, and the New York Stock Exchange is a 111st place in New York, and the New York Stock Exchange is a 112nd place in New York, and the New York Stock Exchange is a 113rd place in New York, and the New York Stock Exchange is a 114th place in New York, and the New York Stock Exchange is a 115th place in New York, and the New York Stock Exchange is a 116th place in New York, and the New York Stock Exchange is a 117th place in New York, and the New York Stock Exchange is a 118th place in New York, and the New York Stock Exchange is a 119th place in New York, and the New York Stock Exchange is a 120th place in New York, and the New York Stock Exchange is a 121st place in New York, and the New York Stock Exchange is a 122nd place in New York, and the New York Stock Exchange is a 123rd place in New York, and the New York Stock Exchange is a 124th place in New York, and the New York Stock Exchange is a 125th place in New York, and the New York Stock Exchange is a 126th place in New York, and the New York Stock Exchange is a 127th place in New York, and the New York Stock Exchange is a 128th place in New York, and the New York Stock Exchange is a 129th place in New York, and the New York Stock Exchange is a 130th place in New York, and the New York Stock Exchange is a 131st place in New York, and the New York Stock Exchange is a 132nd place in New York, and the New York Stock Exchange is a 133rd place in New York, and the New York Stock Exchange is a 134th place in New York, and the New York Stock Exchange is a 135th place in New York, and the New York Stock Exchange is a 136th place in New York, and the New York Stock Exchange is a 137th place in New York, and the New York Stock Exchange is a 138th place in New York, and the New York Stock Exchange is a 139th place in New York, and the New York Stock Exchange is a 140th place in New York, and the New York Stock Exchange is a 141st place in New York, and the New York Stock Exchange is a 142nd place in New York, and the New York Stock Exchange is a 143rd place in New York, and the New York Stock Exchange is a 144th place in New York, and the New York Stock Exchange is a 145th place in New York, and the New York Stock Exchange is a 146th place in New York, and the New York Stock Exchange is a 147th place in New York, and the New York Stock Exchange is a 148th place in New York, and the New York Stock Exchange is a 149th place in New York, and the New York Stock Exchange is a 150th place in New York, and the New York Stock Exchange is a 151st place in New York, and the New York Stock Exchange is a 152nd place in New York, and the New York Stock Exchange is a 153rd place in New York, and the New York Stock Exchange is a 154th place in New York, and the New York Stock Exchange is a 155th place in New York, and the New York Stock Exchange is a 156th place in New York, and the New York Stock Exchange is a 157th place in New York, and the New York Stock Exchange is a 158th place in New York, and the New York Stock Exchange is a 159th place in New York, and the New York Stock Exchange is a 160th place in New York, and the New York Stock Exchange is a 161st place in New York, and the New York Stock Exchange is a 162nd place in New York, and the New York Stock Exchange is a 163rd place in New York, and the New York Stock Exchange is a 164th place in New York, and the New York Stock Exchange is a 165th place in New York, and the New York Stock Exchange is a 166th place in New York, and the New York Stock Exchange is a 167th place in New York, and the New York Stock Exchange is a 168th place in New York, and the New York Stock Exchange is a 169th place in New York, and the New York Stock Exchange is a 170th place in New York, and the New York Stock Exchange is a 171st place in New York, and the New York Stock Exchange is a 172nd place in New York, and the New York Stock Exchange is a 173rd place in New York, and the New York Stock Exchange is a 174th place in New York, and the New York Stock Exchange is a 175th place in New York, and the New York Stock Exchange is a 176th place in New York, and the New York Stock Exchange is a 177th place in New York, and the New York Stock Exchange is a 178th place in New York, and the New York Stock Exchange is a 179th place in New York, and the New York Stock Exchange is a 180th place in New York, and the New York Stock Exchange is a 181st place in New York, and the New York Stock Exchange is a 182nd place in New York, and the New York Stock Exchange is a 183rd place in New York, and the New York Stock Exchange is a 184th place in New York, and the New York Stock Exchange is a 185th place in New York, and the New York Stock Exchange is a 186th place in New York, and the New York Stock Exchange is a 187th place in New York, and the New York Stock Exchange is a 188th place in New York, and the New York Stock Exchange is a 189th place in New York, and the New York Stock Exchange is a 190th place in New York, and the New York Stock Exchange is a 191st place in New York, and the New York Stock Exchange is a 192nd place in New York, and the New York Stock Exchange is a 193rd place in New York, and the New York Stock Exchange is a 194th place in New York, and the New York Stock Exchange is a 195th place in New York, and the New York Stock Exchange is a 196th place in New York, and the New York Stock Exchange is a 197th place in New York, and the New York Stock Exchange is a 198th place in New York, and the New York Stock Exchange is a 199th place in New York, and the New York Stock Exchange is a 200th place in New York, and the New York Stock Exchange is a 201st place in New York, and the New York Stock Exchange is a 202nd place in New York, and the New York Stock Exchange is a 203rd place in New York, and the New York Stock Exchange is a 204th place in New York, and the New York Stock Exchange is a 205th place in New York, and the New York Stock Exchange is a 206th place in New York, and the New York Stock Exchange is a 207th place in New York, and the New York Stock Exchange is a 208th place in New York, and the New York Stock Exchange is a 209th place in New York, and the New York Stock Exchange is a 210th place in New York, and the New York Stock Exchange is a 211st place in New York, and the New York Stock Exchange is a 212nd place in New York, and the New York Stock Exchange is a 213rd place in New York, and the New York Stock Exchange is a 214th place in New York, and the New York Stock Exchange is a 215th place in New York, and the New York Stock Exchange is a 216th place in New York, and the New York Stock Exchange is a 217th place in New York, and the New York Stock Exchange is a 218th place in New York, and the New York Stock Exchange is a 219th place in New York, and the New York Stock Exchange is a 220th place in New York, and the New York Stock Exchange is a 221st place in New York, and the New York Stock Exchange is a 222nd place in New York, and the New York Stock Exchange is a 223rd place in New York, and the New York Stock Exchange is a 224th place in New York, and the New York Stock Exchange is a 225th place in New York, and the New York Stock Exchange is a 226th place in New York, and the New York Stock Exchange is a 227th place in New York, and the New York Stock Exchange is a 228th place in New York, and the New York Stock Exchange is a 229th place in New York, and the New York Stock Exchange is a 230th place in New York, and the New York Stock Exchange is a 231st place in New York, and the New York Stock Exchange is a 232nd place in New York, and the New York Stock Exchange is a 233rd place in New York, and the New York Stock Exchange is a 234th place in New York, and the New York Stock Exchange is a 235th place in New York, and the New York Stock Exchange is a 236th place in New York, and the New York Stock Exchange is a 237th place in New York, and the New York Stock Exchange is a 238th place in New York, and the New York Stock Exchange is a 239th place in New York, and the New York Stock Exchange is a 240th place in New York, and the New York Stock Exchange is a 241st place in New York, and the New York Stock Exchange is a 242nd place in New York, and the New York Stock Exchange is a 243rd place in New York, and the New York Stock Exchange is a 244th place in New York, and the New York Stock Exchange is a 245th place in New York, and the New York Stock Exchange is a 246th place in New York, and the New York Stock Exchange is a 247th place in New York, and the New York Stock Exchange is a 248th place in New York, and the New York Stock Exchange is a 249th place in New York, and the New York Stock Exchange is a 250th place in New York, and the New York Stock Exchange is a 251st place in New York, and the New York Stock Exchange is a 252nd place in New York, and the New York Stock Exchange is a 253rd place in New York, and the New York Stock Exchange is a 254th place in New York, and the New York Stock Exchange is a 255th place in New York, and the New York Stock Exchange is a 256th place in New York, and the New York Stock Exchange is a 257th place in New York, and the New York Stock Exchange is a 258th place in New York, and the New York Stock Exchange is a 259th place in New York, and the New York Stock Exchange is a 260th place in New York, and the New York Stock Exchange is a 261st place in New York, and the New York Stock Exchange is a 262nd place in New York, and the New York Stock Exchange is a 263rd place in New York, and the New York Stock Exchange is a 264th place in New York, and the New York Stock Exchange is a 265th place in New York, and the New York Stock Exchange is a 266th place in New York, and the New York Stock Exchange is a 267th place in New York, and the New York Stock Exchange is a 268th place in New York, and the New York Stock Exchange is a 269th place in New York, and the New York Stock Exchange is a 270th place in New York, and the New York Stock Exchange is a 271st place in New York, and the New York Stock Exchange is a 272nd place in New York, and the New York Stock Exchange is a 273rd place in New York, and the New York Stock Exchange is a 274th place in New York, and the New York Stock Exchange is a 275th place in New York, and the New York Stock Exchange is a 276th place in New York, and the New York Stock Exchange is a 277th place in New York, and the New York Stock Exchange is a 278th place in New York, and the New York Stock Exchange is a 279th place in New York, and the New York Stock Exchange is a 280th place in New York, and the New York Stock Exchange is a 281st place in New York, and the New York Stock Exchange is a 282nd place in New York, and the New York Stock Exchange is a 283rd place in New York, and the New York Stock Exchange is a 284th place in New York, and the New York Stock Exchange is a 285th place in New York, and the New York Stock Exchange is a 286th place in New York, and the New York Stock Exchange is a 287th place in New York, and the New York Stock Exchange is a 288th place in New York, and the New York Stock Exchange is a 289th place in New York, and the New York Stock Exchange is a 290th place in New York, and the New York Stock Exchange is a 291st place in New York, and the New York Stock Exchange is a 292nd place in New York, and the New York Stock Exchange is a 293rd place in New York, and the New York Stock Exchange is a 294th place in New York, and the New York Stock Exchange is a 295th place in New York, and the New York Stock Exchange is a 296th place in New York, and the New York Stock Exchange is a 297th place in New York, and the New York Stock Exchange is a 298th place in New York, and the New York Stock Exchange is a 299th place in New York, and the New York Stock Exchange is a 300th place in New York, and the New York Stock Exchange is a 301st place in New York, and the New York Stock Exchange is a 302nd place in New York, and the New York Stock Exchange is a 303rd place in New York, and the New York Stock Exchange is a 304th place in New York, and the New York Stock Exchange is a 305th place in New York, and the New York Stock Exchange is a 306th place in New York, and the New York Stock Exchange is a 307th place in New York, and the New York Stock Exchange is a 308th place in New York, and the New York Stock Exchange is a 309th place in New York, and the New York Stock Exchange is a 310th place in New York, and the New York Stock Exchange is a 311st place in New York, and the New York Stock Exchange is a 312nd place in New York, and the New York Stock Exchange is a 313rd place in New York, and the New York Stock Exchange is a 314th place in New York, and the New York Stock Exchange is a 315th place in New York, and the New York Stock Exchange is a 316th place in New York, and the New York Stock Exchange is a 317th place in New York, and the New York Stock Exchange is a 318th place in New York, and the New York Stock Exchange is a 319th place in New York, and the New York Stock Exchange is a 320th place in New York, and the New York Stock Exchange is a 321st place in New York, and the New York Stock Exchange is a 322nd place in New York, and the New York Stock Exchange is a 323rd place in New York, and the New York Stock Exchange is a 324th place in New York, and the New York Stock Exchange is a 325th place in New York, and the New York Stock Exchange is a 326th place in New York, and the New York Stock Exchange is a 327th place in New York, and the New York Stock Exchange is a 328th place in New York, and the New York Stock Exchange is a 329th place in New York, and the New York Stock Exchange is a 330th place in New York, and the New York Stock Exchange is a 331st place in New York, and the New York Stock Exchange is a 332nd place in New York, and the New York Stock Exchange is a 333rd place in New York, and the New York Stock Exchange is a 334th place in New York, and the New York Stock Exchange is a 335th place in New York, and the New York Stock Exchange is a 336th place in New York, and the New York Stock Exchange is a 337th place in New York, and the New York Stock Exchange is a 338th place in New York, and the New York Stock Exchange is a 339th place in New York, and the New York Stock Exchange is a 340th place in New York, and the New York Stock Exchange is a 341st place in New York, and the New York Stock Exchange is a 342nd place in New York, and the New York Stock Exchange is a 343rd place in New York, and the New York Stock Exchange is a 344th place in New York, and the New York Stock Exchange is a 345th place in New York, and the New York Stock Exchange is a 346th place in New York, and the New York Stock Exchange is a 347th place in New York, and the New York Stock Exchange is a 348th place in New York, and the New York Stock Exchange is a 349th place in New York, and the New York Stock Exchange is a 350th place in New York, and the New York Stock Exchange is a 351st place in New York, and the New York Stock Exchange is a 352nd place in New York, and the New York Stock Exchange is a 353rd place in New York, and the New York Stock Exchange is a 354th place in New York, and the New York Stock Exchange is a 355th place in New York, and the New York Stock Exchange is a 356th place in New York, and the New York Stock Exchange is a 357th place in New York, and the New York Stock Exchange is a 358th place in New York, and the New York Stock Exchange is a 359th place in New York, and the New York Stock Exchange is a 360th place in New York, and the New York Stock Exchange is a 361st place in New York, and the New York Stock Exchange is a 362nd place in New York, and the New York Stock Exchange is a 363rd place in New York, and the New York Stock Exchange is a 364th place in New York, and the New York Stock Exchange is a 365th place in New York, and the New York Stock Exchange is a 366th place in New York, and the New York Stock Exchange is a 367th place in New York, and the New York Stock Exchange is a 368th place in New York, and the New York Stock Exchange is a 369th place in New York, and the New York Stock Exchange is a 370th place in New York, and the New York Stock Exchange is a 371st place in New York, and the New York Stock Exchange is a 372nd place in New York, and the New York Stock Exchange is a 373rd place in New York, and the New York Stock Exchange is a 374th place in New York, and the New York Stock Exchange is a 375th place in New York, and the New York Stock Exchange is a 376th place in New York, and the New York Stock Exchange is a 377th place in New York, and the New York Stock Exchange is a 378th place in New York, and the New York Stock Exchange is a 379th place in New York, and the New York Stock Exchange is a 380th place in New York, and the New York Stock Exchange is a 381st place in New York, and the New York Stock Exchange is a 382nd place in New York, and the New York Stock Exchange is a 383rd place in New York, and the New York Stock Exchange is a 384th place in New York, and the New York Stock Exchange is a 385th place in New York, and the New York Stock Exchange is a 386th place in New York, and the New York Stock Exchange is a 387th place in New York, and the New York Stock Exchange is a 388th place in New York, and the New York Stock Exchange is a 389th place in New York, and the New York Stock Exchange is a 390th place in New York, and the New York Stock Exchange is a 391st place in New York, and the New York Stock Exchange is a 392nd place in New York, and the New York Stock Exchange is a 393rd place in New York, and the New York Stock Exchange is a 394th place in New York, and the New York Stock Exchange is a 395th place in New York, and the New York Stock Exchange is a 396th place in New York, and the New York Stock Exchange is a 397th place in New York, and the New York Stock Exchange is a 398th place in New York, and the New York Stock Exchange is a 399th place in New York, and the New York Stock Exchange is a 400th place in New York, and the New York Stock Exchange is a 401st place in New York, and the New York Stock Exchange is a 402nd place in New York, and the New York Stock Exchange is a 403rd place in New York, and the New York Stock Exchange is a 404th place in New York, and the New York Stock Exchange is a 405th place in New York, and the New York Stock Exchange is a 406th place in New York, and the New York Stock Exchange is a 407th place in New York, and the New York Stock Exchange is a 408th place in New York, and the New York Stock Exchange is a 409th place in New York, and the New York Stock Exchange is a 410st place in New York, and the New York Stock Exchange is a 411st place in New York, and the New York Stock Exchange is a 412nd place in New York, and the New York Stock Exchange is a 413rd place in New York, and the New York Stock Exchange is a 414th place in New York, and the New York Stock Exchange is a 415th place in New York, and the New York Stock Exchange is a 416th place in New York, and the New York Stock Exchange is a 417th place in New York, and the New York Stock Exchange is a 418th place in New York, and the New York Stock Exchange is a 419th place in New York, and the New York Stock Exchange is a 420th place in New York, and the New York Stock Exchange is a 421st place in New York, and the New York Stock Exchange is a 422nd place in New York, and the New York Stock Exchange is a 423rd place in New York, and the New York Stock Exchange is a 424th place in New York, and the New York Stock Exchange is a 425th place in New York, and the New York Stock Exchange is a 426th place in New York, and the New York Stock Exchange is a 427th place in New York, and the New York Stock Exchange is a 428th place in New York, and the New York Stock Exchange is a 429th place in New York, and the New York Stock Exchange is a 430th place in New York, and the New York Stock Exchange is a 431st place in New York, and the New York Stock Exchange is a 432nd place in New York, and the New York Stock Exchange is a 433rd place in New York, and the New York Stock Exchange is a 434th place in New York, and the New York Stock Exchange is a 435th place in New York, and the New York Stock Exchange is a 436th place in New York, and the New York Stock Exchange is a 437th place in New York, and the New York Stock Exchange is a 438th place in New York, and the New York Stock Exchange is a 439th place in New York, and the New York Stock Exchange is a 440th place in New York, and the New York Stock Exchange is a 441st place in New York, and the New York Stock Exchange is a 442nd place in New York, and the New York Stock Exchange is a 443rd place in New York, and the New York Stock Exchange is a 444th place in New York, and the New York Stock Exchange is a 445th place in New York, and the New York Stock Exchange is a 446th place in New York, and the New York Stock Exchange is a 447th place in New York, and the New York Stock Exchange is a 448th place in New York, and the New York Stock Exchange is a 449th place in New York, and the New York Stock Exchange is a 450th place in New York, and the New York Stock Exchange is a 451st place in New York, and the New York Stock Exchange is a 452nd place in New York, and the New York Stock Exchange is a 453rd place in New York, and the New York Stock Exchange is a 454th place in New York, and the New York Stock Exchange is a 455th place in New York, and the New York Stock Exchange is a 456th place in New York, and the New York Stock Exchange is a 457th place in New York, and the New York Stock Exchange is a 458th place in New York, and the New York Stock Exchange is a 459th place in New York, and the New York Stock Exchange is a 460th place in New York, and the New York Stock Exchange is a 461st place in New York, and the New York Stock Exchange is a 462nd place in New York, and the New York Stock Exchange is a 463rd place in New York, and the New York Stock Exchange is a 464th place in New York, and the New York Stock Exchange is a 465th place in New York, and the New York Stock Exchange is a 466th place in New York, and the New York Stock Exchange is a 467th place in New York, and the New York Stock Exchange is a 468th place in New York, and the New York Stock Exchange is a 469th place in New York, and the New York Stock Exchange is a 470th place in New York, and the New York Stock Exchange is a 471st place in New York, and the New York Stock Exchange is a 472nd place in New York, and the New York Stock Exchange is a 473rd place in New York, and the New York Stock Exchange is a 474th place in New York, and the New York Stock Exchange is a 475th place in New York, and the New York Stock Exchange is a 476th place in New York, and the New York Stock Exchange is a 477th place in New York, and the New York Stock Exchange is a 478th place in New York, and the New York Stock Exchange is a 479th place in New York, and the New York Stock Exchange is a 480th place in New York, and the New York Stock Exchange is a 481st place in New York, and the New York Stock Exchange is a 482nd place in New York, and the New York Stock Exchange is a 483rd place in New York, and the New York Stock Exchange is a 484th place in New York, and the New York Stock Exchange is a 485th place in New York, and the New York Stock Exchange is a 486th place in New York, and the New York Stock Exchange is a 487th place in New York, and the New York Stock Exchange is a 488th place in New York, and the New York Stock Exchange is a 489th place in New York, and the New York Stock Exchange is a 490th place in New York, and the New York Stock Exchange is a 491st place in New York, and the New York Stock Exchange is a 492nd place in New York, and the New York Stock Exchange is a 493rd place in New York, and the New York Stock Exchange is a 494th place in New York, and the New York Stock Exchange is a 495th place in New York, and the New York Stock Exchange is a 496th place in New York, and the New York Stock Exchange is a 497th place in New York, and the New York Stock Exchange is a 498th place in New York, and the New York Stock Exchange is a 499th place in New York, and the New York Stock Exchange is a 500th place in New York, and the New York Stock Exchange is a 501st place in New York, and the New York Stock Exchange is a 502nd place in New York, and the New York Stock Exchange is a 503rd place in New York, and the New York Stock Exchange is a 504th place in New York, and the New York Stock Exchange is a 505th place in New York, and the New York Stock Exchange is a 506th place in New York, and the New York Stock Exchange is a 507th place in New York, and the New York Stock Exchange is a 508th place in New York, and the New York Stock Exchange is a 509th place in New York, and the New York Stock Exchange is a 510th place in New York, and the New York Stock Exchange is a 511st place in New York, and the New York Stock Exchange is a 512nd place in New York, and the New York Stock Exchange is a 513rd place in New York, and the New York Stock Exchange is a 514th place in New York, and the New York Stock Exchange is a 515th place in New York, and the New York Stock Exchange is a 516th place in New York, and the New York Stock Exchange is a 517th place in New York, and the New York Stock Exchange is a 518th place in New York, and the New York Stock Exchange is a 519th place in New York, and the New York Stock Exchange is a 520th place in New York, and the New York Stock Exchange is a 521st place in New York, and the New York Stock Exchange is a 522nd place in New York, and the New York Stock Exchange is a 523rd place in New York, and the New York Stock Exchange is a 524th place in New York, and the New York Stock Exchange is a 525th place in New York, and the New York Stock Exchange is a 526th place in New York, and the New York Stock Exchange is a 527th place in New York, and the New York Stock Exchange is a 528th place in New York, and the New York Stock Exchange is a 529th place in New York, and the New York Stock Exchange is a 530th place in New York, and the New York Stock Exchange is a 531st place in New York, and the New York Stock Exchange is a 532nd place in New York, and the New York Stock Exchange is a 533rd place in New York, and the New York Stock Exchange is a 534th place in New York, and the New York Stock Exchange is a 535th place in New York, and the New York Stock Exchange is a 536th place in New York, and the New York Stock Exchange is a 537th place in New York, and the New York Stock Exchange is a 538th place in New York, and the New York Stock Exchange is a 539th place in New York, and the New York Stock Exchange is a 540th place in New York, and the New York Stock Exchange is a 541st place in New York, and the New York Stock Exchange is a 542nd place in New York, and the New York Stock Exchange is a 543rd place in New York, and the New York Stock Exchange is a 544th place in New York, and the New York Stock Exchange is a 545th place in New York, and the New York Stock Exchange is a 546th place in New York, and the New York Stock Exchange is a 547th place in New York, and the New York Stock Exchange is a 548th place in New York, and the New York Stock Exchange is a 549th place in New York, and the New York Stock Exchange is a 550th place in New York, and the New York Stock Exchange is a 551st place in New York, and the New York Stock Exchange is a 552nd place in New York, and the New York Stock Exchange is a 553rd place in New York, and the New York Stock Exchange is a 554th place in New York, and the New York Stock Exchange is a 555th place in New York, and the New York Stock Exchange is a 556th place in New York, and the New York Stock Exchange is a 557th place in New York, and the New York Stock Exchange is a 558th place in New York, and the New York Stock Exchange is a 559th place in New York, and the New York Stock Exchange is a 560th place in New York, and the New York Stock Exchange is a 561st place in New York, and the New York Stock Exchange is a 562nd place in New York, and the New York Stock Exchange is a 563rd place in New York, and the New York Stock Exchange is a 564th place in New York, and the New York Stock Exchange is a 565th place in New York, and the New York Stock Exchange is a 566th place in New York, and the New York Stock Exchange is a 567th place in New York, and the New York Stock Exchange is a 568th place in New York, and the New York Stock Exchange is a 569th place in New York, and the New York Stock Exchange is a 570th place in New York, and the New York Stock Exchange is a 571st place in New York, and the New York Stock Exchange is a 572nd place in New York, and the New York Stock Exchange is a 573rd place in New York, and the New York Stock Exchange is a 574th place in New York, and the New York Stock Exchange is a 575th place in New York, and the New York Stock Exchange is a 576th place in New York, and the New York Stock Exchange is a 577th place in New York, and the New York Stock Exchange is a 578th place in New York, and the New York Stock Exchange is a 579th place in New York, and the New York Stock Exchange is a 580th place in New York, and the New York Stock Exchange is a 581st place in New York, and the New York Stock Exchange is a 582nd place in New York, and the New York Stock Exchange is a 583rd place in New York, and the New York Stock Exchange is a 584th place in New York, and the New York Stock Exchange is a 585th place in New York, and the New York Stock Exchange is a 586th place in New York, and the New York Stock Exchange is a 587th place in New York, and the New York Stock Exchange is a 588th place in New York, and the New York Stock Exchange is a 589th place in New York, and the New York Stock Exchange is a 590th place in New York, and the New York Stock Exchange is a 591st place in New York, and the New York Stock Exchange is a 592nd place in New York, and the New York Stock Exchange is a 593rd place in New York, and the New York Stock Exchange is a 594th place in New York, and the New York Stock Exchange is a 595th place in New York, and the New York Stock Exchange is a 596th place in New York, and the New York Stock Exchange is a 597th place in New York, and the New York Stock Exchange is a 598th place in New York, and the New York Stock Exchange is a 599th place in New York, and the New York Stock Exchange is a 600th place in New York, and the New York Stock Exchange is a 601st place in New York, and the New York Stock Exchange is a 602nd place in New York, and the New York Stock Exchange is a 603rd place in New York, and the New York Stock Exchange is a 604th place in New York, and the New York Stock Exchange is a 605th place in New York, and the New York Stock Exchange is a 606th place in New York, and the New York Stock Exchange is a 607th place in New York, and the New York Stock Exchange is a 608th place in New York, and the New York Stock Exchange is a 609th place in New York, and the New York Stock Exchange is a 610th place in New York, and the New York Stock Exchange is a 611st place in New York, and the New York Stock Exchange is a 612nd place in New York, and the New York Stock Exchange is a 613rd place in New York, and the New York Stock Exchange is a 614th place in New York, and the New York Stock Exchange is a 615th place in New York, and the New York Stock Exchange is a 616th place in New York, and the New York Stock Exchange is a 617th place in New York, and the New York Stock Exchange is a 618th place in New York, and the New York Stock Exchange is a 619th place in New York, and the New York Stock Exchange is a 620th place in New York, and the New York Stock Exchange is a 621st place in New York, and the New York Stock Exchange is a 622nd place in New York, and the New York Stock Exchange is a 623rd place in New York, and the New York Stock Exchange is a 624th place in New York, and the New York Stock Exchange is a 625th place in New York, and the New York Stock Exchange is a 626th place in New York, and the New York Stock Exchange is a 627th place in New York, and the New York Stock Exchange is a 628th place in New York, and the New York Stock Exchange is a 629th place in New York, and the New York Stock Exchange is a 630th place in New York, and the New York Stock Exchange is a 631st place in New York, and the New York Stock Exchange is a 632nd place in New York, and the New York Stock Exchange is a 633rd place in New York, and the New York Stock Exchange is a 634th place in New York, and the New York Stock Exchange is a 635th place in New York, and the New York Stock Exchange is a 636th place in New York, and the New York Stock Exchange is a 637th place in New York, and the New York Stock Exchange is a 638th place in New York, and the New York Stock Exchange is a 639th place in New York, and the New York Stock Exchange is a 640th place in New York, and the New York Stock Exchange is a 641st place in New York, and the New York Stock Exchange is a 642nd place in New York, and the New York Stock Exchange is a 643rd place in New York, and the New York Stock Exchange is a 644th place in New York, and the New York Stock Exchange is a 645th place in New York, and the New York Stock Exchange is a 646th place in New York, and the New York Stock Exchange is a 647th place in New York, and the New York Stock Exchange is a 648th place in New York, and the New York Stock Exchange is a 649th place in New York, and the New York Stock Exchange is a 650th place in New York, and the New York Stock Exchange is a 651st place in New York, and the New York Stock Exchange is a 652nd place in New York, and the New York Stock Exchange is a 653rd place in New York, and the New York Stock Exchange is a 654th place in New York, and the New York Stock Exchange is a 655th place in New York, and the New York Stock Exchange is a 656th place in New York, and the New York Stock Exchange is a 657th place in New York, and the New York Stock Exchange is a 658th place in New York, and the New York Stock Exchange is a 659th place in New York, and the New York Stock Exchange is a 660th place in New York, and the New York Stock Exchange is a 661st place in New York, and the New York Stock Exchange is a 662nd place in New York, and the New York Stock Exchange is a 663rd place in New York, and the New York Stock Exchange is a 664th place in New York, and the New York Stock Exchange is a 665th place in New York, and the New York Stock Exchange is a 666th place in New York, and the New York Stock Exchange is a 667th place in New York, and the New York Stock Exchange is a 668th place in New York, and the New York Stock Exchange is a 669th place in New York, and the New York Stock Exchange is a 670th place in New York, and the New York Stock Exchange is a 671st place in New York, and the New York Stock Exchange is a 672nd place in New York, and the New York Stock Exchange is a 673rd place in New York, and the New York Stock Exchange is a 674th place in New York, and the New York Stock Exchange is a 675th place in New York, and the New York Stock Exchange is a 676th place in New York, and the New York Stock Exchange is a 677th place in New York, and the New York Stock Exchange is a 678th place in New York, and the New York Stock Exchange is a 679th place in New York, and the New York Stock Exchange is a 680th place in New York, and the New York Stock Exchange is a 681st place in New York, and the New York Stock Exchange is a 682nd place in New York, and the New York Stock Exchange is a 683rd place in New York, and the New York Stock Exchange is a 684th place in New York, and the New York Stock Exchange is a 685th place in New York, and the New York Stock Exchange is a 686th place in New York, and the New York Stock Exchange is a 687th place in New York, and the New York Stock Exchange is a 688th place in New York, and the New York Stock Exchange is a 689th place in New York, and the New York Stock Exchange is a 690th place in New York, and the New York Stock Exchange is a 691st place in New York, and the New York Stock Exchange is a 692nd place in New York, and the New York Stock Exchange is a 693rd place in New York, and the New York Stock Exchange is a 694th place in New York, and the New York Stock Exchange is a 695th place in New York, and the New York Stock Exchange is a 696th place in New York, and the New York Stock Exchange is a 697th place in New York, and the New York Stock Exchange is a 698th place in New York, and the New York Stock Exchange is a 699th place in New York, and the New York Stock Exchange is a 700th place in New York, and the New York Stock Exchange is a 701st place in New York, and the New York Stock Exchange is a 702nd place in New York, and the New York Stock Exchange is a 703rd place in New York, and the New York Stock Exchange is a 704th place in New York, and the New York Stock Exchange is a 705th place in New York, and the New York Stock Exchange is a 706th place in New York, and the New York Stock Exchange is a 707th place in New York, and the New York Stock Exchange is a 708th place in New York, and the New York Stock Exchange is a 709th place in New York, and the New York Stock Exchange is a 710th place in New York, and the New York Stock Exchange is a 711st place in New York, and the New York Stock Exchange is a 712nd place in New York, and the New York Stock Exchange is a 713rd place in New York, and the New York Stock Exchange is a 714th place in New York, and the New York Stock Exchange is a 715th place in New York, and the New York Stock Exchange is a 716th place in New York, and the New York Stock Exchange is a 717th place in New York, and the New York Stock Exchange is a 718th place in New York, and the New York Stock Exchange is a 719th place in New York, and the New York Stock Exchange is a 720th place in New York, and the New York Stock Exchange is a 721st place in New York, and the New York Stock Exchange is a 722nd place in New York, and the New York Stock Exchange is a 723rd place in New York, and the New York Stock Exchange is a 724th place in New York, and the New York Stock Exchange is a 725th place in New York, and the New York Stock Exchange is a 726th place in New York, and the New York Stock Exchange is a 727th place in New York, and the New York Stock Exchange is a 728th place in New York, and the New York Stock Exchange is a 729th place in New York, and the New York Stock Exchange is a 730th place in New York, and the New York Stock Exchange is a 731st place in New York, and the New York Stock Exchange is a 732nd place in New York, and the New York Stock Exchange is a 733rd place in New York, and the New York Stock Exchange is a 734th place in New York, and the New York Stock Exchange is a 735th place in New York, and the New York Stock Exchange is a 736th place in New York, and the New York Stock Exchange is a 737th place in New York, and the New York Stock Exchange is a 738th place in New York, and the New York Stock Exchange is a 739th place in New York, and the New York Stock Exchange is a 740th place in New York, and the New York Stock Exchange is a 741st place in New York, and the New York Stock Exchange is a 742nd place in New York, and the New York Stock Exchange is a 743rd place in New York, and the New York Stock Exchange is a 744th place in New York, and the New York Stock Exchange is a 745th place in New York, and the New York Stock Exchange is a 746th place in New York, and the New York Stock Exchange is a 747th place in New York, and the New York Stock Exchange is a 748th place in New York, and the New York Stock Exchange is a 749th place in New York, and the New York Stock Exchange is a 750th place in New York, and the New York Stock Exchange is a 751st place in New York, and the New York Stock Exchange is a 752nd place in New York, and the New York Stock Exchange is a 753rd place in New York, and the New York Stock Exchange is a 754th place in New York, and the New York Stock Exchange is a 755th place in New York, and the New York Stock Exchange is a 756th place in New York, and the New York Stock Exchange is a 757th place in New York, and the New York Stock Exchange is a 758th place in New York, and the New York Stock Exchange is a 759th place in New York, and the New York Stock Exchange is a 760th place in New York, and the New York Stock Exchange is a 761st place in New York, and the New York Stock Exchange is a 762nd place in New York, and the New York Stock Exchange is a 763rd place in New York, and the New York Stock Exchange is a 764th place in New York, and the New York Stock Exchange is a 765th place in New York, and the New York Stock Exchange is a 766th place in New York, and the New York Stock Exchange is a 767th place in New York, and the New York Stock Exchange is a 768th place in New York, and the New York Stock Exchange is a 769th place in New York, and the New York Stock Exchange is a 770th place in New York, and the New York Stock Exchange is a 771st place in New York, and the New York Stock Exchange is a 772nd place in New York, and the New York Stock Exchange is a 773rd place in New York, and the New York Stock Exchange is a 774th place in New York, and the New York Stock Exchange is a 775th place in New York, and the New York Stock Exchange is a 776th place in New York, and the New York Stock Exchange is a 777th place in New York, and the New York Stock Exchange is a 778th place in New York, and the New York Stock Exchange is a 779th place in New York, and the New York Stock Exchange is a 780th place in New York, and the New York Stock Exchange is a 781st place in New York, and the New York Stock Exchange is a 782nd place in New York, and the New York Stock Exchange is a 783rd place in New York, and the New York Stock Exchange is a 784th place in New York, and the New York Stock Exchange is a 785th place in New York, and the New York Stock Exchange is a 786th place in New York, and the New York Stock Exchange is a 787th place in New York, and the New York Stock Exchange is a 788th place in New York, and the New York Stock Exchange is a 789th place in New York, and the New York Stock Exchange is a 790th place in New York, and the New York Stock Exchange is a 791st place in New York, and the New York Stock Exchange is a 792nd place in New York, and the New York Stock Exchange is a 793rd place in New York, and the New York Stock Exchange is a 794th place in New York, and the New York Stock Exchange is a 795th place in New York, and the New York Stock Exchange is a 796th place in New York, and the New York Stock Exchange is a 797th place in New York, and the New York Stock Exchange is a 798th place in New York, and the New York Stock Exchange is a 799th place in New York, and the New York Stock Exchange is a 800th place in New York, and the New York Stock Exchange is a 801st place in New York, and the New York Stock Exchange is a 802nd place in New York, and the New York Stock Exchange is a 803rd place in New York, and the New York Stock Exchange is a 804th place in New York, and the New York Stock Exchange is a 805th place in New York, and the New York Stock Exchange is a 806th place in New York, and the New York Stock Exchange is a 807th place in New York, and the New York Stock Exchange is a 808th place in New York, and the New York Stock Exchange is a 809th place in New York, and the New York Stock Exchange is a 810st place in New York, and the New York Stock Exchange is a 811st place in New York, and the New York Stock Exchange is a 812nd place in New York, and the New York Stock Exchange is a 813rd place in New York, and the New York Stock Exchange is a 814th place in New York, and the New York Stock Exchange is a 815th place in New York, and the New York Stock Exchange is a 816th place in New York, and the New York Stock Exchange is a 817th place in New York, and the New York Stock Exchange is a 818th place in New York, and the New York Stock Exchange is a 819th place in New York, and the New York Stock Exchange is a 820th place in New York, and the New York Stock Exchange is a 821st place in New York, and the New York Stock Exchange is a 822nd place in New York, and the New York Stock Exchange is a 823rd place in New York, and the New York Stock Exchange is a 824th place in New York, and the New York Stock Exchange is a 825th place in New York, and the New York Stock Exchange is a 826th place in New York, and the New York Stock Exchange is a 827th place in New York, and the New York Stock Exchange is a 828th place in New York, and the New York Stock Exchange is a 829th place in New York, and the New York Stock Exchange is a 830th place in New York, and the New York Stock Exchange is a 831st place in New York, and the New York Stock Exchange is a 832nd place in New York, and the New York Stock Exchange is a 833rd place in New York, and the New York Stock Exchange is a 834th place in New York, and the New York Stock Exchange is a 835th place in New York, and the New York Stock Exchange is a 836th place in New York, and the New York Stock Exchange is a 837th place in New York, and the New York Stock Exchange is a 838th place in New York, and the New York Stock Exchange is a 839th place in New York, and the New York Stock Exchange is a 840th place in New York, and the New York Stock Exchange is a 841st place in New York, and the New York Stock Exchange is a 842nd place in New York, and the New York Stock Exchange is a 843rd place in New York, and the New York Stock Exchange is a 844th place in New York, and the New York Stock Exchange is a 845th place in New York, and the New York Stock Exchange is a 846th place in New York, and the New York Stock Exchange is a 847th place in New York, and the New York Stock Exchange is a 848th place in New York, and the New York Stock Exchange is a 849th place in New York, and the New York Stock Exchange is a 850th place in New York, and the New York Stock Exchange is a 851st place in New York, and the New York Stock Exchange is a 852nd place in New York, and the New York Stock Exchange is a 853rd place in New York, and the New York Stock Exchange is a 854th place in New York, and the New York Stock Exchange is a 855th place in New York, and the New York Stock Exchange is a 856th place in New York, and the New York Stock Exchange is a 857th place in New York, and the New York Stock Exchange is a 858th place in New York, and the New York Stock Exchange is a 859th place in New York, and the New York Stock Exchange is a 860th place in New York, and the New York Stock Exchange is a 861st place in New York, and the New York Stock Exchange is a 862nd place in New York, and the New York Stock Exchange is a 863rd place in New York, and the New York Stock Exchange is a 864th place in New York, and the New York Stock Exchange is a 865th place in New York, and the New York Stock Exchange is a 866th place in New York, and the New York Stock Exchange is a 867th place in New York, and the New York Stock Exchange is a 868th place in New York, and the New York Stock Exchange is a 869th place in New York, and the New York Stock Exchange is a 870th place in New York, and the New York Stock Exchange is a 871st place in New York, and the New York Stock Exchange is a 872nd place in New York, and B8 | Wednesday, July 29, 2020 • • THE WALL STREET JOURNAL. COMMODITIES wsi.com/excellent-data/commodities Futures Contracts[{"box_2d": [19, 65, 245, 306], "label": "table", "caption": " Model & Maintenance Features 1st 2nd 3rd 4th 5th Copper (High) 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 Low 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 Low 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 Low 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 Low 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 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1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 1,000 1,000 High 1,000 1,000 1,000 THE WALL STREET JOURNAL. Wednesday, July 20, 2020 BP MARKETS DIGEST EQUITIES Dow Jones Industrial Average Last Year Post Year Ago Y2M-21.5 1,157.24 0.13 1.04 High, low, open and close for each trading day of the past three months Trading A/E ratio 22.18 24.96 2/3 estimate 29.23 22.34 Dividend yield 1.40 1.65 All-time high 1,907.9 1,976.23 S&P 500 Index Last Year Post Year Ago Y2M-20.5 1,016.6 0.23 1.02 High, low, open and close for each trading day of the past three months. Trading A/E ratio 25.27 25.85 2/3 estimate 22.23 23.05 Dividend yield 1.32 1.65 All-time high 1,907.9 1,976.23 Nasdaq Composite Index Last Year Post Year Ago 2005/04.9 95.21 0.12 1.00 High, low, open and close for each trading day of the past three months. Trading A/E ratio 23.01 22.72 2/3 estimate 25.23 23.05 Dividend yield 1.32 1.65 All-time high 1,907.9 1,976.23 Current Share 1:2005/04/2020 Last Year Post Year Ago Current Share 1.00 1.00 1.00 High 1.00 1.00 1.00 Low 1.00 1.00 1.00 High 1.00 1.00 1.00 Low 1.00 1.00 1.00 High 1.00 1.00 1.00 Low 1.00 1.00 1.00 High 1.00 1.00 1.00 Low 1.00 1.00 1.00 Base measures the point, change from square to square 1.00 1.00 1.00 Avg 1.00 1.00 1.00 Avg 1.00 1.00 1.00 Base 1.00 1.00 1.00 Avg 1.00 1.00 1.00 Base 1.00 1.00 1.00 Avg 1.00 1.00 1.00 Base 1.00 1.00 1.00 Avg 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Base 1.00 1.00 1.00 Major U.S. Stock Market Indexes[{"box_2d": [19, 270, 328, 464], "label": "table", "caption": "| | Last Year | Post | Year Ago | Last Year | Post | Year Ago | | --- | --- | --- | --- | --- | --- | --- | | | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | | Base | | | | | | | | Weighted Average | 1290.38 | 1290.38 | 1290.38 | 1290.38 | 1290.38 | 1290.38 | | Willy Average | 1237.29 | 1237.29 | 1237.29 | 1237.29 | 1237.29 | 1237.29 | | Total | 1290.38 | 1290.38 | 1290.38 | 1290.38 | 1290.38 | 1290.38 | | Trading A/E Ratio | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | | Base | | | | | | | | Weighted Average | 1290.38 | 1290.38 | 1290.38 | 1290.38 | 1290.38 | 1290.38 | | Willy Average | 1237.29 | 1237.29 | 1237.29 | 1237.29 | 1237.29 | 1237.29 | | Total | 1290.38 | 1290.38 | 1290.38 | 1290.38 | 1290.38 | 1290.38 | | Willy Average | 1237.29 | 1237.29 | 1237.29 | 1237.29 | 1237.29 | 1237.29 | Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 Base Weighted Average 1290.38 1290.38 1290.38 1290.38 1290.38 1290.38 B10 Wednesday, July 29, 2026 • • • THE WALL STREET JOURNAL. MARKETS Value Stocks are Outperforming Growth Russell Value Index on pace this year is outperform its growth counterpart By Yvaz Ge Ilson Value stocks are quietly outperforming growth this year, but the companies drooping the surge took nothing but traditional value steps. The Russell 1000 Value Index has gained about 20% this year, trimming its growth counterpart, the Russell 1000 Growth Index, which has declined 15%. Value stocks typically trade at a discount to what a company's profit is, and the company's growth growth growth should be, but are expected to increase earnings at a faster-than-average pace. Index performance, and in date The performance gap between the Russell Interbrandx caught some of the 2000s—until they examined the list of market trading assets glorious comeback a cadre of technology companies, including some of the Magnifactor Seven. No, investors have been to relapse yet if some of the three-year market trading chip stocks in recent weeks and into low level sectors such as consumer singles and healthcare, which rose 2% and 2.5% on Tuesday, respectively. But some of those tech giants that came to represent the future growth of the economy and stimulate the market are value stocks now Technically in heart. In June, the Russell Index reconstruction started last in an am. Amazon.com, Apple and Microsoft partially or further into the Russell 1000 Value Index while making any chip makers, including Micron Technology, Advanced Micro Devices, and Western Digital, puts its growth counterpart in the market as their share, when non-communicate stocks were riding a seemingly relentless way to engage both two lagging for fund. In short, the value index took those chip makers to new heights, then swapped them out for Amazon, Apple and Microsoft put as they were touching recent time. It was like the whole get in books," said Jean Peters, portfolio manager for the value strategy of Grantleigh Investments. "It caught the blow-off top in moment, and then sold it right before they rolled over." Investors will get an important quality from Apple and Amazon when they report quarterly earnings. The Tuesday, the Russell Industrial Average gained 21, or 327 points, which the S&P 500 rose 0.2%. The tech heavy flaming fell 0.2%. The 2000s, which the 2000s, and the 2010s, are the most recent year, were the most recent year, and the 2010s, which the 2010s, and the 2020s, are the most recent year. tion as surging energy prices and broader AI, mentioned that the sector. Then came back, the reconstruction of the Russell 1000 Value Index, which removed many chip names shortly before chip stocks lost their momentum. "This was hugely consequential and very different from what has happened in previous emulation because we got Apple, Microsoft, Amazon," said Mary Jane Mattis, director of large-cup equities at CS Mona. "They all came in at huge weights, and where they are in terms of the market capitalization, they are now dominating this value and China." Value indexes are historically dominated by established names with reliable cash flows, which are assets such as financials, energy, industrials, and utilities. Value investors argue that this year's emergence isn't a flair, but the start of a sustained long-term run. Even with recent gains, value stocks remain incredibly cheap compared with their growth brothers. AUSTRONIA RESULTS The year ended December 31, 2024, was reported to be a result of the annual growth rate of 2.5% in the year ended December 31, 2023, and the annual growth rate of 2.5% in the year ended December 31, 2022. MILLIONS AND Stockholders 1,000,000 Investments 1,000,000 Investments 1,000,000 Investments 1,000,000 Investments 1,000,000 Investments 1,000,000 Investments 1,000,000 2.5% (2017) 1.5% (2018) 1.5% (2019) 1.5% (2020) MORAN COMPANY Stockholders 1,000,000 Investments 1,000,000 Investments 1,000,000 Investments 1,000,000 Investments 1,000,000 Investments 1,000,000 The year's total 1,000,000, 2,000,000, 3,000,000, 4,000,000, 5,000,000, 6,000,000, 7,000,000 Biggest 1,000 Stocks Entailment from Year 30 2015 2016 2017 Altria $ 1,000 $ 1,000 $ 1,000 Altria $ 1,000 $ 1,000 $ 1,000 Altria $ 1,000 $ 1,000 $ 1,000 Altria $ 1,000 $ 1,000 $ 1,000 2017 Balance 2018 2019 2020 Net income $ 1,000 $ 1,000 $ 1,000 Cost of sales $ 1,000 $ 1,000 $ 1,000 Gross profit $ 1,000 $ 1,000 $ 1,000 Net profit $ 1,000 $ 1,000 $ 1,000 Cost of sales $ 1,000 $ 1,000 $ 1,000 Gross profit $ 1,000 $ 1,000 $ 1,000 2018 2019 2020 2021 Cost of sales $ 1,000 $ 1,000 $ 1,000 Gross profit $ 1,000 $ 1,000 $ 1,000 Net profit $ 1,000 $ 1,000 $ 1,000 Cost of sales $ 1,000 $ 1,000 $ 1,000 2019 2020 2021 2022 Cost of sales $ 1,000 $ 1,000 $ 1,000 Gross profit $ 1,000 $ 1,000 $ 1,000 Net profit $ 1,000 $ 1,000 $ 1,000 Cost of sales $ 1,000 $ 1,000 $ 1,000 2020 2021 2022 2023 Cost of sales $ 1,000 $ 1,000 $ 1,000 Gross profit $ 1,000 $ 1,000 $ 1,000 Net profit $ 1,000 $ 1,000 $ 1,000 Cost of sales $ 1,000 $ 1,000 $ 1,000 2021 2022 2023 2024 Cost of sales $ 1,000 $ 1,000 $ 1,000 Gross profit $ 1,000 $ 1,000 $ 1,000 Net profit $ 1,000 $ 1,000 $ 1,000 Cost of sales $ 1,000 $ 1,000 $ 1,000 Exchange-Traded Portfolios | www.com/market-data/matual/trade-eth TOMATO, 2015, 2016 ETY TOMATO, 2015, 2016 Number Value Total Artemis, 2015 1,000 $ 1,000 $ 1,000 Artemis, 2016 1,000 $ 1,000 $ 1,000 Artemis, 2017 1,000 $ 1,000 $ 1,000 Artemis, 2018 1,000 $ 1,000 $ 1,000 Artemis, 2019 1,000 $ 1,000 $ 1,000 Artemis, 2020 1,000 $ 1,000 $ 1,000 Artemis, 2021 1,000 $ 1,000 $ 1,000 Artemis, 2022 1,000 $ 1,000 $ 1,000 Artemis, 2023 1,000 $ 1,000 $ 1,000 Artemis, 2024 1,000 $ 1,000 $ 1,000 Artemis, 2025 1,000 $ 1,000 $ 1,000 Artemis, 2026 1,000 $ 1,000 $ 1,000 Artemis, 2027 1,000 $ 1,000 $ 1,000 Artemis, 2028 1,000 $ 1,000 $ 1,000 Artemis, 2029 1,000 $ 1,000 $ 1,000 Artemis, 2030 1,000 $ 1,000 $ 1,000 Artemis, 2031 1,000 $ 1,000 $ 1,000 Artemis, 2032 1,000 $ 1,000 $ 1,000 Artemis, 2033 1,000 $ 1,000 $ 1,000 Artemis, 2034 1,000 $ 1,000 $ 1,000 Artemis, 2035 1,000 $ 1,000 $ 1,000 Artemis, 2036 1,000 $ 1,000 $ 1,000 Artemis, 2037 1,000 $ 1,000 $ 1,000 Artemis, 2038 1,000 $ 1,000 $ 1,000 Artemis, 2039 1,000 $ 1,000 $ 1,000 Artemis, 2040 1,000 $ 1,000 $ 1,000 Artemis, 2041 1,000 $ 1,000 $ 1,000 Artemis, 2042 1,000 $ 1,000 $ 1,000 Artemis, 2043 1,000 $ 1,000 $ 1,000 Artemis, 2044 1,000 $ 1,000 $ 1,000 Artemis, 2045 1,000 $ 1,000 $ 1,000 Artemis, 2046 1,000 $ 1,000 $ 1,000 Artemis, 2047 1,000 $ 1,000 $ 1,000 Artemis, 2048 1,000 $ 1,000 $ 1,000 Artemis, 2049 1,000 $ 1,000 $ 1,000 Artemis, 2050 1,000 $ 1,000 $ 1,000 TOMATO, 2015, 2016 ETY TOMATO, 2015, 2016 Number Value Total Artemis, 2015 1,000 $ 1,000 $ 1,000 Artemis, 2016 1,000 $ 1,000 $ 1,000 Artemis, 2017 1,000 $ 1,000 $ 1,000 Artemis, 2018 1,000 $ 1,000 $ 1,000 Artemis, 2019 1,000 $ 1,000 $ 1,000 Artemis, 2020 1,000 $ 1,000 $ 1,000 Artemis, 2021 1,000 $ 1,000 $ 1,000 Artemis, 2022 1,000 $ 1,000 $ 1,000 Artemis, 2023 1,000 $ 1,000 $ 1,000 Artemis, 2024 1,000 $ 1,000 $ 1,000 Artemis, 2025 1,000 $ 1,000 $ 1,000 Artemis, 2026 1,000 $ 1,000 $ 1,000 Artemis, 2027 1,000 $ 1,000 $ 1,000 Artemis, 2028 1,000 $ 1,000 $ 1,000 ETY MART TOMATO, 2015, 2016 Number Value Total Artemis, 2015 1,000 $ 1,000 $ 1,000 Artemis, 2016 1,000 $ 1,000 $ 1,000 Artemis, 2017 1,000 $ 1,000 $ 1,000 Artemis, 2018 1,000 $ 1,000 $ 1,000 Artemis, 2019 1,000 $ 1,000 $ 1,000 Artemis, 2020 1,000 $ 1,000 $ 1,000 Artemis, 2021 1,000 $ 1,000 $ 1,000 Artemis, 2022 1,000 $ 1,000 $ 1,000 Artemis, 2023 1,000 $ 1,000 $ 1,000 Dividend Changes Company Company Symbol Amount Net Earnings Avg. Stockholders Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Company Company Symbol Value Percent Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 General Company Symbol Value Percent Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Artemis, Inc. Artemis, Inc. $ 1,000 $ 1,000 Cash Prices | www.com/market-data/matual/trade-eth Tuesday, July 29, 2026. They are one of the leading and selling of a variety of actual or "physical" commodities in the marketplace—regarding their the future price at an exchange, which will be marked the commodity price to worth of share months. S&P 500 Index Stock 1,000 Stock 1,000 Stock 1,000 Stock 1,000 Stock 1,000 Stock 1,000 Stock 1,000 Stock 1,000 Stock 1,000 Stock 1,000 Stock 1,000 2,000 3,000 Stock 1,000 2,000 3,000 Stock 1,000 2,000 3,000 Stock 1,000 2,000 3,000 Stock 1,000 2,000 3,000 FROSTON Stock 1,000 2,000 Stock 1,000 2,000 Stock 1,000 2,000 Stock 1,000 2,000 Stock 1,000 2,000 FROSTON Stock 1,000 2,000 Stock 1,000 2,000 Stock 1,000 2,000 FROSTON Stock 1,000 2,000 Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON FROSTON Stock 1,000 2,000 FROSTON Stock 1,000 2,000 FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON FROSTON

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Stock	1,000	1,000
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FROSTON
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[{"box_2d": [656, 629, 807, 781], "label": "table", "caption": "

FROSTON
Stock	1,000	1,000
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