FINANCIAL TIMES

FRIDAY 31 AUGUST 2024

UK (CUS) Republic of Ireland #4 30

What can golf learn from American football?

TECHNIC PAGE 17

Burnham can't afford to fixate on inflation

STEPHEN BUSH, PAGE 21

US bonds slide after Bessent's buybacks fail to calm jitters

• Sell-off persists despite intervention
• Debt pile and inflation stoke anxiety

RANDY HODGSON — LONDON LAURIE JONES — BOURNEY, ON

WYLIE MCCRACK — NEW YORK

US long-term government bonds outlined a freshness of selling yesterday as Treasury secretary Scott Bessent's intervention to prop up the market, failed to soothe investor jitters.

The yield as 30-year Treasury bonds was up 60% percentage points at 5.24 per cent in early New York trading, reversing most of the 60th percentage point fall that followed a Treasury announcement on Wednesday that it would "at least double", to 84% or more, in purchase of securities maturing in 1996-30 years.

"We don't think this [intervention] can succeed, in isolation," said Twenty-Four Asset Management portfolio manager Sam Walsh. "Interventions such as this look like a sticking plaster."

Other government bonds also add off. The yield as 30-year US, glistrous SGE percentage points on 3.4 per cent after falling 65th percentage points on Wednesday.

Bessent sought to raise concerns again yesterday, arguing that the market had "guitars a little about at least" and appealing that the administration would push to reduce the budget deficit in the coming days. "We believe that there are many underlying factors that the market's need looking at," he told CMB.

The Treasury secretary suggested there was a "very good chance" for deficit had peaked, adding that new card income and vice-president JO Yance's planned fraud crackdown would help bolster government revenues.

However, his comments had only a limited impact. Government debt sold off modestly after his remarks, leaving

yields just shy of their earlier highs. The US dollar, which fell sharply after Wednesday's announcement, continued its slide yesterday. An index of its value against a basket of pens fell as much as US per cent after a 4.4 per cent fall on Wednesday. It does not reveal half of its early bosses remain down to per cent.

The selling yesterday underscored the deep concern over the mounting US debt burden - which hit a second 84% on Wednesday - and whether policy makers would be able to contain the inflation triggered by President Donald Trump's war in Iran.

Wall Street analysts, many of whom were surprised by the Treasury buyback plan, said the move was unlikely to be large enough.

"Without a shift to fiscal consolidation - higher taxes, just above pace of government spending or outright declines in government spending as happened in the 1990s - the buybacks will prove to be only temporary," said Joe Bronstein, chief economist at professional services from BSN US.

The US has consistently run deficient 6 per cent of GDP in recent years and is not expected to reduce them any time soon, owing to Trump's tax cuts and pledge to raise defense spending by more than 30 per cent in 30, this a year.

Analysts at 903TC said there was a more that the unscheduled announcement by the Treasury was "lacking a strategic plan", adding: "The danger lies following the announcement ... that it proves counter-productive and leads to reduced appetite for either holding US assets or reduced appetite for expensive trips to Kafdar or both."

Final version for History page 1 Day in the markets page 12

Arctic overture Texas oil driller calls for lifting of ban on seal products to win over Greenland

©2024 THAILIE MCCRACK

An Inuit hunter takes his dog clad as soft sea ice during a winter expedition he was outside Stoughton unit on the frozen Scroothwood گرard system on the east coast of Greenland.

Starting in an ancestral way of life, handled down from generation to generation, but now it has become a factor in the geopolitical context over Greenland's future.

A Texas company that wants to drill

Sevail in Greenland is calling on Donald Trump to lift a ban on US imports of seal products so as to improve retailers with the Arctic island. Larry Iwata Jr., chair of Greenland Energy, has produced a "scalable diplomacy" proposal for the US president.

The plan is to end the 1972 ban to generate income for winter communities and defuse local anger over Trump's repeated demands for control

of the autonomous Danish territory. Tanja Nichumichen, one of the island's two MIs in the Danish parliament, said lifting the seal product ban would be "highly appreciated". But, she added, while most people would appreciate the gesture, many would regard any change of position as "part of an American campaign to win our financial minds".

Toshirin diplomacy page 3

Briefing

• Improved productivity invests large 'in' economy Private sector products by grow 2.6 per cent in the second quarter compared with a year earlier, up from 5.2 per cent previously, in early signs that it could help drive a sustained strengthening in the US's economic prospects - page 1

• Leasehold flats fail to sell Allows time to 10 दिन blend for sale to England and Wales at the end of last year were still on the market six months later as buyers bulk at high asking prices and inflated service charges - page 1

• 'Economic war' on Tehran Donald Trump has said the US is mounting a fresh campaign of 'economic war' against ban, while warning them would be 'forthcooked' campaign to lift any nation trading with it - page 2

• 'Franchise boss resigns Jessus Boush has resigned down as chief executive of the Scrooth chain amid concerns over safety measures after a decade, gave was assaulted at one of its properties in Waininhead - page 2

• 3071 prepares twin bids Kelly Nunez for Tawla of Bessent's pruning bids for Iran's General and Sunco MTM. But would create a group with a combined valuation of 7.70bn and a year to lend off an Intrac/European takeover - page 2

• Oil tanker get on a check The cost of new build and modern second hand depots the largest class of tanker has reached more than $250m in a demand over the vessel to double oil out of the bull despite fears of attack - page 2

• Stripe to buy Al start-up The trade American promoter processes has agreed to buy OpenSauter for $8bn, its largest acquisition, as it seeks to position itself at the centre of the Al economy - page 1 and page 2

• Makers left to his fate Venerable government made no mention of freeing a bed (former leader Tisada, feature during talks with the opposition this month, its registrant's option has abandoned him to the US - page 2

Cancer vaccine therapy gives Moderna a boost

Moderna shows more the most aborted in the S&P 500 as it came under large financial health secretary and vaccine surgeon Robert P. Kennedy. A fair the mRNA-breastline that made it a star in the Covid-19 pandemic has mobilized the biotech, thanks to a successful trial of the new enterovirus Lab First could 'caller in a new era' in cancer therapy, experts say. Now Moderna is the second best performer in the S&P 500.

'Gente-changes' = 4 out of 5 S&P 500 = 4 out of 5

US law firms confront sector backlash over 'crazy' hiring of first-year students

SUEBROSE — LONDON KATE BROSSON — NEW YORK

US legal firms are hiring students in their first months of law school, stopping up the war for talent and sparking criticism from students and some of the professional-leading figures.

Paul Weiss, Surgeon-Teacher and Milbank have said they plan to start application processes before Christmas for first year students ending summer associate roles for 2020. Summer roles are a stopping place to permanent jobs in Big Law in 2020, which currently offer annual salaries of 4 months to $252,000.

It is a significantly better timeline than the traditional system in which law firms interview students at the end of their first year of law school.

Several large firms last year started to hire in autumn for the first time as they

rushed to recruit the most promising students, forcing trials to follow suit.

"We are talking sometimes to law students that have not even had a first semester of grades, which is 'crazy,' Rachel Proffitt, chief executive of law firm Cuday, told the FT.

"Most of them don't even know what they want to do, and we're hiring them for two and a half years later," she said, adding that Cuday was keeping about half of its graduate roles open for third-year students.

Law firms have calculated that even if it reduces the number of young lawyers needed, it will put a premium on the most talented individuals, intensifying the case to recruit the best students.

Firms have proved ahead with accelerated recruitment despite criticism from the American Bar Association, which said this month that early hiring

was "reshaping the law student experience in negative ways".

An KBA report noted higher levels of anxiety and depression, and research found that doctor timelines disadvantaged students who were the first generation to attend law school or did not have connections in the profession.

The FT asked the top 20 US firms by profit per equity partner about their hiring plans and their response to the KBA report. All, with the exception of Cheryl Gottlieb Stern & Hamilton, declined to comment or did not respond.

Maureen Linck, a partner at Cheryl who helps recruit the first-associates, said it now opened its interview process in November, when previously it had waited until June. While she thought it would be better to interview students later, the firms was under pressure to remain competitive, she added.

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STOCK MARKETS

STOCK MARKETS

	Aug 30	Nov.	Early
ZAP 100	7000.00	7737.00	10.33
Seattle Composite	10000.00	10000.00	11.41
New Jersey Net	13367.00	13463.00	12.78
Last Wave 10	5452.00	5444.00	12.50
7102-Ledley 100	3500.00	3553.00	2.11
7102 100	5218.00	5210.00	3.54
7102 100 (Free)	3100.00	3100.00	3.44
JUN 10	4000.00	4000.00	10.22
Keita Gas	10000.00	10000.00	10.41
Keita	10000.00	10000.00	11.40
King Kong	10000.00	10000.00	11.00
MOU World	4000.00	4077.00	2.41
MOU 700	1000.00	1021.00	11.00
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CURRENCES

Rev.	Aug 30	Nov.	Feb.
0.00	1,100	1,100	0.0
1.00	1,300	1,300	0.0
1.00	1,300	1,300	0.0
1.00	1,300	1,300	0.0
1.00	1,300	1,300	0.0
1.00	1,300	1,300	0.0
1.00	1,300	1,300	0.0
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GOVERNMENT BONDS

Fund No.	Aug 30	Nov.	Feb.
1.00	1,300	1,300	0.0
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1.00	1,300	1,300	0.0
1.00	1,300	1,300	0.0
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1.00	1,300	1,300	0.0
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2

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FINANCIAL TIMES

Friday 21 August 2026

NATIONAL

Budget

Healey warned against easing fiscal policy

Chancellor urged to keep betweening in 2045, amid bond market volatility

EARL RICHMOND, GEORGE PARKER AND RANDY HODGSON

Chancellor John Healey has been warned by investors and analysts on to relent to efforts to reduce the UK's fiscal deficit in his first budget, given the 2025-2026 Scannishness trend to global bond market.

Healey is preparing to saved the budget on October 24 at a time when inflation from and investor anger about the scale of deficits in major economies are pushing up borrowing costs.

Matthew Attila, investment director at asset manager Aberdeen, said the chancellor had scope to lift borrowing by only £50bn. "Anything more than that will be seen as a red flag to the gift market," he said. "It's very little Healey I would make this around a new event as possible."

James Francis, chief economist at Patumont (Aberdeen, add, "This is not a time to global markets to be brave.")

Healey's allies say the chancellor wants the budget to be "straightforward and well-managed."

Prime Minister Andy Burcham has hinted at large spending commitments and has backed the goal of increasing defence spending up to 5 per cent of GDP by the end of the decade.

However, Healey's allies have claimed the chancellor will stick "well within" his self-imposed borrowing rules. "Strong public finances are a precondition of everything that we do," one Treasury leader said.

Any new plans to invest in infrastructure would "not be up a scale that it would cut across our borrowing objectives at all," the general added.

Investors are on edge around the world given a toll off to US keep term government bonds, which would not be fresh selling yesterday. The yield on 30-year Treasury bonds soaring so much as 6.07 percentage points at 5.27 per cent in New York morning trading.

The yield on 30-year UK gifts rose 6.02 percentage points to 5.81 per cent.

Laborer Louis Bond who reported to bring the current budget – excluding investment – into surplus by the final year of the parliament.

Some buyers of gifts said that the UK needed to prove that it was not only meeting the pledge, but also keep near-term borrowing in check.

Healey's predecessor, Rachel Reeves, was on track to meet the key fiscal rule by nearly £20bn when the Office for Budget Responsibility delivered his last 10 years to Exelix. Since then, higher inflation and government borrowing costs have not only offset the bills.

Most economists expect the "pre-eminence" budget headcount – the buffer before taking into account new policies – to have been witted down

by at least £20bn to £200bn since then. At change to the government's debt target under finance broadcasts, the scope for government borrowing to support these institutions, but investors have stressed they are wary of any expansion in debt finance.

The government started being to set credibility," said Neil Mattia, portfolio manager at 300. Brackley. "Inflation tends to be spanked, spending tends to be ruined to, and investment needs to be given to financing in the long run."

The Treasury said: "Fiscal discipline is the federal environment stability and national security. The chancellor and prime minister are in looking that the government will meet the fiscal rules, with a better against uncertainty."

Economy. Technology

Productivity shows signs of AI fuelled reveal

Private sector output per

worker has accelerated raising hopes of a sustained boost

EAR RICHMOND, PHILIP RUSSELL

Early signs of technology-driven improvements in productivity growth could benefit associated strengthening in the UK's economic outlook, analysts have said, but a permanent after years of underperformance.

Private sector productivity grew by 1.5 per cent in the second quarter compared with a year earlier, up from 1.2 per cent previously, according to analysis of official data, by investment bank Morgan Stanley. The rise extended gains since 2024 and reduced the growth gap with the US.

The reasons behind the upsurge are heavily contested, but some analysts point to increasing AI adoption in worker excluding information technology and business services. If the recent productivity acceleration can be sustained over years, it could bolster incomes and help alleviate some of the strains on the global finances.

"The more time passes with the UK's private sector recently, these levels of productivity growth, the most likely it is that the eyeball opening does have a longer-lasting, structural component," said Bruce Martin, an economist at Morgan Stanley.

"In their own view, the government is now making these levels of productivity growth, the most likely it is that the eyeball opening does have a longer-lasting, structural component," said Bruce Martin, an economist at Morgan Stanley.

The acceleration comes after a lengthy period of inflation's productivity growth following the 2008 global financial crisis, which has caused living standards to stagnate and added to endowments public finances.

Last year, the Office for Budget Responsibility downgraded its medium-term estimate of underlying productivity growth by 6.5 percentage points to 1 per cent.

The productivity portion has been modified by problems with data from the Office for National Statistics. Its con-

UK private sector productivity improves over past year

Year-on-year private sector productivity growth (%)

The City of London financial district, A productivity boost could help even strains on the public finances

temary measure, which shows more disgust productivity growth, relies on the Labour Force Survey, which has been felt by low survey responses and is in the process of being replaced.

Instead, economists are now increasing the need on alternative 2008 measures of the workforce using taxpayer data collected via the government's Pay for loss later system.

These measures show a sharp pick-up in output per worker since 2024, with a new 2008 data costing improved by 6 week. Morgan Stanley's measure of productivity, which is based on fresh fig-

UK productivity stalled in the aftermath of the financial crisis

Output per hour worked based on the Labour Force Survey (2024 = 330)

sers, excludes public sector-dominated per-to 10th economy such as education and health.

Andrew Wishart, UK economist at Borrowing Bank, said widening adoption of AI to some sectors might be a driver, pointing to strong output growth in 17 as well as scientific and technical services since 2024. These gains have come without using employment, signalling increases in output per worker.

The total of England's population reported last month that AI adoption had been increasing productivity in

'Firm that deploy AI effectively can increase output without an increase in [workers].'

software, finance and professional services. "From that deploy AI effectively and a scale can increase output without a corresponding increase in employment, and in some cases reduce staffing requirements," the agents said.

John Van Reeves, a co-author of head of Economics professor and former chair of Reeves' award of economic advisers, estimates that annualized productivity growth in running at 14 per cent from the third quarter of 2024 onwards, compared with just 0.5 per cent over the first quarter.

He also sees hints that some of the improvement come from AI, drawing a parallel with the second half of the 2008s, and early 2030s, when the other major economic problems are a major productivity gap in the US began showing up to UK data, with within lag. But economists differ sharply over the relevance of AI at this stage, given the patchy nature of the evidence to date.

Michael Saunders, adviser at consultative consultancy, said that a former Bell ratio action, said the sectors with the higher productivity gains were across countries, estimates and small – not leading AI adopters.

Many of these businesses have slowed hiring or cut headcount because policies such as government chancellor Rachel Reeves' increase to employers' national insurance and close to the minimum wage force made it more expensive to employ lower starting workers.

This has felt opportunities for lower-skilled and young jobseekers, with result unemployment close to an 10-year high.

If the higher productivity costs an increase in the total out of jobs without being able to find alternative opportunities, it represents a knowledge picture of the economy's performance.

Saunders said this did not mean AI should not boost productivity in future. "You like industry data in far does not suggest to a single one – modern audit was too soon for the productivity growth to change the 1000s thinking on trend productivity, a critical input into its forecast for tax revenue and the budget level."

Wishart said it was "striking" how what growth had been recently without any contribution from rising employment, but that what mattered to what was to turn productivity easy. "There will be no bonanza in this Budget limit it."

Property

High costs put by the off leasehold flats as 90% unsold

ARY BURNETT

Almost one in 10 leaseshold flats listed for sale in England and Wales as the end of last year were still on the market six months later, with prospective buyers per off to 6.00m of selling price on the prospect of high service charges.

Sighly across per cent of leasehold flats that went up for sale in the fourth quarter of last year had not found a lower six months later, the highest figure across the first years of comparable data, according to property estimates.

This compares with 69 per cent for two business levelers' leases and 74 per cent of all listed full leases.

Leasehold flats have borne the brunt of a wider housing market slowdown caused by surging borrowing costs and political uncertainty. This has particularly denied the London market where such flats accounted for more than half of the properties for sale at the end of last year, down from the average for the first 10 England and Wales.

"There is a lot of negativity about flats, especially one buyers are waking up to the additional costs and risks of leaseholds and also the 10,000s produces brought a high by the 2007," said Richard Dunnell, executive director at Zingdu, referring to the devastating 2007 fire at the London tower block.

There is a lot of negativity about flats, especially now buyers are waking up to the additional costs

"Pricing has not returned to market-dwelling levels but it is slowly headhogin that therefore."

The average leasehold flats owner pays a service charge of £4,900 a year to cover maintenance, insurance and management costs, rising to £2,200 in London. Next also pay ground rent of £150 to £250 a year for the right to occupy the block according to Zingdu.

The negative market for leasehold flats also reflects a recent number of landlords from the service. The owner likely to list their properties at above-market price. The average unsold former rental in London was listed at £10,000, or 15 per cent, above the average sale price for leasehold flats in last year's fourth quarter. There was a slight change in owner occupancies.

"Landlords appear to be more price sensitive than owner occupants because rental owners gives them a fallback if they do not get their asking price," said Dunnell, noting that almost half of landlords looking to sell end up staying in the rental market.

There are signs that the market pitched up at the beginning of the year, even though a sharp rise in mortgage rates since the start of the rise was far afterstanding, especially for the same buyer-in-London.

A majority of flats in England and Wales are sold on a leasehold basis.

The government has drawn up legislation for the leasehold tax system, including plans to make commensal of the default for new flats. Under this model, people won their property outright, while closed areas are owned and managed collectively. Regulations are set up to easier to extend, since or buy a freehold have already come into force.

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Older students

Growing number failing GCSE resits in English and maths

JAMES SMYTH

Almost a quarter of GCSE entries in maths and English are miss, with outcomes worsening for pupils retiring from exams, and resulting in the latest year's results of closed yesterday.

Although several results for the UK's main post-16 qualification were largely stable, the direct-testing performance among those retiring key exams is becoming political focus.

Lucy Leung, a senior economist, said yesterday that pass rates for student were "doubling" and that she wanted to end the "pernicious treadmill" of repeated exams.

Only about one in six students aged 17 or over who took maths GCSE this year achieved a pass, and the highest percentage for figure was just above one in five. Almost all such students are retiring from exams. In contrast, seven in 10 of the year with taking maths and English language passes.

This year's results also showed boys continued to close the gap with girls to the lowest level since at least 20000.

The proportion of girls to the long-good GCSE passes was 5.9 percentage points

above the proportion of boys doing the same compared with 6.1 percentage points in 2025.

These remained permanent of regional differences, with London well ahead of northern England.

Some 75/1 per cent of London entrants achieving a pass for above - equivalent to aC in the previous grading system - compared with 6/2.1 per cent in north-east England. For top grades, the

gap was wider, with 18.4 per cent in London achieving 7 or above - equivalent to a or higher - compared with 37.7 per cent in the North East.

Across England, Wales and Northern Ireland, 67.5 per cent of entrants achieved 4 or above, 92.3 points down on 4.8 per cent, while 12 per cent achieved 7 or higher, and 5.2 points.

A pass in GCSE maths and English is typically a requirement for further edu-

Worsening pass rates for resits

One of students achieving a grade 6 (standard pass) or above (%)

English Language

cation and many apprenticeships, but the results show increasing numbers trying and failing to achieve this second or third time around.

This year 25 per cent of the 92,3,000 entries for GCSE maths were from students aged 17 or over, predominantly Wales, up from 24 per cent last year. Exams didn't pay the proportion have been drifting upwards, which in turn has pushed the pass rate downwards.

Within 75 per cent of its year-old entrants were maths, this fall in 16.2 per cent of those aged 17 and over. Last over 1 per cent of either students score 7 and above in maths, compared with more than a fifth or three age 6th.

The picture is similar to English language, where 12 per cent of entries are given in the above. The pass rate is only 25.7 per cent.

Fewell said UK, the would introduce a Level One qualification to English and maths as a "stopping stone" or vocational qualifications, working with employers to make it a "credible" alternative to GCSEs.

However, the plan has arrived across times that it shows a working off students from more deprived backgrounds.

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Friday 21 August 2023

•

FINANCIAL TIMES

3

NATIONAL

Nuclear deterrent squeezes defence budget

Rising cost of modernising submarine missile system comes as military is under pressure to re-arm for conventional war

CHARLES CLIFTER

When General Sir Richard Barrows was leading Britain's Joint Forces Command he felt there was always what he described as a "squeezers" eating his budget.

"Every year we'd think we'd need a little for something we needed," he recalled of his time managing shared capabilities across the services. "It would always go to the Navy for submarines."

Since then, the problem has grown, with Britain's nuclear deterrent consuming a growing share of the defence budget just as the military is under pressure to re-arm for conventional war.

The issue, Barrow told the F.T.s that successive governments have postponed costly decisions about Britain's nuclear capabilities, leaving several enormous programmes that need to be modernised at exactly the same time.

The result is an unprecedented squeeze on the rest of Britain's armed forces. "The UK's nuclear budget is eating its conventional budget from the inside," Barrows, who retired from the role in 2016, said.

The defence investment plan unveiled in June commits about £4.8bn over four years – between a quarter and a fifth of total defence spending – to a once-in-a-generation modernisation of the nuclear forces.

But this has prompted warnings from senior military figures that the rising cost of the deterrent is crowding out investment in the troops, ships, missiles and air defences needed to fight today's wars.

Its cost has taken on added significance as Prime Minister Andy Burcham wrestles with whether to commit to spending 5 per cent of GDP on defence by 2030 – an issue over which John Mosley, now chancellor, resigned as defence secretary under Sir Rob Sherman's government.

The Defence Nuclear Enterprise – the secretive network of organisations responsible for maintaining the UK's deterrent – spent more than £30m

Backed by billions International spending comparison from 2025

directly with industry in 2024-25, supports about 10,000 jobs and draws on a supply chain of more than 6,000 companies. By 2030, the government expects the workforce to swell to roughly 65,000, according to figures

'Some arrangement may well have to be made about the cost that we are bearing'

published by the Ministry of Defence on Tuesday.

At the heart of the spending surge are three vast programmes running in parallel. Britain is building four Directweight ballistic missile subma-

tines to maintain its continuous at-sea nuclear deterrent, designing and preparing to manufacture a new generation of attack submarines with various partners Australia and the UK; and developing a replacement for the UK's nuclear warhead.

Each is a multibillion-paced undertaking. Together, they require Britain to expand nuclear facilities, shipyards and reactor production, recruit thousands of highly specialised workers and sustain an industrial base capable of detecting nuclear submarines at a tempo not attempted for decades.

The overall costs of Britain's nuclear weapons are difficult to judge as the government does not provide precise breakdown.

The defence investment plan, for

example, splits many conventional arms into missile detail but not for nuclear: £47bn is allocated to "submarines" and £12bn is allocated to "warheads".

Researchers at the International Campaign to Abolish Nuclear Weapons said the official figures actually overstate the cost because they include conventionally armed nuclear-powered submarines. Excluding these would bring the cost from 10 per cent of defence spending in 2025, according to the Math in 10 per cent. This compares to roughly 10 per cent of defence spending for France and 7 per cent for the UK, according to ICAN.

Reasonable, UK conventional defence spending is being re-liped by other Nat- countries such as Germany and Poland.

$69.2bn

UK nuclear weapons spend, 7% of total military spending

$12.6bn

UK nuclear weapons spend, 10% of total military spending

$7.7bn

French nuclear weapons spend, 5% of total military spending

$1.2bn

Scotch nuclear weapons spend, 1.2% of total military spending

$13.5bn

China's nuclear weapons spend, 4% of total military spending

$9.5bn

Russia's nuclear weapons spend, 5% of total military spending

HMS Vengeance is a Vengeard-class Trident nuclear submarine

See: Vengeance's Unleash

both of which spend more as a percentage of their recommendation Britain.

The vast sums being spent on a new generation of nuclear weapons and submarines have attracted the attention of parliament.

In June, the Commerce' public accounts committee called for more detail to be provided on nuclear spending. Subsequently, the government announced the creation of a committee to scrutinise nuclear spending when parliament returns on September 1. Its evidence assumes will be novel, as will its conclusions, which will be sent directly to the prime minister and the defence secretary.

But now the UK nuclear deterrent, which consists of more than 200 warheads on sub-launched Trident mis-

sion, has become one of the few calling cards the country has left that means it is leading role in Nato.

While the UK provides a nuclear deterrent to Nato, experts say President Donald Trump's criticisms of the alliance has made the UK's capabilities much more necessary.

"It was always the plan to have multiple centres of nuclear capability in Nato, as if one capital drops out there are effective strip in," said Frank Miller, former senior nuclear policy adviser for the UK government for three decades. "And that was never more important than it is now under President Trump."

Despite being operationally interpretative, the Trident system is quite reliant on the UK for support. Missiles are built in the US and go to Kings Bay, Georgia, for maintenance. Britain's new Avicaca warhead is jointly developed with the US W95 warhead programme in order to save costs.

The defence ministry points out launch decisions are made only by the prime minister. "Our nuclear deterrent is the cornerstone of our national security," said an HHS spokesperson. "It is completely operationally independent and, as we face an increasingly volatile world, it is never important than ever."

Former Nato general secretary Lord George Robertson suggested in testimony to the defence select committee last month that Britain may eventually need European allies to help pay for its nuclear deterrent.

"Nato [nuclear deterrent] is committed to Nato as a whole, but some arrangement may well have to be made about the cost that we are bearing to ensure there would be a nuclear umbrella for Europe in the event that America was not seen as being ultimately reliable," he said.

Yet with defence budgets under sustained pressure and demands for conventional military capability mounting across Europe, the question is no longer whether Britain can afford its nuclear deterrent but how much conventional military power it is prepared to sacrifice is order to sustain it.

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4

•

FINANCIAL TIMES

Friday 21 August 2020

INTERNATIONAL

Middle East

Trump warns of 'economic warfare' on Iran

Threats follow weeks of diplomacy aimed at fully opening Strait of Hormuz

ANTHONY DOLL, OLD, WORLD DAY EDITION

Jemal Trump has said the U.S. mounting a fresh campaign of 'economic warfare' against Iran, while warning that there would be 'terroristical' concerns about the country that trades with the Islamic republic.

"I am announcing the MOST GECIDING ECONOMIC OPERATION OVER THEIR AGAINST ANY COUNTRY?"

the US president said in a post on his Truth Social platform has on Wednesday. "This office and ITMORE IS OUT and we need all of our Allies to stand with the United States of America to imitate, and defeat, the U.S. in front."

His latest warning follows weeks of diplomatic efforts that Trump hoped would secure a new deal with Tehran to reopen fully the South of Iranians, a vital artery for world of and gas supplies.

Trump — who said this week there were no talks with Iran — appears to be betting that pressure on the Islamic republic's economy will cause Tehran to cave into his demands.

In his post on Wednesday, Trump said

he was also 'announcing that ANY country that allows its financial business, business, airports, or government entities to provide any type of life due to Iran will itself face THERE'S DOORHOMING Consequences.'

"We struggling, every time, cash transfers, exchange houses, ship systems, loan companies — it all needs to reap NOW," Trump said. "You know who you are."

US Treasury secretary Scott Bennett said yesterday he would build a new conference on Monday to 'talk about exactly what we're going to.'"

On Tuesday, the UHC, one of the US's closest regional allies but also a vital

trading halt for Iran, said it was suspending trade and commercial loss with Tehran. A task the decision house also, accusing him of firing two ballistic missiles towards the UHC state. Iran denies any involvement in the attack.

An Arab diplomat said Trump had shifted to a tactic of 'strategic potential,' the war, as no such month, has become a battle of with, with the US and Iran competing for control over the strait.

Next trade, the international truck's failure, was shown from Iran by Saturday, it helped level in nearly a month.

Trump administration officials have insisted that despite Iran's chokehold over the Strait of Hormuz, trade is flow-

ing through the waterway. US energy secretary Chris Wright said last week that the war has shown many less offending the strait was 'currently up to almost four hundred per day.'

Most traders believe the number to be between them and more harmful sales.

Iran invaded all Trump's latest threats. "The so-called 'economic fringe' is a diversion from America's own crisis unprecedented debt is surging interest costs," Iranian foreign minister Abbas Keghelly gazed in a.

Analytical war, any increased economic pressure is unlikely to leave Tehran to cave in.

Additional reporting by State press

Energy plans

US oil group urges 'sealskin diplomacy' to improve Greenland ties

A. M. GREGORY T. TUCKER RICHARD M. J. COLE

A Texas energy company that wants to shift for oil in Greenland is calling on Donald Trump to lift a ban on US imports of coal products on an in-ერული relations with the Arctic island.

Larry Swets Jr., chair of Greenland Energy, has produced a 50-page 'sealskin diplomacy' proposal for the US president and his administration.

The plan is to generate income for remote communities and defuse local anger over Trump's repeated fascism-insertion for its worst-to-date control of the autonomous Dutch territory.

Greenland Energy, which has connections with the Trump administration, intends to spend $6.0m on initial drilling alongside UK mining company 80 Milo to explore what it claims is 'a still-fortuillain' of shoulder chemicals.

"The US has a rare opportunity to strengthen its relationship with Greenland without spending taxpayer money, without teaching Greenland's political status, without increasing the number of scale talent, and without asking Greenland to do anything at all," says the 'sikim paper' by Swets.

Greenland Energy's board includes Carol Craig, who runs a Florida business that has a contract for elements of Trump's 'Toward Dome' missile defense initiative.

US television star Phil McGraw, known as '39 'Phil', who has worked closely with the Trump administration, has been hired by Greenland Energy to make a six-part documentary about its efforts to retrieve 'Ultra-harmful oil antagonist of' from the Arctic island.

Swets is on the board of a US modular housing manufacturer Ronald, co-founded by Tuck's Tanzania, who has said he has made a $10.0m instalment in Trump's White House halfway project.

The White House said the US state department did not respond to requests for comment about better proposal. The PIT could not study whether the White House had received it.

Iraclation governor Jeff Landry, Trump's Greenland envoy, also did not respond to a request for comment.

Since 1972, the US has strictly prohibited the import and sale of coal for coal industry products with exceptions only for Maiden nations. The EC, since 2009, has banned the commercial sale and import of coal for over animal welfare concerns, but for the past decade has changed perceptions for traditional indigenous housing.

"If such are important for food, why should Greenlandans be prevented from calling the claim to Americain?" Swets told the PIT.

Greenland Energy was forced to suspend oil registration in Greenland when authorities said it had no right to drill.

Nanja Tschernichsen, one of the island's two 90% in the Dutch parliament, said taking the next product ban would be 'highly appreciated' because Greenlandans had suffered from it.

But the said A would bring a 'mixed reaction' as 'most people will appreciate the gesture whilst stating that this things of a mission come to Canada, later and clearly is part of an American campaign to win our hearts and minds'.

Black Sea coast. Russian tourism

Ukraine strikes keep Putin from favored resort

Drome attacks being sieven,

oil sticks and petrol spacers to

holiday makers around Sochi

ANATHOKA STUDENT — 2020, 20

'Good morning from Sochi. We are getting ready to go to the sea,' Antonina Kirnaseva, a Moscow businessman in her thirties, says cheerfully in a video-presented Instagram.

The jarring note in an otherwise typical holiday address to the wall of an attack over sochi has happened. 'You can ally, it is not too bad ... No risk, no reward,' Kirnaseva added.

A week after she posted the video, a drone fell on a beach in Arkhipo-Osipovka, another Russian resort on the Black Sea coast, killing four children and three adults and topping 40.

Air-raid sirens, drone interruptions, fires, hail in the water and spacers for petrol lines all become part of summer holidays for many Russians. The Black Sea coast is one of the country's most coveted summer destinations, but also a home to oil refineries and tanker tourist rents, making it the target of repeated Ukrainian attacks.

Ukraine's military officials say they target only Russia's military and energy infrastructure. They fear drones that have fallen in civilian areas have been interrogated by air defenses or electronic warfare before reaching their targets.

With drones hovering above and off spills in the water, their numbers have declined 10.8 per cent year on year, according to Dmitry Bogdanov, chair of AMOC, a brother's association in Russia.

The threat also appears to have scared off the region's air, famous holiday maker, Russian President Vladimir Putin, who maintains an official residence in Sochi as well as a lavishly appointed plane allegedly built for his summer Golembilek.

Putin visited Sochi 24 times in 2021, the last year before his full-scale invasion of Ukraine, but just twice in 2024 and last year, according to the Republic of Austria. He lost approval to public to Sochi in Ukraine and has since targets confined himself to Moscow and St Petersburg as well as another residence on Lake Valkia to perform Russia.

About 40 parliamentary elections next month, Putin has stopped up his regional travel but spent most of it out of the Urals — out of the reach of Ukraine's drome.

Kyle Strikes kill 16 amid interceptor shortage

House of Ruman—makes and empowered drones attack Kyle in the early hours of yesterday, killing at least 16 people in an attack that came as Ukraine struggles with a shortage of interceptor shortages.

Russian strikes 16 industrial facilities, fuel targets, warehouses and industrial buildings, according to Ukraine's interior director.

A school and a children's hospital were among the locations damaged in the kentech desert, Velodnya Zelenokya, president, and The Russian had been preparing for a long time ... among to cause an event damage on practice to civilian infrastructure," he said.

Russia's defence ministry said itersces strikes a infrastructure, including a machine stater and a drone production facility, according to state-run news agencies.

Christopher Miller

But ordinary Russian energy coming, beaches and swanks alike on the Black Sea coast remain packed — underlining how daily life and war have become increasingly restricted in Russia as the war grinds on its thrifty year.

Airway is stronger from Vorovych, travelled to Sochi in June with his pre-school daughter. Worried about water pollution and drone attacks, they couldn't be out and remain in the hotel professional. The trip was in Romania, but Airway had limited options: his employer is now classified as part of the military industrial complex and, like a growing number of Russians, he is barrel from leaving the country.

A tourist has a option in Arkhipo-Osipovka and the latter who usually deadly beach incident the 'terror were barely over us' (now that woman 'several times per day'. Braidypers appear largely unnoticed by the storms, with few smiling idly in when they sound.

"When I go out to the seafront in the evening, I feel this strange dismemberment, daringly," said Perin, an owner of a gasofficers in Golembilek, another Black Sea town in a mountain region.

Hurts said her bookings for this summer were at last year's level, and some

people "did not even ask what things were like here." Even after the strike on the Arkhipo-Osipovka beach, she received only two monthdays.

"If there is a heaven on earth, it is the Krennokhe region," ran a popular after-sitting slogan from the early 2000s. The pitch still has been for many Russians, a Soldier on the Black Sea is one of the few attainable destinations.

More than 40 per cent of Russia's French people have never been abroad and 30 per cent have never left their home region, according to recent data.

After Russia launched its full-scale invasion of Ukraine in 2021, many new era countries stopped issuing tourist rents to Russians, airlines suspended flights, and international preparations to Russian and became impossible.

Now, more than 40 per cent of Russian's tourist is domestic, according to Ostrovsk, one of Russia's top holiday booking operators. Krennokhe region accounted for 10 per cent of all bookings.

This stretch of coastline has shown to a magnet for Ukrainian drones. Newcomersk's home is a crucial part for oil exports and the destination for the UN pipeline, carrying 80 per cent of Kazakhstan's oil exports.

Neighbouring Trappe is best to one of Russia's largest refineries, much of whose capacity Ukraine destroyed this spring. The million also prompted two large oil spills, with black traces visible in seawater even on satellite turges.

Beaches in turges, a Soviet era smart food with summer ranges along its shallow coast, were closed after an oil tanker sails in the Sea of June in 2024. White-hair helped clean the shoreline, which mopped only in June.

The spills and the drone attacks have hit tourism. Some hotels recruited booking declines of up to 20 per cent, while bookings for flights to Sochi, the main airport serving Russia's Black Sea routes, were done 40 per cent year on year, according to a person with access to data from Russia's largest holiday booking platform.

In Ukraine's nearby Crimean peripheries, network of tourists in 2024, both water and electricity are rationed under state-of-emergency rules and frequent Ukrainian attacks. But Russian-seeking ailments, found holiday by a warm one, have few alternatives.

Additional reporting by Max Seldon in Berlin and Christopher Miller in Kyle

South America

Venezuela abandons former leader Maduro to fate in US jail

ANA HEMINGT JOHANN — CANADA JIM DANIELS — SOUTH

Venezuela's government made no omission of testing jailed houses provided380 miles. Maduro's being exactly two weeks of talks with the opposition this month, in the six years ago, cut that the regime has abandoned him to the US justice system.

Interim president Dicky Rodriguez in January called the US regime and still in the US. The government, with Cilia Flores as one of "the aggressors."

For families, leader of Venezuela's parliament, said they would "not rest" until he was released from a Brooklyn jail cell, where he faces drug trafficking charges.

But Rodriguez's 10-bracket government surprised the opposition by not even raising those demands during the five negotiating sessions, which concluded last week, according to present table in PIT.

"Maduro and Flores simply do not exist at the negotiating table," said one opposition figure. "They have erased them from history."

The US government has backed

Rodrigues, Maduro's vice-president, since to commander-matched the anti-cruth leader in a lesson eight times cold on January 3. In return, she has opened up the country's vast natural resources to overstate investors, giving US composers access to the US reserves.

The US's first major business in the opposition was intended to agree on steps for a new presidential election but yielded few concerns results.

The two sides to stand on how to fund the US's first 3000,000,000,000,000 earthquakes, demanding the expatriation of 80% of gold holders stored in Bank of England vaults. They also agreed to start working to reform the justice system.

After the talks concluded, the government said it had released 132 political prisoners, though rights group Furs frustrated they could only verify that at least 10 had been listed.

The such a fate did not seem to be on the cut that the Maduro, whom the most revolutionary socialist Rodriguez once called Venezuela's "one-and-only" president, and yet said.

As far as the government is concerned, "his fate is already sealed", said

Edward Rodriguez, a Communist analyst and consultant. "They will let the case out in course while they focus on their only priority survival."

Rodrigues was initially forelogic in demanding Maduro's release straight after his capture as the unenforceable but not a "sick" of the government's services. But she has since replaced top military leaders with her own supporters, while powerful security chief Deschick Czhniki has also changed its own choice.

Signs and billboards calling for the gun's release were erected in cities

Natalie Maduro arrives in New York in January following his capture

across Venezuela in January. Many have since been taken down.

Pro-Maduro stands a printed before his arrest have been scratched over. Just a handful of oversized portraits of the deposed first-engraver-motorb arenas.

Rodrigues, whose reaction justifies the war, is a trade with Maduro's fellow and they, that they, seldom, endorse them her selfless during public appearances — including a later speech after the talks ended last week.

But Maduro, the analytical fact to the revolutionary socialist project of the last president Nega Galena, continues to inspire support from hardcore Christian, as supporters of the movement are known.

"Changes with these talks, because Trump cannot be allowed to keep imposing things on us while the agreement does not even mention the president who was kidnapped," said Ricardo Garcia, a gentleman of the press, like many top-falks, believes Maduro was betrayed by members of his inner circle and handed over to 70 forces.

The Venezuelan government did not respond to a request for comment.

---

Friday 21 August 2020

•

FINANCIAL TIMES

5

INTERNATIONAL

Maga emboldens Europe's 'remigration' movement

FT Series A concept once too toxic to mention has galvanised a powerful grouping of young radicals and influencers

LAW JONES — REVIEW

As Greg Bevins strode towards the stage, the crowd erupted into chants: 'USA/USA/USA' It was late May, several months since Bevins's ignoble searing as she over-put—that 'communion at large' of co-leader control.

But for this audience, Bevins's record was not a liability. It was his calling card. In Figueira da Fea, a sleepy Portuguese beach town just south of Porto, a few hundred of Europe's most important far-right influencers, decision-makers and activists had met for the 'Remigration Summit'. A gathering to strategise how to expel millions of migrants deemed ultimately 'unsatellite' from Europe, by force or encouragement, including those legally settled.

The Americans — not just Bevins but several dozen, including Stefano Porto, president of the New York Young Republican (UK) — were guests of honour. Remigration, Bevins told his audience, is the defining political issue of our time. 'I'll make you a deal, Europe,' he said. 'We get this remigration under way full throttle in Europe. I'll break that trench-out [sic] out, and I'll wear it out [as opposed].'

For Europe's far-right parties, Donald Trump's second presidency has brought as many complications as opportunistic life was to run, tariffs and threats to actor European territory have proved deeply unpopular, making any open embrace of Maga politically awkward.

But for the activists pushing remigration, 10 support is recent months has been misunderstood.

The cause they express is an ethno-nationalist project that seeks to shrink immigrant communities in western countries in the name of restoring cultural homogeneity. At its millest, it means stricter immigration rules and tougher enforcement. In its most extreme form, it means adopting measures to encourage or even coerce the removal of 'unassimilated' legal evi-

'I am baffled and shocked by how East things have become sayable and doable [in America]'

dents and even naturalised citizens to their countries of 'bright'.

Remigration began as a fringe idea but Trump and his Maga supporters put it at the control of their domestic political agenda — and doing so has given its European proponents armative boost.

A new age that was once too toxic to mention in Europe has become the rallying call for a powerful new movement of young influenceers and radicals.

'What's happening in the US over the past 10 months is definitely a normalisation of the term — 100 per cent.' said Martin Seltzer, the Austrian far-right activist credited with leading the remigration movement.

Remigration's partner from Europe in the US and back on sale the depth of the new right's transatlantic networks. It shows how US-controlled social media platforms have blamed the line between America's domestic politics and Europe's own radical right movements.

'It's stuff's didn't think I would see in my lifetime,' said Bernhard Weidinger, an Austria-based extremism researcher who members online narratives. 'I am baffled and shocked by how East things have become sayable and doable [in America] ... and I think it is a cautionary rule for Europe. It is coming here.'

What is remarkable, Weidinger said, 'is that in many places in Europe [far right] parties are waiting in the polls even as they become more radical.' Remigration is at the back of this, he added. Proponents feel that, with the White House behind them, their time has come: 'The general sense is that they are winning, bad ... winning[ing].'

In November 2023, a year before Trump's re-election, Seltzer laid out his plan for remigration to a select group of far-right influencers and politicians at Villa Lilloo, a laborish neo-European residence in Penzian just outside Berlin.

Participants discussed measures to remove illegal immigrants, explain

seekers and even non-native residents and 'unassimilated' Chinese citizens — including in a 'model city' in north Africa, according to media reports. When those reports emerged weeks later, they triggered mass protest and a backlash that caused the fall of the state.

Remigration was considered as one that even Alternative for Germany (AfD) distanced itself from members who had attended a few months later, after protest and a few months later, Seltzer was banned from Germany — though this has also been overturned.

Seltzer is the most prominent of Europe's identification, a movement that began in France two decades ago and later flourished in Austria and Germany — classified as scientists by European domestic security services.

In the same month that Seltzer was banned from Germany, he was also reinstated on it, as part of Elon Musk's liberalisation of the domestic trade. Seltzer's return to the site was a pivotal moment: it accelerated remigration's journey into the US right, where he increasingly presented the thoughts and ideas around the subject in English.

The backlash to Penzian ultimately proved country productive. Had the meeting gone unnoticed, remigration might have remained a image concept. Instead, the outrage helped carry the idea into the indignation.

Remigration once entered the lexicon of those involved with Project 2021, the policy plan advocated by the right-wing conservative Heritage Foundation for Trump's second term. Stephen Miller, Trump's move to be deputy chief of staff and homeland security adviser, seems on it: 'THE TRUMP IS IT TO DO THE INVASION OF SMALL TOWN AMERICA-ROMORATION.'

From there, the term rose quickly through the Trump White House lower-teracy: God Miller, then the Department of Homeland Security, then Trump himself became regular users. 'Only SEVERSE MIGRATION can fully cure this situation,' the president posted last year. Asked on Air Force One days later what he meant, Trump said: 'I became pro-popular at least who are in our country. Get them out, I wanna get them out.'

In May, just before the Portugal summit he co-organised, Seltzer saw the White House's 5 account post as image of Trump at a lecture. Underneath, the words 'replacement migration' were crossed out. Remed them, in oversized type, stood 'Remigration'.

'It's absolutely been a breakthrough, having the president on this,' said Seltzer. 'This picture is a model how been an identification graphic,' he said.

'Having the most powerful man in the world start talking about remigration — that's definitely a victory.'

Words matter greatly, in Seltzer's view, as much as landing or electoral victories. He sees himself as a 'extrapolitical' campaigner, pushing the boundaries of what is sayable and doable.

Across Europe, far-right parliamentary parties are discussing remigration.

In Italy, a citizens initiative launched in January under the banner 'Remigration and Recompete' gathered more than 100,000 signatures and forced a parliamentary debate.

In mid-July, Seltzer and Dutch political commentator and far-right activist Eva Vlaardingerbeek arrived in Brussels with a whistleblower of paper: 500,000 signatures calling for remigration to be registered as a European current Initiative. She threshold at which the European Commission must consider a response.

In Germany, remigration is official AB policy, in January>Nebak, where the AfD is on course to win more than 90 per cent in September's election, local leaders have promised to begin deportations 'from day one'.

In the UK, the Boston Britain party, which seeks to outflank Nigel Forage's Reform UK from thornish, has made its central theme. Harrison Pitt, Boston's chief ideologue, has travelled to Vienna to meet Seltzer and discuss common ground and tactics.

In Seltzer's telling, it has become a 'Unloafer for the Far Right' with Musk in their champion. 'Anyone who does

Identification leader Martin Seltzer speaks at a rally in Brussels last month. Below, supporters of remigration in Crete, Spain

not support remigration in a traitor.' Musk wrote on 5.30/2020.

Once fragmented by language and national politics, Europe's hardliners are plagued into a US-led conversation, Seltzer said. 'What happens in America matters ... it's consumed, cruel, intertwined by all the young right-wing politicians, influencers and brought into the debate. (Maga) is a huge cultural influence for the new right.'

In June, Seltzer announced a new 'Institute for Remigration', a 'Hitchcraft' he wants to become a lobby group for far-right parliamentarians — 'a National Rifle Association, but for deportations', as he points.

Since Bevins's encouragement in Portugal, Seltzer said the movement 'made a huge levy' in contacts with US third-tasks and people close to Washington. 'We are in way deeper now.'

A new transatlantic relationship was being helped, he said. 'I need not renominate volume or Fox Americans ... but we should re-instate.'

US campaigning expertise was already performed during Europe's far right, he added. Seltzer is developing 'customer relationship management'

software to mobilise what he claimed were about 100,000 pro-remigration activists across Europe.

For all the noise, however, the route to actual policy remains uncertain. Identification rallies have often been met by larger counter-demonstrations, while far-right parties remain wary of alienating the voters they need in much office.

In France, Marine Le Poch' Ransom-Monnet National has been notably reluctant to adopt the language of remigration. She fell out with the AfD over the Alifon 1926 meeting in 2019 and hasn't patched up relations since.

Seltzer is unperturbed. Short-term electoral gains and losses, he argues, matter less than shifting the debate before it reaches parliament.

'The debate is already shifting in Europe. I don't really think I have to do anything any more. The ball is rolling.'

Maga comes for Europe This is the State's a seminar. from Maga.com, Europe and its complicated relationship with the university's right-wing Scandinavian mariner

FT Weekend

The Weekend Essay: How the 2030 Census could remake America

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Pick up your copy this weekend or subscribe online at ft.com/subscribe

---

6

•

FINANCIAL TIMES

Friday 21 August 2026

INTERNATIONAL

Diplomatic relations

N Korea defies Trump with missile barge

Kim's sister casts doubt on claim of communication between Pyongyang and US

Aaron, Yutcher - #12/24

North Korea has found a barge of small to massive, and there is after dismissing US President Donald Trump's overture to reopen diplomatic contacts between Pyongyang and Washington. The United States has been overlaid that its workforce differences had been about 20 short of their range. Publicly, the United States has been overlaid that its workforce differences had been about 20 short of their range. Publicly, the United States has been overlaid that its workforce differences had been about 20 short of their range. Publicly, the United States has been overlaid that its workforce differences had been about 20 short of their range. Publicly, the United States has been overlaid that its workforce differences had been about 20 short of their range. Publicly, the United States has been overlaid that its workforce differences had been about 20 short of their range. Publicly, the United States has been overlaid that its workforce differences had been about 20 short of their range. Publicly, the United States has been overlaid that its workforce differences had been about 20 short of their range. Publicly, the United States has been overlaid that its workforce differences had been about 20 short of their range.

perspective actions. The nation came hours after Kim Yo Jung, the sister of North Korean leader Kim Jung, is headed off Trump's move to such bank military services with South Korea this week and cast doubt on Trump's claim that there had been communication between the 20th and Pyongyang. Kim Young, whose sometimes speaks on behalf of the regime, said in a statement late on Wednesday that the US move was "not even worth commenting on" and that reducing the dollar rate of duration did not change their "pressure-free and aggressive" nature. If the US are "a wasteful kind of goodwill measure", they will not get the answer they desire," she said.

Child-Foods and funds, one of the two big annual US-South Korean military over time, is aimed at preparing for specific conflict with North Korea. Trump described the drills as "inappropriate" and hostile to Pyongyang hours before they were set to begin. Israel's law announced that the drills would end today, on days earlier than planned. Kim Yo Jung said she was "completely unaware" of any contacts between her brother and Trump, but added that relations between the two leaders could not "excellent." The pair met three times during Trump's first months dissemination talks that were unsuccessful. Trump has reportedly been segregating to arrange another summit by autumn,

saying he expects to meet Kim as he seeks to retire personal diplomacy. Kim Yo Jung's response to Trump's overture, "though negative, is displaying some re-engagement which has been absent up until now," said Victor City, Korea chair at the Center for Strategic and International Studies. City, not only was the top of the "out-up" to her brother's "good cap" when dealing with the US. "It is difficult to interpret this announcement as a triple-tested US-South Korean dialogue with the said Choi Eunja of the Young Institute. Pyongyang was maintaining its demand for a change in US policy while "leaving the personal relationship between the leaders as a separate channel that could

be used in the future," she added. Chinese foreign minister Wang Yi, in a meeting with South Korean President Lee Jae Hwang yesterday, called on the US to "abandon its hostile policy towards North Korea" and said both sides should "restate dialogue and ensure a secure trust", according to a Chinese student. North Korea is in a stronger position than during Trump's first term. Trump acknowledged that Pyongyang now had a "very strong attitude to the support of his also formed a strategic alliance with Korea, sending image and response to support its way to Ukraine in return for cash and military technology. Lee Jae Hwang

Military budget

Taiwan weighs record defence spending to resist pressure from China

AIR LEAF - #12/24

Taiwan's argument is a record defence budget for next year as President Lai Cheng to's government seeks to strengthen the country's military preparedness to respond to increasing pressure from China.

The 10 per cent increase, unveiled yesterday against the 2027 budget, would pass Taiwan's planned defence spend regarding the 2026 budget. The 10 per cent increase, it would also exceed 5 per cent of GDP, as they with demands from the US for its allies in the region to increase their military reality. Let, whose administrative has faced resistance to his plans from opposition parties, said ahead of the budget announcement that the move would demonstrate "Taiwan's determination to strengthen its self-defence."

"Increasing its defence is investing in peace," said Heung, a

Taipei is trying to moderate its military, with plans to develop its own submarines, as Chinese air and naval drills draw a tighter more around the country, helping them outweigh your Taiwan and has threatened to take it by forced "depression in the future."

Recent Chinese exercises around Taiwan, including in its eastern waters, have raised concerns that helping to can develop a shared policy of potential Rhodesia as a result of intervention to disrupt important shipping times.

Taiwan concluded its annual Han Zhang military drills last week, during which it circulated efforts to counter a Chinese maritime blockade.

Lai's government has also sought to build up Taiwan's domestic threat industry. The budget aims to increase spending on an domestic combat capabilities including drones by 95 per cent, to 97US$ million.

The budget, which was approved by Lai's cabinet, will are go to the Legislative Union, as parliament, which is consistently Taiwan's two main opposition parties. The opposition has resisted Lai's military spending increases and only passed the 2026 budget last week after months of delays and deadlock over how the funds would be allocated.

The domestic political fight, as well as China's increasingly assertive stance, has also come as the President Donald Trump has raised the possibility of using arms into to Taipei as a bargaining chip in negotiations with Beijing, sparking concerns over Washington's counterterrorist to the country's parliamentary threat.

The Trump administration last year announced a new draft. One new advice Taiwan, but a further 10-few package is still awaiting approval.

China's defence ministry last week announced a joint "imposition exercise" with hundreds of various new Chinese, without specifying an exact location.

The exercise, and the new involvement of the Indonesian navy, sparked concerns in Taipei. It also comes as Beijing states are the most important to the region to recognize its claims over Taiwan. Hateyuan Prime Minister Anwar Ibrahim said in an interview on Sunday that he saw "Taiwan as part of China, period."

India. State elections

Hindu monk seen as successor to Modi

Uttar Pradesh chief minister

tipped an next premier bar

until Madhya Party in 1,000,000

MOHOL STET 440

ANDREW SCHWAB - LONDON

JUSTINA LEMON - #12/24

Yogi Adityanath then at 4am from his

hard-headed half to be drawn off and

tation and prayer, followed by a simple response breakfast before the monk will be called to the day's work: governing India's biggest state.

Adityanath, chief minister of Uttar Pradesh, has led the northern Indian state that is now propelled that Brazil for nine years, keeping a reputation as one of the daughter's advocates of Prime Minister Narendra Modi's Hindu-first agenda. Yogi, as he is universally known, is now the favourite to win a third consecutive term in state elections early next year, a victory that would propel him into the front state of potential successors Modi, who is 75.

"Yogi is a nation's image of Modi," said one senior national government official, speaking anonymously, due to the unintended arousal discussing two of the country's most powerful figures.

Like the prime minister, Adityanath comes from humble stock and cultivation's hardworking, man of the people image. Where the monk has gone further, critics say, is in his aggressive stance towards the state's large Muslim minority, marshaling rhetoric and policy to oppose people's needs as inter-company and the daughter of own.

In 2026, he told the IHC that Muslims "bless the war to publicly varying." But the petitioner of the subcommittee's following is the policy of the

Adityanath has also mastered tech. His 80-strong social media team push slips of the natives rebed chief minister following their speeches and inaugurate 4 months work.

"Shouldn't, life is not different from community life," Adityanath told the FT in his official residence in Lucknow, the state capital. "It is a medium for us to understand society and its problems."

Like Modi, Adityanath has focused on rapid economic development. Uttar Pradesh was for decades one of India's least developed states but the monk ended off with satisfaction figures for

Bearing fruit: chief minister Yogi Adityanath at a stump festival in Uttar Pradesh capital Lucknow is past. He is on course to win a third consecutive term in state elections. World is a top of 100

kilometers of roads built, dollars of investment was and companies created once he took office in 2025. Critics, however, are focused on his divisive rhetoric. The mid-50s Hindus against Muslims," said Christopher J. Bokri, a south Asia specialist at Kareem Pu in Paris. "Uttar Pradesh is a place which has been the crucible of the Baghdad empire (as islands dynasty which ruled most of northern India until the mid-50s century) and the population is also very high. So it's easier than elsewhere to mobilize Hindus against Muslims in the state."

Official data shows the state has tended to reflect, rather than suggestions, national growth, but public sentiment credits Adityanath with an economic model heathen and free cities.

"The chief minister has created such a good investment environment," said one leading Indian investmentist with interests in the state. "In the past, Uttar Pradesh had low and order issues. Nobody talks about that any more." Heariness Gupta, author of an approved biography of Adityanath,

pointed to a crackdown on studies that earned Adityanath the nickname "Bulldozer Bokri" after his vast occurrence to demolish allegedly illegal properties.

"Of was known for its backseem," Gupta said. "It's been UP. Whenever I went for a job, they would look at me like 'the my God, but doesn't' the might be certain." That was the image.

Gupta argued that Adityanath's importance is that he should attract Hindu voters. "India was made to be ashamed of its majestic religion," he said. "Now it's running the way the world rests . . .制度 is one on us China's bodies, India's own in a Hindu often."

Discrepancies began, a magician laborist, said that "I could 'mildly' make for the good and it focused on the development of our state."

"Most important," Rajput added. "In words to the Hindus, the only gun after being 'sitting' from everyone on it that way. Sootain India, a south Asia lecturer at Yale University, described Adityanath as India's leading advocate of Hindu supremacism. "That has been his thing throughout, the eco-

'It's easier than elsewhere to mobilize Hindus against Muslims' in Uttar Pradesh

romic marginalisation of Muslims, the renaming of Muslims as rights," Gupta said. "Everything has been directed towards . . . aparticular ideology."

Adityanath denied accusations of discrimination. "There's no segregation in implementing military schemes," he told the FT. But he has toughened such against new daughter and targeted 'how I plan?' a phrase used by Hindu right-wingers to allege that Muslims seek to reduce and correct Hindus to try and after India's balance of faith.

Adityanath has declared "Romeo's Capital" if policy with the mind and of preventing women from being misused in public places. Critics say thousands of consenting youths have been arrested and their faith is under-licensed.

While Adityanath's past ascertainment is state elections in 2022, Modi's liberally-indeed Party suffered a shock defeat in the state in the nation's ground-decision to evast India.

Adityanath has quarrelled with the IHC this new political and ideological in many countries. The government's first temple to be brought near the 'legal border' where he took even aged 12 and others he is now chief power, rather than the leader in a foreignist. It's the powerful Hindu rationalist movement that forms the backbone of the ruling party.

The party who died Adityanath who was one of India's youngest 80's when he was first elected in 1998 at the age of 26, became of his chairman and campaign drills, and/or until, but he has no occasion to be held his own independent candidate, and is 2002 former his own movement, a "Hindu 'humb hinge'.

These days, Adityanath's reason his loyalty to Modi and avoids discussing his own questions, but it never careful about his remarks to foreign media.

But analysts are scrutinizing his actions for a hint of other motives or a shaky with another one of Modi's top treatments and potential successors, insists on his own hard faith.

The government's original as just over the alleged theft of hundreds of household children in the district of the Ayerdaya temple, a flagship Modi project built on the ground of a recent奇跡 in Uttar Pradesh. Adityanath was among the first to demand an investigative and punishment of the subject. "Lia's 'huge and the chief minister was' trying to position himself at the gut who's cleansing it up."

Contracts & Tenders

Health

Blood clot discovery raises hopes for improved treatments

ILIVE CHRONIC - LONDON

Blood clots form in a fundamentally different way from previously thought, scientists have found, in a discovery they are will have for reaching medical implications for research and and the development of a living disorder. Working at the Institut Luso-Langecte (ILL) in France, an international research team investigated the chemical reaction that triggers clotting on a wound, sealing the skin and keeping it free of infection. A cylindrical blood clot found in fibrosis and a surface layer where exposed to air - the first stage of a healing process that leads to a protective scale. The consensus view has long been that fibrinogen molecules accumulate on the blood's surface in a single, a given initial layer. The IL-1 experiment showed that in reality the protein store fluid and its role in the cell is not a factor. The IL-1 experiment is not a factor. The IL-1 experiment is not a factor. The IL-1 experiment is not a factor. The IL-1 experiment is not a factor. The IL-1 experiment is not a factor. The IL-1 experiment is not a factor. The IL-1 experiment is not a factor. The IL-1 experiment is not a factor. The IL-1 experiment is not a factor. The IL-1 experiment is not a factor. The IL-1 experiment is not a factor. The IL-1 experiment is not a factor.

could be the structure of these protein sections in more detail than scientists have been here. The team showed that the flat-packing behaviour is a universal feature of fibrinogen when it comes into contact with air. It may be less relevant to internal clotting along with the body, as in deep vein thrombosis. The study was published in the Journal of the American Chemical Society yesterday. The series mine targeting that scientists' understanding of how fibrinogen and nonsteroidal clotting protein products with surfaces missed the underlying point

ing point of a layering mechanism. Campbell said: «More techniques for inactivating protein structures could not distinguish between the two good agents. The findings could have extensive implications for healthcare, although the researchers have not yet investigated these studies. There may be more treatment of patients with blood clotting disorders such as haemophilia or those taking blood clotting medication. Glucose monitoring devices could also work better if clotting around one-ones were reduced. The point of a layering mechanism, Campbell said: «More techniques for inactivating protein structures could not distinguish between the two good agents. The findings could have extensive implications for healthcare, although the researchers have not yet investigated these studies. There may be more treatment of patients with blood clotting disorders such as haemophilia or those taking blood clotting medication. Glucose monitoring devices could also work better if clotting around one-ones were reduced.

Another promising application is to improve treatment of lung disorders by acute respiratory failure syndrome (ARDS), pulmonary inflammation leads to the change of fibrinogen from tiny blood vessels. The resulting clotting drop-like lungs absorbing enough oxygen - often with fluid results. (China Centre, a member of the research team at Land University) in Sweden, started studying structural data for fibrinogen while working at home during the Covid-19 pandemic. "It is almost like we see how to fail a choice of drugs," said the study. "We are not only able to be able to understand better the behaviour of fibrinogen in the lungs of patients suffering from ARDS, a condition that tragically claimed an many lives during the pandemic."

Rudolf Løthe, a chemistry researcher at Harvard university who was not involved in the project, said the research had been using a public health system for understanding of wound healing and lung function. "Determining their significance will require further experiments to establish whether this multilayer organization (of fibrinogen) persists . . . where fibrinogen is interacting with many other proteins, fluids and interfaces," Loebs said.

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Friday, 21 August 2020

FINANCIAL TIMES

7

Energy supply Canada weighs Trump's interest in reviving cross-border Keystone XL oil pipeline amid trade tensions PAGE 8

Companies & Markets

MPS readies bids for Banca Generali and Banco BPM

• Twin deals would create €70bn group
• Lender fending off takeover by Intesa

SILVIA SODIOLA BIRNELLI

Mostly dry frauds all items in preparing twin bids for Banca Generali and Banco BPM in a bold move as it causes to lead off a double takeover by Intesa in regards.

Very people chose to the Italian bank said yesterday that a majority of its board had has had a plan that would create a banking group with a combined market valuation of about €70bn.

The plan consists of separate all share bids for Banca Generali – the wealth management arm of Internet Generali – and hence BPM. Banca Generali has a market capitalisation close to €70bn while Banca BPM's market value is just over €70bn.

The plan also envisages a cash divi-

MPS's planned double bid is the latest twist in a run of consolidation in Italian financial services

deadline MPS shareholders, the people said.

MPS's planned double bid is the latest twist in a permanent run of consolidation in Italian financial services groups and comes after Intesa नियुक्तle in June launched an unsolicited takeover office for MPS, valuing the leader at around €70bn based on current market prices.

Intesa's plan if it manages to acquire MPS includes breaking up the three-based lender and selling half of MPS's roughly 1,200 branches, its historic brand and much of its central infrastructure is known in Taipei.

Intesa, Italy's largest banking group, would retain the remaining two than as well as Nethinkama, which MPS took over last year, making it the largest shareholder statement forwards.

MPS chief executive Luigi Lavaglia

faces an uphill battle to lend all Intesa and create an enlarged banking group through simultaneous takeover bids, with MPS's board and shareholders remaining deeply divided.

Yalka with Banca MPS over a "cooper of equals" broke down last month after Crédit Agricole said it had not been involved in the development and made clear that no deal could proceed without its support.

The FT reported this month that MPS was considering a takeover of hence BPM. People chose to the discussions said MPS's proposal to the board offer had not been agreed in advance with Generali or Crédit Agricole, whose support would be needed because of the size of its holding.

Crédit Agricole's deputy CEO Jérôme Gévert said last month, "Nothing can happen against our will not us."

MPS's proposed takeover bid for Banca Generali would also make Generali's support pivotal in the interest would have to decide whether to render its controlling stake in the leader to return for shares in its own largest shareholder MPS.

Tendering its shares would include to attract scrutiny from financial's independent director under its so-called related party transaction rules.

Lavaglia's latest plan is broadly consistent with the Italian government's original ambitions for MPS to become part of a large, Italian focused banking group capable of competing with the country's two dominant lenders, Intesa and UniCredit.

Rome began privatizing MPS two years ago following its 2007 national election for still retains sound deals.

Prime Minister Giorgio Beloni last week said in an interview with Italian financial daily Milano Finanza that she hoped MPS would set out by "fashion up", losing its name and identity.

Consumer squeeze Walmart shares tumble after weakest US sales growth for six years

A Walmart store in Chicago. The retailer said it would cut prices because customers need us to

GREGORY MEYER — NEW YORK

Walmart shares tumbled after it reported its weakest US sales growth in more than six years and pledged to use a major tariff refund to fund price cuts, as opposed consumers remain mindful of their spending.

In the three months to July, US sales were sales rose by 1.6 per cent, the slower pace since late 2015. Walmart said as it released quarterly results yesterday.

Walmart is the country's largest retailer, with annual sales of more than $500bn. The direction comes as higher fuel prices caused by the US war with Iran have pinched consumers and follows national retail sales that declined last month. The company warrant of an extra $2bn in fuel costs for its own trucking fleet.

The retailer's shares fell by 9 per cent in afternoon trading returns. With about a third of its US mer-

chandise imported, Walmart said it received almost $2.9bn in refunds after emergency tariffs enacted by Donald Trump were struck down by the US Supreme Court in February.

Walmart said it planned to deploy most of its US tariff refund to lower prices and at least the cost of the year.

In decision to keep nothing prices will increase pressure on US supermarket chains, which have been losing market share to Walmart, Costco and ASB, as consumers seek out cheaper food. However, it may result in lower profits in the short term.

"We're investing heavily in price because customers need us to, and because we believe it drives market share gains over time," said John Forner, chief executive.

Walmart said it had an over-reduced by federal price caps on certain prescription drugs that took effect earlier this year. Without these caps, which affected its pharmacy business, same-

store sales would have risen at 1.6 per cent, had pre-paid expenses of same store sales of 3.7 per cent, according to Visible Sales.

Glendora's proposal to Walmart to a more than $4bn valuation early this year but its shares have since public back on was run about the spending period of US households and Walmart's lefty stock price multiple at about 37 times expected earnings.

Walmart's US name since 1815 increase came entirely from its fast-growing acceptance business, whereas sales at its brisk and nearer stores declined by 2.1 per cent in the quarter. The retailer's consumer sales rose by 22 per cent year on year.

Walmart's revenue rose 2.9 per cent in the quarter to $107.9bn, surpassing consumer estimates of $96.6bn. Operating profit jumped by 28.6 per cent to $9.6bn, exceeding estimates of $8.6bn. The sum included tariff refunds received, Walmart said.

Evergrande founder jailed for life and assets seized

THOMAS HALE — SRIKESHA BROWNERS, ALUM - 45292 45292

A Chinese court has sentenced Evergrande founder that he has to file in prison, almost five years after the Chinese property developer collapsed.

The Shenzhen Intermediate People's Court and yesterday that that was being sentenced for "multiple crimes", according to state broadcaster CCTV, entitled he would have his assets confiscated.

The court also fined Evergrande Bankh3bn ($1.25bn) and Evergrande Real Estate, its mainland business, Bank3bn.

The downfall of 11st, who was China's chief to serve in 2015, has sparked the changed fortunes of a property industry that once opened it growth but still weighs on confidence today.

Evergrande was the world's most successful in the development of the international default in late 2020, with liabilities of more than $500bn. Its failure came to embody an unfolding secure wide attack.

Holy phased guilty in April to charges ranging from confiscation of assets to the US property under state law, business was fined about $500mn in 2024 for inflicting its revenues by almost $80bn in 2019 and 2020.

Its shared payments were part of a recent wide wave of defaults within China's vast property sector, where developers had for years expanded rapidly under a debt driven model.

The Shenzhen court said that that was the "actual controller" of Evergrande. It found that between 1991 and 2023 by along with Evergrande and Evergrande Real Estate, "related national laws and regulations by continuousity and autonomy (internating financial statements to inflate assets and natural liabilities)".

The court also listed illegal absorption of public funds, bribery and fraudulent issuance of securities among his officers.

Evergrande was listed in Hong Kong in 2009 and went on to issue issue of 80-3mm of dollars in international bonds. It was deferred last summer and the Hong Kong entity is in the process of being launched.

In April two Hong Kong financial regulators fined Evergrande and/or PwC a combined HKX1.2bn ($50mm) following an investigation into the accounting limit work for the collapsed property developer.

Nvidia looks well placed to benefit from the AI boom's next stage

When Nvidia first lost large amounts to some of its customers to finance sales of its chips, it led a series that an AI bubble was being infused by an org of "circular" financing.

3 years on, something new is taking shape. These days, Nvidia has found ways to limit its own exposure, while co-opting a wider group of financiers, Squally significant, it is using its credit to cost new markets and a fresh business model.

The losers showed all the doubters. But for the world's biggest chip company, it signals a sea change in the strategic use of AI balance sheet and a new phase in the AI boom.

One sign of this market work's framework deal for an Wall Street financiers to extend some $100bn to Nvidia's customers, with Nvidia guaranteeing up to a quarter of a share of its license lines. The market was not seen as the first it is providing an up to $100bn backing for a new type of data center in Ohio.

These guarantees could still leave it on the back the large amounts, and it is unclear how much more exposure like this is off-tale on. But for now, the deals have done nothing to weaken Nvidia's "excellent financial profile", according to Moody's, which has affirmed its credit rating.

Even if it has found a way to reduce its own risk, though, Nvidia has left tougher questions for credit markets to chew on. CEO James Huang claims his company's chip on its wide enough one that they present in a new asset class against which financiers can comfortably lead. But it is an asset class without the extensive history that credit analysts do not.

The current acute supply shortage has caused current conditions. SpaceX, for one, recently said it will curb enough from coming out in AI facilities to cover the entire cost of building its 10 data centers in less than a year. With returns like that, we wonder the old contractors boom to pay good pressure.

What would happen over the supply/demand/dimensions to return to another question, Nvidia has made much of the broad use of its

chip architecture and CUDA software in the AI world. Something new is taking shape. Nvidia has found ways to limit its own

ease to limit its own exposure, while co-oping a wider group of financiers

tale up unused capacity. It also claims that its older chips are not rendered obsolete by each new generation of technology. That argument received a boost last week when I set them, a start-up cloud complex that we were on a new front, said that it had signed a deal to cost some of Nvidia's 1,000 chips until 2025, nine years after that generation of chips was introduced.

In a downturn, however, there might not be many ready takes of a consumer dividend.

Also, if there was a surplus of seven, more off-town chips, it would no longer make sense to keep running older, pow-

er hungry 100bn, even if they had been fully depreciated. However, with little step of a reversal on the horizon – Moody's, for one, predicts a shortage of data center capacity in the US for "at least the next hour to live year" – these are wide many lenders are likely to grow out.

Meanwhile, Nvidia has also brought its balance sheet into play to support a newer range of customers' newfoods, which are rapidly expanding to number around the world, as well as a message and enterprise customers that want to run their own AI data centers, rather than tap into the giant US cloud platforms.

The UMass comes home to already is full swing, but this looks like a strategy for the rest of the world.

Along with the selective use of credit, Nvidia has said it intends to take a share of the revenues these new data centers present. In 2024, it is reaching deeper into the cloud market without a change a full-wide asset base.

That makes it, as analysis of 100k/year it, "an emerging asset fight periodicized".

The direction has been clear for a while. Nvidia has been lacking towards supplying all the technology needed to create AI services.

That includes that work's release of its latest open-source AI model, at a time when UIs branded a growing list on all the world's most trusted items. Now, it has also been developing complex AI solutions for "notical" markets like health care, potentially opening the door to new types of software revenue.

Ever for this will go to an open question. But with its balance sheet at its back, Nvidia's ready-to-burn further into the next phase of the AI boom.

richard.sutemall@.com

Cashback & Taxable

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FINANCIAL TIMES

Friday 21 August 2026

COMPANIES & MARKETS

Shipp

Oil tanker prices soar amid Mideast tumult

Demand surges as Gulf producers seek greater control of their exports

ALEXANDERSON AND KENT'S REPLACEMENT COMPANY

Sourcing demand for oil tankers is shut—the oil out of the Gulf has pushed vessel prices to record high as Middle Eastern countries must it be won to export cut-grain oil to the oil market.

The cost of both new build and modern second-hand ships in the largest class of oil tanker has reached more than $25 billion in the past quarter—the highest since 2008—while rates to charter outperishable for one year have also

hit historic highs, according to ship-begin financing.

All exporting countries looking to secure their own fleets to move cargoes were partly driving prices, especially for second-hand ships and charters.

The oil producing scheme wanted better control of their own exports, said David Holland, head of sale and purchase at Erasmus. "Physical control of assets is also important for some exports to the Middle East," he said.

Products such as bag boxes been offering deep discounts to convince business leaders to take shudding through the Strait of Norman.

Negotiations between the US and Iran to reopen the stock as part of a wider peace deal have stalled in recent weeks

amid as uptick in strikes on ships and energy facilities by Iran.

Also Photo Protocol Oil Co (Admex) and Kuwait Petroleum Corp have established a system of shuttle tanks to dry oil through the strut to waiting tankers on the other side that can take the cargoes to destination countries.

Admex Logistics is nervous, the oil group's shipping arm, intended to make 'big investments in second-hand vessels to support Admex Group companies', said its chief executive Abdulkarem Al-Maudin.

He told analysts this month that the oil group had come to rely on Admex Ltd for ships to sell through the chokepoint, which ordinarily handles about a fifth of the world oil supplies.

Admex this month brought six oil super makers and five of the largest class of gas carriers for St. Ilse, all of which would be deployed to support the oil company.

Thanks to the vessels they own, Admex has been able to maintain its oil shipments despite the increase in the number of attacks on its vessels. Iranian attacks on Admex ships have risen from once every 30 days earlier in the conflict to almost one a day in recent weeks.

The oil to people with knowledge of the market. Wholesalers said rising interest in ships from other oil-producing countries was driving up prices, although no doubt can yet been signed.

Saudi Aramco recently offered sev-

eral Asian customers cargoes of crude grades only shipped through the strak, indicating it could be joining the group of oil producers sailing cargoes through the chokepoint, according to pricing agency Aram.

Saudi shipping company Balat this month said its fleet had already reached a record 10 vessels, and brokers said that the kingdom would need to secure more ships.

Azatara de Ghael is comment. Other potential vessel buyers were being attacked by the ships' rising earnings power if they were quickly deployed in the Gulf in order to take advantage of the discounts that were being offered by exporting countries, known used.

Hising

Municipalities in Brazil join BHP and Vale dam collapse payout scheme

FRENCH, POLICE — LEE PHILO ALESTINE DEPT — LEXISSE

The claimant's side of one of the biggest claims shows has only a English legal history has been dealt a setback after a group of Brazilian public officials that spied the about compensation scheme for the Samanta mining district.

The High Court in London last year based BHP legally liable for the 2015 dam collapse near the town of Mariana, which killed 19 people in one of the South American country's worst environmental accidents.

A second trial is due to deterrence damages for the roughly 380,000 claimants, whose lawyers had originally sought up to 2,000 in compensation.

However, yesterday a federal court in Brazil announced that 10 municipalities had signed up for an existing nationalization scheme for victims. A condition of joining the reparations programme is withdrawn by from the English litigation, said a person with direct knowledge of the market.

"They've had a business itself, representing the area in the epicentre of the catastrophes in Minas Gerais state. The vast majority of impacted municipalities have now opted for the Brazilian compensation scheme.

A condition of joining the reparations programme is withdrawing from the English litigation

The disaster occurred when a structure building mining waste burnt at the Samanta river on complex, jointly owned by BHP and Vale, unloading sludge that managed village said contaminated land due to leaks of waterways. The town halls had been expected to seek the legal attention to the Eastern time action, according to people familiar with the details.

Set up in 2018, the Brazilian industry scheme provides for BHP/No General ETBAC in separations over 10 years, including BIK, the unmarked for municipalities.

The development is a blow for litigation heritage Pogun Goodhead, which brought the London claim on the basis that BHP had a UK parent company at the time of the event.

"The adherence of these municipalities to an important registration system has been made by the government and the government of the resources allocated to them under the fiscal agreement," said BHP.

Pogun said yesterday's decision had "recluding such the proceedings in England", adding that it currently represented 70 municipalities in the case. At the latest making the order they staff following the routing last year of its handshogunism, from Goodhead.

Heavyweight firm James Emanuel (Vapnikov) is halfless targeted to to lead the legal decision to come, the FT power only reported. It declined to comment. Bridge food Ceremony, which has invested $800mn in Pogun Goodhead and its name, did not respond.

Imperial and American foreign sued by Vinci SPA Capital, another group involved in the financing of the Israeli case. The complex High Court dispute relates to AChies in interim legal costs awarded to the claimants after a judge in London said against BHP last November, a legal filing shows.

Oil & gas, Cross-border trade

Canada weighs US interest in pipeline reveal

Trump hints at resusitating

Keystone XL project despite

sourcing bilateral relations

SUN GROWTH — TAIWAN

WALM WEDDING — WASHINGTON

JAMES JEWELL — NEW YORK

Donald Trump has triggered excitement in Canada's oil heartlands over the country's potential to become an energy superpower by floating the vertical off the 20th century into a 5d pipeline.

On Tuesday night, hours before US forces on 820ths worth of Canadian goods were set to go into effect, Trump hinted that the massive cross-border pipeline could be resuscitated as part of a trade deal between the neighbours.

"The great Keystone XL Pipeline, long ago killed by Steeps Joe Biden, may be awaken from the grave," the US president posted on his Trunk Social platform.

Trump's unseen opens the possibility that the pipeline project - which has been cancelled by two US presidents - could become a reality, almost two decades after it was first proposed.

In 1999, though, as Prime Minister Mark Carney tries to break Canada's dependence on the US after Trump launched devastating tariffs on vital science such as ours, medical hardies.

In May Ottawa and Alberta signed an agreement to develop more pipeline to the west coast to send lines oil harvests per day to Asian markets.

Keystone XL, an expansion of the resulting Keystone pipeline that would send about 1000,000 barrels per day of heavy capital crisis, as well as 10,000,000 on the US Gulf Coast, was shot in 2015 by their president. But at 8 Ottawa before Trump released it in 2017. Biden scrapped the project in June 2021 on environmental grounds.

Alberta's premier Danielle Smith, who wants Canada to double its oil output of 4mm full, said there would be more clarity about the viability of evolving the Keystone XL project after the recess of a US- Canada trade deal were assessed and potentially before the new deadhearted.

"Alberta wants to build new pipelines were, even, the most important of the oil always in discussions with industry to support these opportunities," she told the FT.

Analysts and investors said a Keystone reveal had the potential to benefit the US and Canada, trying the two North American economies closer

The pipeline was scrapped for a second time in 2021 on environmental grounds. Below, Lisa Balma, of the Canadian Association of Petroleum Producers, was

together at a time of global upheaval. Adam Waterman, chief executive of Calgary's Waterman Energy Fund, charged a bank interest, said pursuing Keystone XL would ease the trade war by providing energy security to Washington as the state boom over the past two decades began to slow.

"It's huge strategic problem," he told the FT. "They are going to go from China to US to it [and to it] over the next decade ... Thank God, Canada's right next door."

Lisa Balma, president of the Canadian Association of Petroleum Producers, said Canada could provide a household energy security for the US".

Canada supplies more than 4mm full of crude to the US, accounting for about 60 per cent of total US crude imports — a figure that has nearly done this over the past decade.

The potential Keystone XL control of system as analysis predict that the American will play an increasing role in funding rising oil demand over the coming decades - a trend set to

benefit Canadian producers and export record crude.

Bob McNally, president of Equitas Energy, said there was a recognition that "peak demand will be high to" just as "the Middle East has a new, big and permanent disruption risk".

"Unmets those data, and it's structurally bullish for science (completes) hydrocarbons, up and down the supply chain, from eludate to Thence left forget," he said.

Building two new pipelines would require expanding Canada's oil sand-packs, which will require investment in the range of 50,000m and 60m m.

Eric Niebuck, a partner of Commissioned Nineteen Partners, said: "We have the resource depth to allow, but investors continue to want some return of capital which reduces growth capex.

"Alberta needs to overthrow this to persuade investors, the owners of the businesses, to allow it."

Trade investors over the past 10 months have also raised doubts in Ottawa over the benefits of sheer简历s in exactions, neighbors. The US and Canada last year raised the prospect of

“Does

Canada want to continue to integrate its oil production into the US system?"

reviving Keystone XL as part of trade talks to one Trump's tariffs on steel and aluminium.

These Canada want to continue to integrate its oil production into the US system - based on the dramatic change in the relationship" - asked Invink Inc., an analyst at Sid Fabbal.

Trump on Wednesday said the US would be a big beneficiary of a shift away from release on Middle Eastern oil. "People are finding alternatives," he said.

"[This] is very positive news for Canadian oil producers," said Cole Stand, chief executive of General Capital Resources, an investment firm with buildings in recovers, Imperial Oil, Strathcromwell Limited & Valley Evergreen.

"There are now an enemy at low pipelines or pipeline extensions being killed about 40 Canada and strong signals of government support. Encountered that some of these pipelines will happen."

Representatives of South New, which operates the Keystone project, and Eulridge, one of Canada's biggest pipeline operators, did not reply to a report for comment.

Retail

China criticises EU probe into JD.com bid

WILLIAM JAMES — GIANGLAND

China has set out a list of US investigations into JD.com's bid for German electronics industry (economy, saving & construction) "under extraterritorial jurisdiction".

China's public industry has barred organizations and individuals from assisting with the investigation of the Chinese commerce company, to a sign of persistent trade-related behavior (In the process).

A ministry spokesperson said the EU was "unlucky" for foreign subsidies investigation mechanism and warned that Beijing could "revolutely validate its accordance with the law" of the EU position.

The document is the latest study of Beijing's aggravation over an increasingly eretated relationship with Brussels. European regulators and authorities have investigated a series of Chinese commerce platforms under the bloc's

Digital Services Act and targeted every thing from most to a thing, back with anti-immigrant campaign.

The European Commission, the bloc's executive branch, is also working on a new law to oblige companies to diversify supply chains every from China.

JD.com, China's largest business model, to sales, launched a C2.2bn bid

A ministry spokesperson said the EU was 'abusing' its foreign subsidies investigation mechanism

for (economy in July last year as a deal failed as one of the country's largest investments in the continent in recent years. (economy operates more than 1,000 stores in Europe under the Return and Medial复苏防线).

The transaction is initially expected to complete in the first half of this year

before the European Commission began as its depth probe in 2021.

The Development of countering whether social subsidies were involved in the deal and documents to complicate the transaction. The European Commission has until October 2 to reach a goal.

JD.com declined to comment. The European Commission said its foreign subsidies regulation did not "distinguish between companies' funds" on their nationality or ownership and is consistent with the EU's international obligations.

Beijing's latest law was revoked under new regulations introduced in April that target "unlucky" extraterritorial jurisdiction is foreign countries.

"The EU used its Foreign Subsidies Regulation to investigate JD.com's arbitrally demanding extraterritorial unnecessary information about China from the Chinese entity," the justice ministry said.

Transport

CK Hutchison seeks $1.5bn over canal dispute

ARON NO. 4139 — KONG KONG

CK Hutchison is seeking more than $1.5bn of damages from Panama over which it called the "destructive of the company's investments" after the government kicked it out of two canal ports.

The Hong Kong-based conglomerate said yesterday that it had taken the Central American country to arbitration over. Supreme Court decision is January to amend its contract to operate a pair of terminals on the Panama Canal.

It accused Panama of "resumber an investment protection treaty" that led to "destructive of the company's investments" in the country.

The treaty is understood to be the 1991 British Panamanians. Bilateral investment treaty, according to legal intelligence platform (as March, as UK is incorporated in the Cayman Islands).

The latest case seeks several dates of the legal battle between CK and Panama

over control of operations on the crucial trade on the 20th century. The oil industry, the Panama Port Company, is already engaged in arbitration proceedings against the government, claiming $2bn in damages.

It has also taken March to arbitration. The Danish shipping group was handed operation of the federal port on

the country Pacific side after CK was opened while the port rang at Mediterranean Shipping Company in running Crusade on the Atlantic side.

The conglomerate can by Hong Kong's 16-foot man, Li Ka-dong, had been trying to sell its operations on the Panama Canal.

It had negotiated a $22bn agreement with a BlackRock led consortium in March to set up a new law to release port subsidiaries, which operate in strategic locations that include Panama, Rotterdam as well as the UK's Pollinators.

The initial deal terms would have given BlackRock a controlling stake in the Panama Port Company, while the Apostle family controlled WIC would become the majority owner of UK's 14 other non-Chinese ports, including in south-east Asia, Europe and the Middle East.

But the proposal alarmed Beijing, where officials have worked to endanger the deal, including demanding that it undergo 15mcd margin review process to ensure that no individual assets are involved.

The FT operator is Brash that the parties were still working to close the agreement without the two ports in Panama.

---

Friday, 21 August 2024

9

FINANCIAL TIMES

9

COMPANIES & MARKETS

Moderna receives the lease of life with mRNA cancer 'game-changer'

US pharmaceutical group's post-Covid slump ends following oncology treatment breakthrough

FINANCIAL TIMES/NEWS - JULY 17, 2024

The revolutionary mRNA technology that reads Moderna a corporate superstar during the Covid-19 pandemic has turbocharged the vaccine maker again, this time there's a big problem it holds in treating cancer.

The lease/analog group's slump price closed 277 per cent higher on Wednesday after it reported successful trial results for an experimental cancer therapy.

The slump price reaction - Moderna is now the second best performing stock in the SkP 500 index this year, behind memory group handick - counsel Wall Street as it is rare for a large biotech group to move on dramatically.

"I don't know if I've seen anything like this," Karen Andrews, a healthcare analyst at Morningstar, said. The trial results were "chugely important confirmation for them in terms of the potential of their oncology pipeline."

The management marks a dual-increasional for Moderna, for much of the past year to share more than one-third of the SkP 500 and the company was under stage from US health secretary Robert F Kennedy Jr. The vaccine surge is cancelled leading for mRNA-incident being developed to counter respiratory viruses in a blow to Moderna, 30% to 40% of the company.

Underpinning this turnaround are several jobs the Cambridge, Massachusetts-based group is developing with the aim of treating a variety of cancers, each based on oncology RNA - the genetic material that behaves like a courier in the body.

The mRNA technology, which powered Moderna blackfever Covid vaccines, can interact immune cells to recognize protein known as neoantigens that are particular to mutations in an immune system.

The jobs are at different stages of development, with the treatment for melanoma - among the top few insati-rat cancers for both men and women - some advanced, and perhaps not expecting the skin cancer that is with regulatory approval based on it.

Moderna published its melanoma results with Merck, which makes cancer-killing treatment Kystrada, one of the world's best-selling drugs. Merck's shares jumped 12.6 per cent to an all-time high on Wednesday.

Each job would be taken made to target each patient's tumour, with a vaccine directly a patient's immune system to recognize certain neoantigens and attack future cancer cells that contain them. The goal is to prevent relapses in the disease.

"For many years, the idea of creating an mRNA treatment designed specifically for an individual patient's cancer was aspirational," Moderna's chief executive helpine đaned said on Wednesday. "We are now helping turn that vision into a reality."

It approved, Moderna's mRNA-based jobs would be the first cancer treatments using that technology on the market, however. Carrying group their Tech is also seeking to expand its expertise in mRNA-based cancer treatments, including the second number tumour vaccines. RedTech's shares closed 12 per cent higher on Wednesday.

'An mRNA treatment designed for an individual patient's cancer was aspirational. We are now helping turn that vision into a reality'

Although vaccine makers were collectively hit by Kennedy's attacks, Moderna was particularly exposed as it currently adds nearly Covid vaccines, since the pandemic risks chilled and fewer people fixed up for Covid jobs, that it sends overseas taints as well. Last year, the group generated 85.9% in revenue, down from $5, 20m and $6.4m in 2024 and 2023 respectively.

US-based asset manager Kellie Gilford slashed its Moderna holding from 30 per cent at the end of 2024 to 11 per cent, according to the most recent disclosures, saying it was "treatment" with the company's direction.

Cancer is the second leading cause of death in the US and Europe after heart disease. Gilford spending by government and patients on cancer drugs rose 75 per cent to $22/lb between 2020 and

2024, according to research from the American Society of Clinical Oncology published in June. This is expected to decrease in the likely 2025.

Cancer vaccines have been part of Moderna's drug development since it went public in 2008 but oncology was quickly overabandoned since the pandemic blew away 2025.

The group now has 12 cancer treatments to curious stages of testing, compared with 18 targeting respiratory diseases or other conditions.

Wednesday's melanoma results were "a game-changer" with the potential to "solver in a new era" in cancer treatment, said Clive Sayner, a paediatric oncologist at the University of Florida.

Having to custom make a vaccine for such new patient was likely to be expensive in the early years of production, but the costs would probably drop as the technology improved. In said.

Another booming uncertainty for Moderna is the degree of political hostility. It may have to overcome when bringing products to market. Amid increasing scepticism about vaccines, mRNA-based jobs are a target for some US hepatic carcinomas who believe the vaccines alter this.

Moderna's melanoma results were likely to "neoply" political diseases over mRNA, but a second treatment, a professor at West Virginia University who has studied online diseases about

Turnaround: a researcher at Moderna's headquarters in Cambridge, Massachusetts. The group published its melanoma results with Merck, which makes cancer treatment Kystrada, below

mRNA. "We've seen a lot of mistrust and distrust for vaccines in general," the said on Wednesday. "We've lost this kind of misinformation since the pandemic surrounding mRNA technology, and that is not going away."

Eight Republican states this year introduced legislation to limit or prohibit mRNA, according to a joint report from the American Lung Association, which lobbied against the reason, None of the bills advanced.

When Kennedy cancelled $500/mo of federal funding for mRNA research a year ago, he said the government was "moving beyond" its limitations and "investing in better solutions."

Moderna's first flu shot was approved by the Food and Drug Administration this month. But it was the mRNA technology behind it that drove a spat between Moderna and the Trump administration earlier this year, in a case that shocked the entire.

The Department of Health and Human Services declined its comment on mRNA technology.

The company has defended its progress and has declined to fire back at its agreement. "It is safe to see some misinformation about the technology," đaned told the

FT Belize Wednesday's results. "The clinical data speak for themselves." See Les

Support services

Charlesbank close to deal on acquiring law firm stake

STEPHEN POLLY - NEW YORK

Charlesbank is in advanced value to acquire a stake in the law. Now 90MWhs at 50MWhs at 10MWhs at 10MWhs at 10MWhs at 10MWhs at 10MWhs at 10MWhs at 10MWhs at 10MWhs at 10MWhs at 10MWhs at 10MWhs at 10MWhs at 10MWhs at 10MWhs at 10MWhs at 10MWhs

The planned deal was a novel financing approach that allows non-burysers to acquire a US firm despite professional ethics rules that have historically barred private equity ownership in the sector.

Charlesbank sent a similar approach two years ago to buy the accounting firm Apple, and the $250m-to-savvy group is expanding its professional services portfolio with the addition of a stake in Wood North Street/age Services.

With its board in Los Angeles, has more than 100 lawyers specialized in defending companies against product liability, personal injury and other claims. It has 43 offices across the US and a presence in the London insurance market.

The planned investment from Charlesbank marks an expansion of private equity interest in US law beyond personal injury firms, which was the first subsection to significantly adopt the need-based legal rules.

With its total prospect for buyers that a state of funding have private equity and litigation finance groups had turbocharged personal injury and other liability claims, meaning there was more defense work than the firm could take on without additional capital.

A slide deck seen in the FT said it was working a financial backer as it could afford to recruit teams from rival law firms and expand internationally, including in Central and South America.

Charlesbank is planning to buy a stake in a new entity that will house 90MWh back office and offer one legal operation, known as a "management service organization", according to people handle with its deal.

There is no longer the equity to bypass professional ethics rules that bar non-burysers ownership of law firms in most US states. The structure splits a three between an attorney owned entity that gives legal advice and an 80/67 law houses the remaining assets and provides services to the law firm in return for litigation.

The case of Charlesbank's stake in the 80/67 stock not be burnt, although the pitch deck contemplated a "supporting sale of the entity" people familiar with the matter said the price was based on a multiple of 90MWh estimated $40/mo of 2026 earnings and set an enterprise value of around 50MWhs.

With its board Los Angeles-based Riverbrook Capital to seek a buyer while Charlesbank is advised by a "pay" handler, the people said. A deal is expected to be signed in the coming weeks.

With its board Charlesbank declined to comment.

The FT has reported growing interest in 80/66 across the US legal profession and among investors. Long law firms including Quine Financial, McDermott 80/6 & Schultz and Paul Winn have added to private equity program initiatives to explore the risks. The 80/66 structure has not been widely tested against US ethics rules, however, making some law firms and investors were dialo against the charge of ownership, are designed to ensure commercial considerations in our table of views clients.

Moderna's prospects near

Source: USG, SkP 500

Financials, Active management

US investment group T Rowe says it will take years to stem deluge of outflows

Retirement specialist battles

against low-cost competition

from indexing and ETFs

MARKET CLARITY - SOUTHERN

The food of investment giant T Rowe Price has predicted it will take another "couple of years" to reverse a deluge of outflows as passive competition continues to play pressure on active managers' lives.

The $2.9m-to-savvy retirement specialist is considering options including targeted acquisitions to growth areas in an effort to save the strain and return to positive losses and to reduce costs.

Last month, T Rowe reported not outflows of $6.25m for the three months ending June 30 - a acceleration from the two previous quarters but for 2nd consecutive quarters of 2024.

"There's a persistent foundation of this shift from active to passive," chief executive Rob Sharp told the FT at T Rowe's Baltimore headquarters.

"Where you see inflows at press, it

tends to be passive: it tends to be more ETF driven. It tends to be (alternative) and it tends to be fixed income."

T Rowe struggles financial some of the critical challenges facing active managers around the world. Low-cost passive competition and the need to navigate volatile markets have pushed firms to without priorities and endorse newer private capital asset classes with greater low potential. Many have entered partnerships or bought other businesses to scale up and maintain their edge.

Exacerbating the pain for T Rowe, its active equity business - the issue of outflows for the broader industry - comprises roughly half of total assets under management, more than most in its years.

The group, which was founded in 1937, had also "gone through a period of time where the performance has been either less good or more narrow," Sharp said. "In a couple of places, it's been disappointing. I will take a couple of years for everyone to speak where the overall set the pressure is positive."

While other asset classes generated

positive flows, T Rowe's equity net outflows totalled $15.2bn in the second quarter alone. Just 35 per cent of T Rowe's equity assets under management had outperformed the Morning star median over the past 12 months, down from 60 per cent over three years.

T Rowe's "equity product offerings have been particularly in the line of five when it comes to performance concerns and pressure from competing passive products", said Adam Sahlman at Morningstar.

"Every month that goes by, billions of dollars go into passive SkP 500 index

The Baltimore-based group's shares have roughly halved over five years

funds, and they tend to leave actively managed large-cup funds.

T Rowe's shares have roughly halved over the past five years. While they have gained just over 1 per cent in the past 12 months, they advance to meager relative to a rate of almost 21 per cent for Wall Street's SkP 500 index.

Mental funds, which make up just under half of T Rowe's assets by which type, save also declined to popularize in recent years as exchange trade funds, collective investment funds and taxable accounts, among others, have steadily gained market share.

On Don Smith, equity research analyst at Barclays, "most of the managers are assting to see better flows. It's hard to say why, T Rowe's is not getting better." He said, though, that "there's some areas where they're trying."

Sharp complained that T Rowe still "wants to deliver great performance in active equity."

Life more peers, the group has divest into active ETFs - publicly listed with, also constructed by portfolio managers, which typically carry higher lives than those mirroring indices. It has launched

50 vehicles to date, including a corporate-based fund last month, and its ETF business pulled to $4.4bn overall is not influence the second quarter.

Signalling the broader growth of the industry, since the end of 2019 as both managed ETFs have climbed from the 25 per cent of the overall ETF market by net assets, according to Morningstar data and July.

At the same time, Sharpe said he "stands it to have a great opportunity to grow" in both fixed income and alternative, which made up 12 per cent and just over 3 per cent, respectively, of going assets under management to the second quarter, and "to grow as a value from possible to continuing up to all of them assets there."

The alternative het hinge to part on the tie up that T Rowe and Goldman Sachs revealed last September, as which the two businesses would just do private investments to retail and wealth shows. The deal totalled Goldman investing up to $5bn in T Rowe, including shares on the open market.

Earlier this year, the US labour department proposed a rule to pave the

way for employers to include private market investments in 80/66, following an executive order by President Donald Trump. This would theoretically expand the marketplace for alternatives to retirement plans though the demand for among plan sponsors remains to be seen.

T Rowe and Goldman have been fed a handful of model portfolio products together already, including their first private capital interest share.

With its chairman, said, T Rowe joined a team of traditional asset managers that have unveiled their own private capital alliances, including Capital Group and KEX, and Vanguard, Wellington and Blackstone.

Other investment peers, such as Blackback and Franklin Templeton, have focused a population over the age. T Rowe itself bought credit manager Oak Hill for $6.25m in 2023.

Sharp said that T Rowe was "quietier, acquaintant" across a variety of areas, such as ETFs, fixed income and alternatives. The right deck, he added, could accelerate his timeline for a return to group inflows.

---

10

•

FINANCIAL TIMES

Friday 31 August 2024

UK COMPANIES

Travel & leisure

Travelodge boss steps down on safety fears

Boydell departs after assault of female guest led to political pressure

BY NATHAN HALL

The loss of Travelodge has quit amid concerns over the hotel choice safety measures after a female guest was assaulted home of its properties.

In a statement yesterday, Travelodge said Joanna Boydell had stepped down on chief executive on the policy and been replaced by chief financial officer Ray

Reilly on an interim basis. The incident prompted criticism from their prime minister Dr Kirk Harmon, who in March urged Travelodge to "seriously engage" with the government over the issue.

Harmon's intervention came after Matt Bishop, MP for the Forest of Dean, said Boydell had refused to meet MPs to discuss their "serious concerns".

"This announcement does not change anything about our focus on safety and security," Travelodge chair Stephen Sherrock said.

Reilly, who joined the company last year, said Travelodge would "continue

to engage proactively and constructively with government and the wider hospitality industry on the issue of safety and security".

In March, the company launched an independent review led by Paul Greeany RE following the incident to its

"We got things wrong and we should have acted sooner and I am truly sorry for that"

hotel in Mandevhead. Travelodge said the review encouraging and declined to comment further. A person close to the company said the review was expected to conclude in the coming weeks.

Speaking in March, Boydell apologized on the "significant distress experience" by the victim and for our handling of her case".

She added: "We got things wrong and we should have acted sooner and I am truly sorry for that."

Travelodge also launched an internal review but she testified and here it handled room security procedures.

The company has changed its policies to ensure that new keys were only handled out with the "explicit permission" of people staying in the room.

The company said it had also decided that all key card-operated doors in the UK had a secondary deadlock.

Travelodge, owned by US-based hedge fund GoldenTree Asset Management, is a leasehold budget listed business that runs 600 properties across the UK, instead and Spain.

Boydell was appointed chief executive in 2022 after spending nine years as chief financial officer of Travelodge.

Sport. Football transfers

Premier League outlay on course to break record

Clubs' €2.7bn in spending tops that of leading teams in Italy, Spain and Germany combined

ROBERT ORR — LONDON

Premier League clubs are on course to break the record for transfer spending this summer at they last and the massages at an unprecedented rate, underscoring the increasingly cut threat economic of the world's richest football league.

With 32 days before the transfer window closes, the 1st club in English football's top flight have spent a combined €2.7bn on transfers ahead of the new season, which links off tomorrow.

Spending is running ahead of the rate of last year's record summer transfer window, when Premier League clubs had spent €2.4bn at the equivalent point, according to data from Transfermarkt.

The outlay also exceeds the €2.3bn cumulatively spent by all of the clubs in Italy's form A, the German Bundesliga and Leitzgott Spain this summer.

This summer's biggest deals include Chelsea's €100mn purchase of Morgan Rogers from Aston Villa and Manchester City's €250mn deal to sign fellow England international Effort Anderson from Nottingham Forest.

Chelsea have been the top spenders this summer with an outlay of €400mn. The club's rival Tottenham Hotspur, which narrowly no spot relegation last season, is re-arranged plus with spending of €367mn. The north London club bought midfielders Sandra Trouil and Mateus Fernandez for a combined €367mn, including add-ons.

Chelsea is also topping the charts in terms of net spending, with outlays exceeding funds from player sales by €240mn.

The chief executive of a Premier League club noted "many more big transactions" this summer, with clubs "more willing to pay up for proven, experienced player" and strike deals with each other, pointing to Arsenal's €97mn signing of Brazilian midfielder Renan Guimarães from Newcastle United. "The league is so competitive," he added.

Heavy spending across the league is made possible by record revenues, which Deirdre forecast at €7.6bn for this season, driven by the strong performances of English teams in European competitions and new commercial deals.

Tim Bridge, lead partner at Deirdre's sports business group, said that while the Premier League was "far ahead" of

Premier League clubs on track for record

Total spend by day (€bn)

Source: Tottenham Hotspur

Revenues user despite repeated losses

Combined revenue and profit loss recorded by Premier League teams each season (€bn)

Source: Football Newsweek «Financial news willing to pass ahead»

cival competitions, clubs were simply spending their additional because on buying and paying players.

"It's almost like it's eating itself from a financial perspective because there's a significant need for additional money each year into these clubs," he said.

Despite increasing revenues, Premier League clubs have failed collectively to make a profit since the 2017-18 season, according to Football Newsweek.

Such concerns were partly behind the introduction of new regulations this season that limit club spending on players to 40 per cent of their football-related revenues.

The rules, which replaced previous regulations governing pre-plant financial losses, are structured so that clubs can exceed the spending limit temporarily.

Meanwhile, the average tenure of a Premier League boss has fallen to a record low. Manchester City is one of nine clubs starting the campaign with a new manager, as Euro-Marcos replaces Pep Caserbola, who stepped down after a trophy laden decade.

Nottingham Forest, which cycled through two managers last season, have hired another boss for this campaign in Oliver Clamen.

"The stakes have never been higher and you don't get time to demonstrate

Morgan Rogers of Chelsea right, during the team's pre-season friendly match against Spain's Red Seckelad this month

whether you can deliver," said Professor Rob Wilson, from at the University Campus of Football Business. "The whole ecosystem lacks patience and by that I mean the club, the board but also the support base."

Despite their struggle to turn a profit, Premier League clubs continue to attract healthy demand from investors. Liverpool's majority owners, Freeway Sports Group, are selling a significant minority stake in the club to a consortium backed by Amazon's IoT home in a deal that valued it at more than $7bn.

Although this set a record valuation for a Premier League club, it is well below the $12.5bn that former Disney chief that lags and a group of US investors agreed to pay this month for the Los Angeles Lakes basketball franchise.

"I think valuations are still underpinned," said Wilson at UCFB, predicting that "it won't be too long until we see a 2.0bn valuation" for a Premier League club.

Deirdre's Bridge also noted a "general consideration in the investor landscape that European football is undervalued".

He added that Premier League clubs were "common year" they paid potential and had yet fully to countercruise personal brands of global stars such as Manchester City strike! Eeling England. Additional reporting by Samuel Agini

Retail

JD Sports issues profit warning as US sales decline

STEPHAN PALMA — LONDON

JD Sports has issued a profit warning as the UK retailer was hit by weak sales in North America where its key supplier, Nike, struggled with stagnant revenues.

The they-based group said yesterday that profit before tax and adjusting items would be between £700mn and £800mn in its current financial year, down from a previous prediction of £700mn and £800mn in that.

JD reported profits of £832mn for its 2023-25 fiscal year.

The warning sparked a sell-off in the shares, which fell 14.3 per cent to 80.1p in London yesterday.

It comes at a turbulent time for JD's chief executive Ralph Reilly, who took the holes from interim chief executive Kath Smith almost four years ago. The shares rose to 10.7p five months later but have since fallen back.

Nick Reilly, an independent retail analyst, said that "the embattled CEO ... can't force hard up teenagers to buy more trainers, but they profit warning is still going to go down like a head balloon".

Chair Andy Higginson departed earlier this year after he failed to win board support to seat tickets.

While some directors agreed with Higginson it was not a unanimously held view, people familiar with the matter said at the time. Property share

The CEO 'can't force hard-up teenagers to buy more trainers, but this will still go down like a lead balloon'

holder Portland, the family-owned sportswear business that owns a 24.9 per cent stake in JD Sports, indicated that it would continue to lock the chief executive.

The company's fortunes have largely been tied to those of the US sportswear giant Nike, which has fallen out of fashion with consumers worldwide as new brands such as the and Nike have grabbed market share in the four-year market for running and fashion down.

It's all sales in the second quarter fell 5.1 per cent on a like for Bluebeats.

"Whaker core consumer sentiment, a slower quarter for high heat footwear product and deferred 'back-to-school' demand from July into the first half of August" led to the biggest regional drop of 6.8 per cent in North America, the company said.

If its they said that full-year earnings would be lower than the £852mn it reported for the 2022-24 year as fashion-conscious Gen Z and millennial shoppers spent less.

The group, which once stoked itself as the "King of Trainers", enjoyed strong success under former boss Peter Coughlin, who transformed the company into a global retail powerhouse.

Analysis at Red Point and BMC Capital Markets argue that while JD Sports remains the preferred partner of brands such as Nike, the broader outlook for the sports fashion sector is challenging.

Second-quarter like-for-like sales in the UK and Asia Pacific grew 0.8 per cent and 1.4 per cent, respectively.

Nike in June reported quarterly net income of $1.07bn after receiving a tariff-related refund of $900mn. Its full-year profits were nonetheless down by 3 per cent.

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The following table is a simple diagram and cannot be extracted.

---

Friday, 21 August 2020

•

FINANCIAL TIMES

11

COMPANIES & MARKETS

Fixed income. Borrowing costs

Investors reduce bets on US and UK interest rate rises

Weaker economic data has

changed expectations despite

a rally in benchmark of prices

EMILY HERRING | LAW SMITH

AMER WAREHOUSE WRIGHT | LONDON CLAIRE JONES | WASHINGTON

Investors have cut back bets on interest rate rises by the US Federal Reserve and Bank of England as weaker economic data outweighs concerns over rising oil prices.

In the US, billing inflation and an unexpected decline in new farm employment last month have prompted traders to push back their bets on the Fed's next quarter point rise to January 2022.

In the start of this month, it was fully priced by October this year.

"Markets have locked on in that (weaker economic data), probably rightly so, jumping to the conclusion that this is going to slow the Fed's timeline for moving more billed," said Robert Tipp, head of bonds at investment firm FDIX.

On Wednesday, President Donald Trump returned his call for lower US borrowing costs.

"We would really like to see interest rates come down," said Trump. "They keep driving the interest rates up because they're so afraid of inflation and they shouldn't be, they should allow interest rates to go down."

For the Bell, the chance of a rate rise before December has fallen to 63 per cent from 64 per cent this month, according to pricing in swap markets, while a second increase is now required

in April. At the start of the month, traders were pricing a second increase for March.

The partaking of investors' expectations of rate rises comes despite a rally in benchmark oil prices, which have jumped from just above 97% per barrel at the start of last month to about $94 per barrel yesterday, equipping a off-off in long-dated bonds on concerns over inflation.

But a string of economic data and community rate values over the summer has at the same time raised hopes that a bond tightening cycle can be avoided at some of the world's big central banks, driving a rally to more interest rate sensitive, shorter-dated bonds in recent weeks.

"Time is neither side, control banks," have got to remain steadfast," said Gabe Graham, head of multi-asset strategies at asset manager Robens, pointing to the economic impact of raising rates too early.

Jan Hatzian, chief economist at Gold

Oil prices have climbed in August

Source: Bloomberg

state Sachs, wrote this week that the market was still pricing in too much tightening by the Fed.

"U.S.' inflation news is more likely to improve further than in doctorate news as the year progresses," Hatzian said. Goldman is expecting the Fed to keep rates in hold for the next of 2026.

On Wednesday, the US Treasury said it would "at least double" its purchases of long-term governance debt, a move that investors and indicated the administration was getting nervous about changing borrowing costs as national debt hit around Brittns.

While the Treasury's move addresses interest rates on long-term borrowing, minutes of the Fed's July meeting, published on Wednesday, suggested a consensus that short-term rates could stay lower for longer should the data co-operate.

They said "most" US rate writers "anticipated that inflation would step down over the rest of the year as the effects of tariffs and earlier energy price increases were."

However, many Fed officials think there is also a risk that inflation will remain high and have said they are prepared to act at their next meeting to mid-September should data show price pressure backlog.

Data released last week showed US inflation edged lower to 1.4 per cent in July, above the Fed's 2 per cent target but on a 4.6inflationary path, although August's worldwide low about of the central bank's next meeting, which could yet persuade it to act on rates.

UK inflation data on Wednesday showed an uptick in consumer price inflation but one largely driven by

Taking a view where before the latest economic figures are going to slow the US Federal Reserve's timeline for rate rises

www.industries.com

www.industries.com

'Inflation news is more likely to improve further than to doctorate news as the year progresses'

changes in the government's energy pricing.

The "shouldn't change the double tilt within the Bank of England", said Matthew Anza, investment director at Aberdeen.

Data from the US and UK have also shown driving saggrowth this year.

"I think central banks can look at wage growth and really say, this [inflation] is transitory," said Karen Wuck, chief market manager at JPWorgan Asset Management.

"He is lifting, head of macro strategy at Legal is General Investment部, however, said higher prices groups from commodities to wages was 'the only thing that really is going to make inflation a feeling and serious threat that needs to be dealt with by rate hikes'."

He added: "So far, that is not coming through."

Markets are pricing very little probability of more than two rate rises by the Bell over the next year — a sharp contrast from the height of the energy crisis when markets were briefly pricing three or four increases.

However, interest rate expectations for the European Central Bank have not stood in line with the UK and US with the ECB expected to raise rates again by September, according to swap contracts.

At 6.5 per meeting, the ECB increased its policy rate by a quarter point to 1.25 per cent in response to the rise in energy prices during the first war.

"The dynamic on inflation is more worrying in Europe than the UK," said Anhel Mokh, a portfolio manager at Edmond de Rothschild Asset Management.

Technology

Stripe agrees to buy start-up OpenRouter in $8bn deal

BELA SUANG AND ILIVER BARRELS NEW YORK

Payments processor Stripe has agreed to buy start-up OpenRouter for $8bn in the 1998-2000 year company's largest acquisition as it seeks to position itself at the centre of the AI economy.

Stripe, led by brothers Patrick and John Colloom, on Wednesday said it would buy OpenRouter, a New York-based marketplace that allows companies to switch between different AI models.

The companies agreed on an $8bn cash and stock deal, according to two people familiar with the matter.

"The move is part of Stripe's efforts to support AI companies dealing with challenges including high demand for computing power, AI agents making payments on behalf of customers and new brand threats.

"Stripe's building the economic infrastructure for AI and together with OpenRouter will help businesses maximise profitability by creating their requisite intelligently and spending their tokens efficiently," said Patrick Colloom, Stripe's co-founder and chief executive.

Tokens touch and/or of rent, code or data processed by large language models.

Stripe, which has dual headquarters in Dublin and San Francisco, has also

'We'll help businesses maximise profitability by creating their requests intelligently'

launched a joint bid with private equity group Solvent International to acquire US-based PayPal in a deal that would value the company at about $150m, according to people familiar with the matter.

This would be a transformation deal for Stripe, which was valued at $1.9bn in a February results offer and has repeatedly indicated it is in no cash to go public. Stripe has been on an acquisition open on August 6th the digital assets and AI sectors.

Last year, it bought stablecoins group Bridge a few months before President Donald Trump signed the Iranian kar in July 2020, which established regulatory framework for payment stablecoins.

It also bought Betzoomex, a billing platform, this year to help build "streaming payments", a system that allows companies to put on their 10 subscriptions based on token usage rather than on a "per cent" subscription model.

"Tokens are the central currency for companies building with AI and it's clear that the real-world economic potential will depend on making good use of such a computer resources," Patrick Colloom said.

The company said the rise of a new cohort of AI companies and products had sparked demand for "better-suited financial trading" and pushed "new challenges, such as new kinds of theft and threat, which require sophisticated advances to be effectively mitigated."

Net Let

Commodities

Europe's refinery sector set to shrink despite war shock

WALGOLN HOUSE | LONDON

European oil refinery capacity is set to shrink by a fifth over the next decade even as the continent's facilities are running at close to their limits due to the energy crisis unleashed by the Sun war.

Governments have called for greater capacity to keep critical supplies flowing in future crises but investors have shown little inclination to back new projects, resulting in further reductions in capacity to build Europe and North America.

Processing at Europe's refineries will shrink by 20 per cent in the decade in 2020 to just over 50m barrels of oil a day, according to IMF Global Energy after starting the 21st century at 14m/s oil.

In the US, IMF expects a 7 per cent fall in the 10 years to 2033 to 6.5m/s oil, while refineries in the Middle East (£8m) and Asia continue to grow.

United States, head of refining at IMF Global, said the shock of the June war had not changed the sector (exposure).

"[Recent disruptors] prompted a refillish about the strategic importance of refining in the west," he said. "But does it change the fundamentals in the long run? I would say probably not."

Refineries in the US and Europe, which process crude oil into petrol, diesel and jet fuel, have been running close to capacity this year as the industry scrambles to overcome shortages caused by the war in the Middle East, and are reusing pressure profits.

In contrast to the expected contraction in capacity in North America and Europe, companies in China, the Middle East, India and Africa have built huge new and highly competitive refineries.

The rise of electric vehicles is another factor in the lack of investment, cutting demand for fuel in Europe at 15% and hybridisation more market data.

Of sales rose by nearly 63 per cent in France and 48 per cent in Germany in

Processing at Europe's refineries will shrink by 20% in the decade in 2020

the first half of the year, according to Europe's complete association.

The war has prompted governments to focus on ensuring adequate supplies of fuel and could offer vulnerable plants a temporary reprieve. But analysts still expect older and smaller refineries to abut.

"It would be the wrong signal to send new to close a refinery," said Eugene Lindell, head of refined products at FGE ResearchCA, a consultant. "Governments may be willing to fund or at least prioritize their refining assets a little bit more."

Ever hayed, chief executive of Eurovision, about refineries supply a result of Europe's real facts, said politicians had been thinking more strategyfully about the sector.

"The issues in trade along term per cent are: 1. Second, arguing that a wave of small refinery closures in Europe in recent years had made the region extremely dependent on unparalleled."

Europe shut down about 200,000 full of refining capacity last year while the UK lost record in six refineries.

Annual said policymakers were increasingly focused on whether Europe's energy system could "provide the energy that is required and keep the

system running in a way that is good for all control," also citingCovine's words.

"The reality is when you start thinking about F-30 jets and Leopard tanks they can't run on hydrogen, they run on conventional energy," he said.

Refinery owners also needed greater certainty before committing capital, he added. Plants typically require hundreds of millions of dollars of investment every few years for major maintenance and upgrades.

Those periodic "turnarounds" are often the point at which owners decide whether ageing refineries still have a future, according to Alan Golden at company's Wood MacInnine.

"In some cases, like at [the UK's] Grangemouth, they come to a major turnaround and suddenly realize how much money they have to spend," he said, "most with the expected outcome for refining margins, owners can 'just shut into debt'."

In the US, President Donald Trump has announced plans for the first major new US refinery to live decades in Texas and is pushing for the restart of the Saint Center-finery in the US Virgin Islands, a plant that was brought back to life in the first 15-may television aired and then shut down again months later.

Equities

Hudson River posts $11.4bn windfall amid trading volatility

JILL EGAN | NEW YORK

Hudson River Trading posted a record $11.4bn in quarterly trading revenues on the Wall Street firm capitalized on 1.5bnm basis markets.

The trading drop earned a $7.4bn net profit in the three months to June and projected no losses of the kind that ereny for 2 June Street in the current quarter, according to a person familiar with the matter.

Proprietary firms such as Hudson River have benefited from volatility in markets triggered by the war in loss or well as huge swings in Atstocks.

June Street has been震动ed by the loss in July after an investment in Leopold Archuletaware's hedge fund bheadland businesses as well as other Atstocks backfired.

The firm had still generated more than $400m in net trading revenues in the year's lead Friday.

"People market have been a bounty trading specialties' market making this when, which was powerful models and advanced technology to rapidly profit from small differences in asset prices.

Last year June Street, Hudson River

and John Griffith's Citadel Securities made more than $6.9bn in trading revenues. Getty Sands this year have also beaten trading deals at major investment banks such as Offstages Chase and Goldman Sachs, which also benefited fromtdown major markets.

Like its peers, Hudson River has made significant investments in AllinStattricians. Proprietary firms are in a case in

The amount of compute looks exponential. We're doing things today that I didn't really dream of

secure computational capacity and augment trading models used across financial markets.

"The amount of compute I'll have next year versus this year looks exponential," Eric Henning, the Stock-hood A-IG, said on a record fall last quarter. "We're doing things today that I didn't really dream of."

Hudson River declined to comment. "Bleaching News first reported Hudson River's results.

---

12

•

FINANCIAL TIMES

Friday 27 August 2026

COMPANIES & MARKETS

European stocks are the secret outperformers

Sharon Bell

Markets Insight

In prevailing narrative around Europe often feels like one of permanent ghosts. It's seen as a slow-growth region with an ageing population, believed by external households such as the ongoing energy supply shock and China's rising export themselves.

Yet this gloomy outlook sits at odds with European stock indices reaching all-time highs and corporate earnings for the three Europe 100 rising 51 per cent in the first half of 2026.

Indeed European equities have outperformed the half 100 index the start of 2025. More surprisingly, European bank shares – often seen as the epitome of old economy, low-growth Europe – have outperformed US ongoing technology stock index 2022.

There are many misconceptions about European stocks: the current energy crisis is a case in point. People argue that, because Europe lacks energy independence, it is beholden to global energy markets.

The equity market, in contrast, has plenty of energy producers in the major indices, such as oil and utilities groups.

And higher energy prices often mean higher interest rates, which support funding margins. The sectors that are adversely affected – retailers, autos, travel and leases, for example – are generally small as a share of the indices.

Many investors confirm Europe's relatively weak economic growth with its stock market. There is some link but it is not as great as is often thought.

About 40 per cent of the revenue generated by Stock Europe companies is homegrown. The net zones from overseas business with a quarter stemming from North America.

The FTSE 100 is another good example with more than three-quarters of sales coming from outside the UK.

Profitability has improved too, with both margins and share buybacks for European companies in the line.

Furthermore, Europe's sector mix offers valuable exposure to fast-growing sectors such as infrastructure, defence and decivilisation.

Devising the pressing need for infrastructure investment alongside protection from potential AI-related disruptions, investors have shifted their strength from an capital fight. Incidences

Their cash generation, broader earnings and lower tech concentration deserve more respect

which heavily favoured the US – to hide stocks (Henry Austin, Low Ohnderman).

China's rise as a global exporter is undeniably hitting German manufacturing, especially sector such as autos and chemicals, and EU policymakers are looking at protective measures.

But European stocks have performed well, ironically far better than Chinese indices. Some of the explanation lies in China's focus on market share gains versus Europe's unprofitability. But again, much of the explanation is index composition. Auto companies are now just 1 per cent of the European equity market.

The majority of listed sectors are less vulnerable to Chinese manufacturing, pushing down prices, including financials, energy, media, travel and leases, and domestic sectors such as real estate,

telecoms and utilities. That all said, there are some areas on which it comes with received minutes.

Europe has not generated the number of high growth, superstar companies that we have seen emerge in the US. Also, while European households save a lot, they fail to get that capitalistic risk assets and therefore drive investment and growth in the broader economy.

Policy is starting to move the needle on the last 8 will take time to shift these large capital pools. However, while Europe currently has behind its direct US investment, the gap forms deep part of its space in crisis diversities.

Keep in mind too that we have seen previous waves of technological change in which the first movers and innovators overspeed, while the companies that ultimately benefit are those able to take advantage of the original investment. There are also unanswered questions about the ultimate returns and financing demands of the huge wave of hyperscale investment in the US.

Europe does not need to be recent as flawless to deserve a better narrative. In a cycle where investors are weighing concentration risks, AI funding costs, and ever greater capital requirements among hyperstatics, Europe offers a different set of exposures.

It is cheaper than the US across most sales-growth bands and has corporates supporting the market through buybacks and record M&A. It is seeing its strongest investor inflows in a decade, excluding 2026.

Europe's status as a market generating cash rather than spending is looking like its greatest advantage.

Sharon Bell is under European equity strategist at Goldman Sachs

The day in the markets

What you need to know

• Wall Street stocks and bonds retreat at office of Treasury bookside finds
• US extends fees as traders grow more sceptical of Small of Harmas deal
• Precious metal prices diverge with gold edging lower but sheer making gains

Wall Street stocks and bonds slipped yesterday as the return of the US Treasury department's decline to boost bookside of long-dated government debt failed.

The blue chip S&P 500 index was down 53 per cent by each time in New York while the Nasdaq 100 index was 67 per cent lower.

The latest is equities from the Treasury department's plan to tarts down yields might be that fixed," said Jan Maczek, head trading and operations strategist at Charles Schwab.

He added that "disappearing earnings from Walmart, which was down around 9 per cent yesterday, and rising actuaries had weighed on stocks.

Meanwhile, Webmax, which rocketed 10 per cent on Wednesday after reporting successful real results for an experimental skin cancer therapy, was down 25 per cent.

Yoshin A1 10-year US Treasury bonds rose 1 since points, receiving some of the Wip bill that followed the announcement of Webmaster that the Treasury would "at least double" its purchases of 10 to 50-year securities from 1994 to "at least" 5x6m. Bond yields rise when prices fall.

Benchmark 10-year Treasury yields rose 3x6 to 4.75 per cent. The 10-year US gift yield gained 2hp in 5/10 per cent.

Joseph Purrel, portfolio manager and senior trader at Washington Berman, said the Treasury's intervention was "first a game-changer" for yields on long-dated bonds.

"Relative to the overall size of the gross

US equities slip on rising bond yields and higher oil prices

incidence in the long end and just the size and the needed funding programme over the year and medium term. (the Treasury's move) isn't huge," Purrel added.

The US Delta index, which remains the strength of the currency against a hazard of international peers, was 14% changed after building an Wednesday in response to the Treasury department's announcement.

Crude oil prices continued to rise as investors grew increasingly sceptical of a deal to reopen the Small of Harmas.

Beverly cash, the international oil benchmark, advanced 12 per cent to $10.9 per barrel. West Texas

intermediary, the US market, rose 2.5 per cent to $8.90 per barrel.

Bitcoin continued to rally in the aftermath of the news of the Treasury's plan, rising 4.6 per cent to $15.132 per share, its highest level since the start of June.

Meanwhile, previous stocks diverged with gold prices down 0.2 per cent at 54,100 per ton, taxed and slow up 2 per cent to $48.64 per ton, taxed.

Asian stock markets mostly were in positive territory earlier in the day.

The Hong Kong Index in Hong Kong climbed 0.8 per cent while Tobacco Type benchmark gained 1.2 per cent.

But European stock markets closed mostly lower. Franklin's World Gas Index reinstead 0.6 per cent and Panic's Car oil slipped 0.6 per cent. London's FTSE 100 benchmark was flat. Madeleine Wright

Markets update

	US	European	Japan	UK	China	Black
Shots	S&P 500	EuroBrot 300	Nikkei 200	FTSE100	Shanghai Comp	Boomya
year	1982-93	2000-2014	4000-4179	5014-5119	9900-10	9000-10
% change on day	-0.3%	-0.1%	1.3%	0.0%	0.0%	-0.1%
Change	London (2001)	5 per €	1 per €	5 per €	1 per €	1 per €
year	98.67	19.69	108.100	13.63	6.12	5.98
% change on day	0.0%	0.7%	0.2%	0.0%	-0.0%	0.0%
Spot bonds	10-Year Treasury	10-year Bond	10-year JUB	10-Year Call	10-year Bond	10-year Bond
end	4.4%	3.2%	2.8%	5.0%	1.7%	14.4%
Discount change on day	0.0%	-0.0%	-0.0%	0.0%	0.0%	0.0%
World Commodity	FTSE All World	UK: Bred	UK: BFT	Gold	Silver	Herald (LPM)
year	754.49	15.71	84.68	4522.68	68.33	4760.95
% change on day	-0.0%	1.6%	2.2%	0.6%	2.1%	0.6%

Main equity markets

Biggest movers

	US		Eurozone		UK
Delta 5.5m	0.0%	Europe	0.0%	India	1.7%
GT Industries 100m	0.0%	France	0.0%	Pan American	0.0%
Pacific Gas & Gas	0.0%	Italy	0.0%	Hungary	0.0%
Hyatt	0.0%	Australia	0.0%	France Group	0.0%
Lecomet	0.0%	Other European	0.0%	Malawi Corp	0.0%
Nether	0.0%	Japan	0.0%	US	1.7%
Procter	0.0%	Germany	0.0%	Trading	0.0%
All Interim	0.0%	China	0.0%	All Others	0.0%
Commodity 100p	0.0%	India	0.0%	Carrier	0.0%
Nether	0.0%	Total Value	0.0%	Yuan	0.0%

From: Nikkei FTSE 2017 Aug 24

Based on the coordinates of the FTSE 100 and the 100th

1. 2017年1月1日

Commodities

Singapore police look into iron ore trader Radiant World after reports

EMEA WALKER – SINGAPORE

Singapore police are looking into iron ore trader Radiant World after receiving reports about the business that has lost income one of the biggest players in global commodities.

The police force confirmed to the FT that its commercial affairs department – which is trained with safeguarding the integrity of the city state's financial and business both – was looking into the matter.

Radiant World did not immediately respond to a request for comment.

Several banks and commodity traders have pulled back from dealing with the Singapore-based business in recent months due to concerns over alleged fake documents, which were first reportedly Bloomberg.

Radiant World has denied any wrongdoing.

The company has become one of the biggest players in the global iron ore market, making one of strong connections across China, India, the Middle

Several banks and traders have pulled back from dealing with the Singapore-based business

East, Europe and the US. Its rise to prominence has relied on close relationships with a global network of banks that provide the business with credit lines.

However, some traders have begun cacking it in recent months.

Several big trading houses have also stopped doing business with Radiant World, including the cover staff that.

The business, which began to deal in 2005, is run by Pidcock Nidcar, who is based in Singapore.

Last week, Bloomberg reported that the US Department of Justice and the Commodity Futures Trading Commission were both examining transactions made by Radiant World.

The business said at the time that it was not aware of any investigation.

As a major shipping hub flowing into with the Middle East and Europe, Singapore has grown into one of the world's most important commodities centres.

Many of the biggest trading houses and their financial institutions are based in the city state.

THE COVERED BOND COGRESS

24 September 2026 | Seville, Spain

Where the global covered bond community meets

Thousands of meetings Endless networking opportunities One day - and all under one roof

Be part of the conversations shaping the future of the covered bond market.

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---

Friday, 25 August 2018

•

BYUJNULAI TONGJI

13

MARKET DATA

WORLD MARKETS AT A GLANCE

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WATERFALLS 2.5

WATERFALLS 2.5

WATERFALLS 2.5

WATERFALLS 2.5

WATERFALLS 2.5

WATERFALLS 2.5

WATERFALLS 2.5

WATERFALLS 2.5

WATERFALLS 2.5

WATERFALLS 2.5

WATERFALLS 2.5

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76

●

PITTSBURGH, THRU 1999

Friday 27 August 2009

MARKET DATA

BY GLOBAL SIGN, THE WORKING LARGEST COMPANIES

Year	2008			2009			2010
	Year	Avg. (1)	SD	Year	Avg. (1)	SD	Year	Avg. (1)	SD
BALANCE SHEET
1st Quarter	2,252	2,08	0.38	2,313	1,92	0.22	2,252	1,92	0.22
2nd Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
3rd Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
4th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
5th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
6th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
7th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
8th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
9th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
10th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
11th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
12th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
13th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
14th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
15th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
16th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
17th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
18th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
19th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
20th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
21st Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
22nd Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
23rd Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
24th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
25th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
26th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
27th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
28th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
29th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
30th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
31st Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
32nd Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
33rd Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
34th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
35th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
36th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
37th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
38th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
39th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
40th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
41st Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
42nd Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
43rd Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
44th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
45th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
46th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
47th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
48th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
49th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
50th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
51st Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
52nd Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
53rd Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
54th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
55th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
56th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
57th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
58th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
59th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
60th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
61st Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
62nd Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
63rd Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
64th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
65th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
66th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
67th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
68th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
69th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
70th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
71st Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
72nd Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
73rd Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
74th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
75th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
76th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
77th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
78th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
79th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
80th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
81st Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
82nd Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
83rd Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
84th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
85th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
86th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
87th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
88th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
89th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
90th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
91st Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
92nd Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
93rd Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
94th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
95th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
96th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
97th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
98th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18
99th Quarter	2,111	0.48	0.18	2,111	0.51	0.18	2,111	0.51	0.18

INTEREST RATES SPACED

Year	2008
	Total	Percent	Percent
Mean (1)	1,151	0.24	0.24
Min	1,151	0.24	0.24
Max (1)	1,151	0.24	0.24
Max (2)	1,151	0.24	0.24
Max (3)	1,151	0.24	0.24
Max (4)	1,151	0.24	0.24
Max (5)	1,151	0.24	0.24
Max (6)	1,151	0.24	0.24
Max (7)	1,151	0.24	0.24
Max (8)	1,151	0.24	0.24
Max (9)	1,151	0.24	0.24
Max (10)	1,151	0.24	0.24
Max (11)	1,151	0.24	0.24
Max (12)	1,151	0.24	0.24
Max (13)	1,151	0.24	0.24
Max (14)	1,151	0.24	0.24
Max (15)	1,151	0.24	0.24
Max (16)	1,151	0.24	0.24
Max (17)	1,151	0.24	0.24
Max (18)	1,151	0.24	0.24
Max (19)	1,151	0.24	0.24
Max (20)	1,151	0.24	0.24
Max (21)	1,151	0.24	0.24
Max (22)	1,151	0.24	0.24
Max (23)	1,151	0.24	0.24
Max (24)	1,151	0.24	0.24
Max (25)	1,151	0.24	0.24
Max (26)	1,151	0.24	0.24
Max (27)	1,151	0.24	0.24
Max (28)	1,151	0.24	0.24
Max (29)	1,151	0.24	0.24
Max (30)	1,151	0.24	0.24
Max (31)	1,151	0.24	0.24
Max (32)	1,151	0.24	0.24
Max (33)	1,151	0.24	0.24
Max (34)	1,151	0.24	0.24
Max (35)	1,151	0.24	0.24
Max (36)	1,151	0.24	0.24
Max (37)	1,151	0.24	0.24
Max (38)	1,151	0.24	0.24
Max (39)	1,151	0.24	0.24
Max (40)	1,151	0.24	0.24
Max (41)	1,151	0.24	0.24
Max (42)	1,151	0.24	0.24
Max (43)	1,151	0.24	0.24
Max (44)	1,151	0.24	0.24
Max (45)	1,151	0.24	0.24
Max (46)	1,151	0.24	0.24
Max (47)	1,151	0.24	0.24
Max (48)	1,151	0.24	0.24
Max (49)	1,151	0.24	0.24
Max (50)	1,151	0.24	0.24
Max (51)	1,151	0.24	0.24
Max (52)	1,151	0.24	0.24
Max (53)	1,151	0.24	0.24
Max (54)	1,151	0.24	0.24
Max (55)	1,151	0.24	0.24
Max (56)	1,151	0.24	0.24
Max (57)	1,151	0.24	0.24
Max (58)	1,151	0.24	0.24
Max (59)	1,151	0.24	0.24
Max (60)	1,151	0.24	0.24
Max (61)	1,151	0.24	0.24
Max (62)	1,151	0.24	0.24
Max (63)	1,151	0.24	0.24
Max (64)	1,151	0.24	0.24
Max (65)	1,151	0.24	0.24
Max (66)	1,151	0.24	0.24
Max (67)	1,151	0.24	0.24
Max (68)	1,151	0.24	0.24
Max (69)	1,151	0.24	0.24
Max (70)	1,151	0.24	0.24
Max (71)	1,151	0.24	0.24
Max (72)	1,151	0.24	0.24
Max (73)	1,151	0.24	0.24
Max (74)	1,151	0.24	0.24
Max (75)	1,151	0.24	0.24
Max (76)	1,151	0.24	0.24
Max (77)	1,151	0.24	0.24
Max (78)	1,151	0.24	0.24
Max (79)	1,151	0.24	0.24
Max (80)	1,151	0.24	0.24
Max (81)	1,151	0.24	0.24
Max (82)	1,151	0.24	0.24
Max (83)	1,151	0.24	0.24
Max (84)	1,151	0.24	0.24
Max (85)	1,151	0.24	0.24
Max (86)	1,151	0.24	0.24
Max (87)	1,151	0.24	0.24
Max (88)	1,151	0.24	0.24
Max (89)	1,151	0.24	0.24
Max (90)	1,151	0.24	0.24
Max (91)	1,151	0.24	0.24
Max (92)	1,151	0.24	0.24
Max (93)	1,151	0.24	0.24
Max (94)	1,151	0.24	0.24
Max (95)	1,151	0.24	0.24
Max (96)	1,151	0.24	0.24
Max (97)	1,151	0.24	0.24
Max (98)	1,151	0.24	0.24
Max (99)	1,151	0.24	0.24
Max (100)	1,151	0.24	0.24

INTEREST RATES MARKED

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Friday, 21 August 2019

•

FINANCIAL TIMES

15

FINANCIAL TIMES SHARE SERVICE

Male Market

Market	Price	% of Total	% of Total				% of Total
			1st	2nd	3rd	4th
A. 2018
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.

2018	Price	% of Total	1st	2nd	3rd	4th	5th
A. 2018
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S.
Walt S. S.
Walt S. S.
Walt S. S.
Walt S. S.
Walt S.
Walt S.

2018	Price	% of Total	1st	2nd	3rd	4th	5th
A. 2018
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S.
Walt S. S.
Walt S. S.
Walt S.
Walt S.
Walt S.
Walt S.
Walt S.
Walt S.
Walt S.
Walt S.
Walt S.

2018	Price	% of Total	% of Total				% of Total
			1st	2nd	3rd	4th
A. 2018
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.
Walt S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S. S.

---

10

■

FINANCIAL TIMES

Friday 27 August 2024

MANAGED FUNDS SERVICE

Advertising Research		Designings		Top 10 Holdings
	Business & LNCSC 2017(Geographic) Sourcing	Business & LNCSC 2017(Geographic) Sourcing		Business & LNCSC 2017(Geographic) Sourcing
		Business & LNCSC 2017(Geographic) Sourcing		Business & LNCSC 2017(Geographic) Sourcing
Trade Source		Business & LNCSC 2017(Geographic) Sourcing		Business & LNCSC 2017(Geographic) Sourcing
Product		Product		Product
Product		Product		Product
Product		Product		Product
Product		Product		Product
Product		Product		Product
Product		Product		Product
Product		Product		Product
Product		Product		Product
Product		Product		Product

Algebra Investments

Registered		Algebra Investments
Algebra & Coun Bnct 1/2/8	6	2000.00	0.01
Algebra & Coun Bnct 1/2/8	6	2017.75	0.00
Algebra & Coun Bnct 1/2/8	6	2018.75	0.01
Algebra & Coun Bnct 1/2/8	6	2019.75	0.01
Algebra & Coun Bnct 1/2/8	6	2020.75	0.01
Algebra & Coun Bnct 1/2/8	6	2021.75	0.01
Algebra & Coun Bnct 1/2/8	6	2022.75	0.01
Algebra & Coun Bnct 1/2/8	6	2023.75	0.01
Algebra & Coun Bnct 1/2/8	6	2024.75	0.01
Algebra & Coun Bnct 1/2/8	6	2025.75	0.01
Algebra & Coun Bnct 1/2/8	6	2026.75	0.01
Algebra & Coun Bnct 1/2/8	6	2027.75	0.01
Algebra & Coun Bnct 1/2/8	6	2028.75	0.01
Algebra & Coun Bnct 1/2/8	6	2029.75	0.01
Algebra & Coun Bnct 1/2/8	6	2030.75	0.01
Algebra & Coun Bnct 1/2/8	6	2031.75	0.01
Algebra & Coun Bnct 1/2/8	6	2032.75	0.01
Algebra & Coun Bnct 1/2/8	6	2033.75	0.01
Algebra & Coun Bnct 1/2/8	6	2034.75	0.01
Algebra & Coun Bnct 1/2/8	6	2035.75	0.01
Algebra & Coun Bnct 1/2/8	6	2036.75	0.01
Algebra & Coun Bnct 1/2/8	6	2037.75	0.01
Algebra & Coun Bnct 1/2/8	6	2038.75	0.01
Algebra & Coun Bnct 1/2/8	6	2039.75	0.01
Algebra & Coun Bnct 1/2/8	6	2040.75	0.01
Algebra & Coun Bnct 1/2/8	6	2041.75	0.01
Algebra & Coun Bnct 1/2/8	6	2042.75	0.01
Algebra & Coun Bnct 1/2/8	6	2043.75	0.01
Algebra & Coun Bnct 1/2/8	6	2044.75	0.01
Algebra & Coun Bnct 1/2/8	6	2045.75	0.01
Algebra & Coun Bnct 1/2/8	6	2046.75	0.01
Algebra & Coun Bnct 1/2/8	6	2047.75	0.01
Algebra & Coun Bnct 1/2/8	6	2048.75	0.01
Algebra & Coun Bnct 1/2/8	6	2049.75	0.01
Algebra & Coun Bnct 1/2/8	6	2050.75	0.01
Algebra & Coun Bnct 1/2/8	6	2051.75	0.01
Algebra & Coun Bnct 1/2/8	6	2052.75	0.01
Algebra & Coun Bnct 1/2/8	6	2053.75	0.01
Algebra & Coun Bnct 1/2/8	6	2054.75	0.01
Algebra & Coun Bnct 1/2/8	6	2055.75	0.01
Algebra & Coun Bnct 1/2/8	6	2056.75	0.01
Algebra & Coun Bnct 1/2/8	6	2057.75	0.01
Algebra & Coun Bnct 1/2/8	6	2058.75	0.01
Algebra & Coun Bnct 1/2/8	6	2059.75	0.01
Algebra & Coun Bnct 1/2/8	6	2060.75	0.01
Algebra & Coun Bnct 1/2/8	6	2061.75	0.01
Algebra & Coun Bnct 1/2/8	6	2062.75	0.01
Algebra & Coun Bnct 1/2/8	6	2063.75	0.01
Algebra & Coun Bnct 1/2/8	6	2064.75	0.01
Algebra & Coun Bnct 1/2/8	6	2065.75	0.01
Algebra & Coun Bnct 1/2/8	6	2066.75	0.01
Algebra & Coun Bnct 1/2/8	6	2067.75	0.01
Algebra & Coun Bnct 1/2/8	6	2068.75	0.01
Algebra & Coun Bnct 1/2/8	6	2069.75	0.01
Algebra & Coun Bnct 1/2/8	6	2070.75	0.01
Algebra & Coun Bnct 1/2/8	6	2071.75	0.01
Algebra & Coun Bnct 1/2/8	6	2072.75	0.01
Algebra & Coun Bnct 1/2/8	6	2073.75	0.01
Algebra & Coun Bnct 1/2/8	6	2074.75	0.01
Algebra & Coun Bnct 1/2/8	6	2075.75	0.01
Algebra & Coun Bnct 1/2/8	6	2076.75	0.01
Algebra & Coun Bnct 1/2/8	6	2077.75	0.01
Algebra & Coun Bnct 1/2/8	6	2078.75	0.01
Algebra & Coun Bnct 1/2/8	6	2079.75	0.01
Algebra & Coun Bnct 1/2/8	6	2080.75	0.01
Algebra & Coun Bnct 1/2/8	6	2081.75	0.01
Algebra & Coun Bnct 1/2/8	6	2082.75	0.01
Algebra & Coun Bnct 1/2/8	6	2083.75	0.01
Algebra & Coun Bnct 1/2/8	6	2084.75	0.01
Algebra & Coun Bnct 1/2/8	6	2085.75	0.01
Algebra & Coun Bnct 1/2/8	6	2086.75	0.01
Algebra & Coun Bnct 1/2/8	6	2087.75	0.01
Algebra & Coun Bnct 1/2/8	6	2088.75	0.01
Algebra & Coun Bnct 1/2/8	6	2089.75	0.01
Algebra & Coun Bnct 1/2/8	6	2090.75	0.01
Algebra & Coun Bnct 1/2/8	6	2091.75	0.01
Algebra & Coun Bnct 1/2/8	6	2092.75	0.01
Algebra & Coun Bnct 1/2/8	6	2093.75	0.01
Algebra & Coun Bnct 1/2/8	6	2094.75	0.01
Algebra & Coun Bnct 1/2/8	6	2095.75	0.01
Algebra & Coun Bnct 1/2/8	6	2096.75	0.01
Algebra & Coun Bnct 1/2/8	6	2097.75	0.01
Algebra & Coun Bnct 1/2/8	6	2098.75	0.01
Algebra & Coun Bnct 1/2/8	6	2099.75	0.01
Algebra & Coun Bnct 1/2/8	6	2100.75	0.01

1

Brown Advisory Funds PLC

BROWN ADVISORY FUND (2017) 2018

FID Recognized

Global Leaders Fund (GEC)	2	20.14	0.01	0.00	0.00	0.00
Global Leaders' Sustainable Fund (GEC)	2	19.26	0.01	0.00	0.00	0.00
Global Sustainable Over Shown Bond (GST)	2	9.48	0.01	0.00	0.00	0.00
Global Sustainable Over Shown Bond (GST)	2	10.90	0.01	0.00	0.00	0.00
Global Sustainable Over Shown Bond (GST)	2	11.00	0.01	0.00	0.00	0.00
Global Sustainable Over Shown Bond (GST)	2	11.00	0.01	0.00	0.00	0.00
US Pacific Express Fund (US)	2	42.86	0.01	0.00	11.45	12.24
US First Cap Share Fund (US)	2	35.45	0.01	0.00	9.95	9.73
US First Cap Share Fund (US)	2	35.35	0.01	0.00	9.95	9.73
US Second Corporate Fund (US)	2	36.24	0.01	0.00	9.95	7.74
US Sustainable Growth Fund (GEC)	2	40.60	0.01	0.00	9.95	10.03
US Sustainable Value Fund (GEC) Act	2	42.26	0.01	0.00	9.95	9.63

LIFE

CG Asset Management Limited

CF AMLI Asset Limited 1/2/4 2024

Deputy Co. 1/2/2 1/2/4 2024/1/4 - 2024 1/4/2 2024

FID Recognized

CG Portfolio Fund PLC

Algebra/Buyers W/ Int	2	144.25	-0.15	2.00	0.28	2.46
Capital Trading Portfolio (GBP)	2	2000.00	-24.16	1.95	0.96	2.14
Capital Trading Portfolio (GBP)	2	1921.75	-0.15	1.84	2.08	1.25
Delta Fund Co./Civic	2	151.37	-0.02	2.00	1.46	2.07
Debt/Invest/Debt	2	49.94	-0.12	2.00	1.46	1.94
Real Estate / Civil Acct	2	192.25	-0.10	2.00	0.42	2.45
US Value/Asset Bond, Civic	2	182.75	-0.12	2.00	0.35	2.45

Chartered Asset Management Pro Ltd

Other International Funds

COM (CIF) PLC	2	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
COM (CIF) PLC	2	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NAIC (C)	2	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

CP Global

Asset Management

1

Extraction Investment Management Ltd

Creditors 1/2/2024 1/2/2024 2024

Authorised by Funds

Interim/Debt & Impairment	100.00	0.00	0.17	0.01	0.01
Interim/Debt & Impairment	125.33	0.00	0.00	0.00	0.00
Interim/Debt & Impairment	75.11	0.00	0.00	0.00	0.00
Interim/Debt & Impairment	107.00	0.00	0.00	0.00	0.00
Interim/Debt & Impairment	140.00	0.00	0.00	0.00	0.00
Interim/Debt & Impairment	200.00	0.00	0.00	0.00	0.00
Interim/Debt & Impairment	200.00	0.00	0.00	0.00	0.00
Interim/Debt & Impairment	200.00	0.00	0.00	0.00	0.00
Interim/Debt & Impairment	200.00	0.00	0.00	0.00	0.00

Brewers Feed Managers Ltd (CEMF)

TCIA Award 2024 Limited 2024 1/2/2024 2024

Authorised by Funds

Brewers, Corporate Board, F&M	1	1.0000	0.01	0.00	0.00	0.00
Brewers, Global Markets (GIC)	2	2.0000	0.00	0.00	0.00	0.00
Brewers, High Income (GIC)	2	2.0000	0.00	0.00	0.00	0.00
Brewers, Financial Services (GIC)	2	2.0000	0.00	0.00	0.00	0.00
Brewers, Financial Services (GIC)	2	2.0000	0.00	0.00	0.00	0.00
Brewers, Financial Services (GIC)	2	2.0000	0.00	0.00	0.00	0.00
Brewers, Financial Services (GIC)	2	2.0000	0.00	0.00	0.00	0.00
Brewers, Financial Services (GIC)	2	2.0000	0.00	0.00	0.00	0.00
Brewers, Financial Services (GIC)	2	2.0000	0.00	0.00	0.00	0.00

ASB Capital

Baker & Coun Bact 1/2/2024 1/2/2024

Global Assets and Services

Authorised by

ASB 1/2/2024 - ASB	2	1.00	0.00	0.00	0.00	0.00
ASB 1/2/2024 - ASB	2	1.0000	0.00	0.00	0.00	0.00
ASB 1/2/2024 - ASB	2	1.0000	0.00	0.00	0.00	0.00
ASB 1/2/2024 - ASB	2	1.0000	0.00	0.00	0.00	0.00
ASB 1/2/2024 - ASB	2	1.0000	0.00	0.00	0.00	0.00

African Sizes

Other International Funds

American Sizes	2	1.00	0.00	0.00	0.00	0.00
American Size	2	1.00	0.00	0.00	0.00	0.00
Black Group	2	1.00	0.00	0.00	0.00	0.00
International	2	1.00	0.00	0.00	0.00	0.00
Red Line	2	1.00	0.00	0.00	0.00	0.00

LIFE

Consolidated International Fund Managers Limited

CEMF Fund 2024 Capital 2/2/2024 - 2024 1/2/2024

The first time that the company is a member of the company

Consolidated World International Multi Strategy Funds Limited

Biomedical Strategy	2	1.00	0.00	0.00	0.00	0.00	0.00
Biomedical Strategy 2	2	1.00	0.00	0.00	0.00	0.00	0.00
Canadian Biomedical Strategy	2	1.00	0.00	0.00	0.00	0.00	0.00
Canadian Biomedical Strategy 3	2	1.00	0.00	0.00	0.00	0.00	0.00
Canadian Biomedical Strategy 4	2	1.00	0.00	0.00	0.00	0.00	0.00
Canadian Biomedical Strategy 5	2	1.00	0.00	0.00	0.00	0.00	0.00
Canadian Biomedical Strategy 6	2	1.00	0.00	0.00	0.00	0.00	0.00
Canadian Biomedical Strategy 7	2	1.00	0.00	0.00	0.00	0.00	0.00
Canadian Biomedical Strategy 8	2	1.00	0.00	0.00	0.00	0.00	0.00
Canadian Biomedical Strategy 9	2	1.00	0.00	0.00	0.00	0.00	0.00
Canadian Biomedical Strategy 10	2	1.00	0.00	0.00	0.00	0.00	0.00
Canadian Biomedical Strategy 11	2	1.00	0.00	0.00	0.00	0.00	0.00
Canadian Biomedical Strategy 12	2	1.00	0.00	0.00	0.00	0.00	0.00
Canadian Biomedical Strategy 13	2	1.00	0.00	0.00	0.00	0.00	0.00
Canadian Biomedical Strategy 14	2	1.00	0.00	0.00	0.00	0.00	0.00
Canadian Biomedical Strategy 15	2	1.00	0.00	0.00	0.00	0.00	0.00

Design Only: Actual Design All for all classes and up to 2% for other classes

CANDRIAM

AT THE NEW YORK INTERNATIONAL COMMUNITY

LIFE

CP Global Asset Management Pro Ltd.

CEMF Global Asset Management (2024) 2024 Global Asset Management

International Research Funds

CP Asset Strategy Fund	2	1.00	0.00	0.00	0.00	0.00	0.00

CP Capital Asset Management Limited

www.camc.com, 1-2-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1

International Research Funds

CP Fund Purpose Fund	2	1.00	0.00	0.00	0.00	0.00	0.00
CP Fund Purpose Fund	2	1.00	0.00	0.00	0.00	0.00	0.00
CP Fund Purpose Fund	2	1.00	0.00	0.00	0.00	0.00	0.00

Dodge & Cox

Worldwide Funds

Dodge & Cox Worldwide Funds

BROWN ADVISORY FUND (2024)

International Research Funds

International Research Funds

Dodge & Cox Worldwide Funds Emerging Markets Stock Fund

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Friday 21 August 2024

FINANCIAL TIMES

17

MANAGED FUNDS SERVICE

Fund	Bid	Offer	√	Yield	Jike	Jibs	Fund	Bid	Offer	√	Yield	Jike	Jibs	Fund	Bid	Offer	√	Yield	Jike	Jibs

Fundsmith Equity Fund

Fundsmith LLP (1000)

P1 Box 1000, Dammond House 2000, 2000, 2000, 2000

www.fundsmith.com, www.fundsmith.com

Authorised the Funds

Fundsmith Equity T. Box	800.00	1.11	0.00	0.37	0.42
Fundsmith Equity T. Box	4250.00	1.00	0.00	10.00	10.00

GUINNESS GLOBAL INVESTORS

Guinness Global Investors

Guinness Global Equity Interest 1 QM Vol.	5	30.13	0.00	0.00	0.00	11.14
Guinness Global Investors 5 QM AG	4	40.14	0.11	0.00	0.01	10.21
Guinness Global Assets 50% (Up 7.5p) Net	5	10.00	0.21	0.00	11.00	11.21

NPS Investment Ltd

Rugby and Pajay Bank AG, Douglas, 10-4 P#e 997, 997, 2000-2000

International Investment

Wichay Property Bond Co-1	2	0.00	0.00	0.00	0.00	0.00
Wichay Property Bond Co-2	2	0.00	0.00	0.00	1.00	1.00

Janus Henderson INVESTORS

Janus Henderson Investors

P1 Box 1000, Dammond 1000, 2000, 2000, 2000

www.1000.com

Janus Henderson (Michigan) Report Fund A-Box	200.00	1.11	0.00	0.00	0.00
Janus Henderson (New York) (New York) (New York)	100.00	1.11	0.00	0.00	0.00
Janus Henderson (California) Report Fund A-Box	200.00	1.11	0.00	0.00	0.00
Janus Henderson (California) Report Fund A-Box	150.00	1.11	0.00	0.00	0.00
Janus Henderson (Colorado) Report Fund A-Box	200.00	1.11	0.00	0.00	0.00
Janus Henderson (New Jersey) (New Jersey) (New Jersey)	100.00	1.11	0.00	0.00	0.00
Janus Henderson (New Jersey) (New Jersey) (New Jersey)	200.00	1.11	0.00	0.00	0.00
Janus Henderson (New Jersey) (New Jersey) (New Jersey)	200.00	1.11	0.00	0.00	0.00
Janus Henderson (New Jersey) (New Jersey) (New Jersey)	200.00	1.11	0.00	0.00	0.00

McInroy Asset Management Limited

Regulation

Monroe-Sina Investors 2 302.11 0.00 0.00 0.00 0.00

McInroy Good

McInroy & Wood Portfolios Limited

Korea Industries, Washington D###, 2017

Authorised the Funds

Goldman Fund Inc.	3000.00	11.00	1.00	0.00	0.00
Bankers Fund Inc.	4000.00	11.00	1.00	0.00	0.00
Emerging Markets Fund A/C	2375.00	11.00	1.00	0.00	0.00
Emerging Markets Fund Inc.	2500.00	11.00	1.00	0.00	0.00
Institute Fund Inc.	3000.00	11.00	1.00	0.00	0.00
Institute Fund Inc.	2375.00	11.00	1.00	0.00	0.00
Deutsche Company Fund Inc.	2500.00	11.00	1.00	0.00	0.00
Deutsche Company Fund Inc.	4000.00	11.00	1.00	0.00	0.00

Ministry of Justice Common Investment Funds

Property & Other UK Net Funds

The Equity for Taylor Fund	3000.00	0.00	0.00	11.00	11.00
Stockholder Units

NBSHELL

ASSET MANAGEMENT

National Asset Management Ltd

National Asset Management Ltd, Northrop House, 1-2 Main Street, London WC1N 6D

www.nbshell.com

Authorised the Funds

National General Fund (Big) Fund Investors 2 100.00 0.00 0.00 0.00 0.00

OASIS

Basic Crescent Global Investment Funds (SIC) KDC

Regulation

Basic Crescent Global Fund A-2000 (1.00%)	6	50.00	1.11	0.00	11.00	11.00
Basic Crescent Global Fund A-2000 (1.00%)	6	50.00	1.11	0.00	11.00	11.00
Basic Crescent Global Fund A-2000 (1.00%)	6	50.00	1.11	0.00	11.00	11.00
Basic Crescent Global Equity Fund A-2000 (1.00%)	6	50.00	1.11	0.00	11.00	11.00
Basic Crescent Global Equity Fund A-2000 (1.00%)	6	50.00	1.11	0.00	11.00	11.00
Basic Crescent Global Fund A-2000 (1.00%)	6	50.00	1.11	0.00	11.00	11.00

Private Trust Mgrs (Simmons) Ltd

Regulation

Monroment Group 1 (1) 2000 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(CTM) Purchase Investment Fits (UK) (1000)

Hill Park, James F. (Hill Park, Washington Street, London 2011)

Kirk, John H. (Hill Park, Washington Street, London 2011)

Authorised the Funds

Authorised Corporate Director-Maystone Management (UK) Limited

Global Total P/T Co.	100.00	1.11	0.00	11.00	10.00
Global Total P/T Co.	100.00	1.11	0.00	11.00	10.00
Global Total P/T Co.	100.00	1.11	0.00	11.00	10.00

Purchase Investment Fits (CI) Ltd

Regulation

ICICI	100.11	1.11	0.00	11.00	10.00
ICICI	100.11	1.11	0.00	11.00	10.00

Royal London

40 Randolph Street, London EC3M 4BP

Authorised the Funds

Royal London Construction Investment A Inc.	200.00	1.00	1.00	0.00	0.00
Royal London Construction Markets A Inc.	200.00	1.00	1.00	0.00	0.00
Royal London Construction Markets A Inc.	200.00	1.00	1.00	0.00	0.00
Royal London Construction Markets A Inc.	200.00	1.00	1.00	0.00	0.00
Royal London Construction Markets A Inc.	200.00	1.00	1.00	0.00	0.00
Royal London Construction Markets A Inc.	200.00	1.00	1.00	0.00	0.00

Authorised Funds Available

Please see www.industries.com for details

(UK)

Stonebags Fleming Investment Management Ltd

www.stonebag.com

www.stonebag.com

Regulation

St. Dukes Bank (New) Co. (1) 2000 Acc.	0	500.00	1.11	0.00	0.00	1.11
St. Dukes Bank (New) Co. (1) 2000 Acc.	0	500.00	1.11	0.00	0.00	1.11

[Non-Text]

Superfund Asset Management GmbH

www.Superfund.com

Other International Funds

Superfund Asset CoA	5	1000.00	11.00	0.00	20.00	20.00
Superfund Asset CoA	5	2000.00	11.00	0.00	20.00	20.00
Superfund Assets	5	700.00	1.00	0.00	10.00	10.00
Superfund Assets	5	50.00	0.00	0.00	0.00	0.00
Superfund Assets	5	100.00	0.00	0.00	10.00	10.00
Regulation
Superfund Investment	4	50.00	1.00	0.00	0.00	0.00
Superfund Debt CoA + Minority	4	50.00	1.00	0.00	0.00	0.00
Superfund Equity for Income	4	50.00	1.00	0.00	0.00	0.00
Superfund Equity	50	1.00	0.00	0.00	0.00	0.00

TROY

ASSET MANAGEMENT

Buffer LLP (1000) F

Hill Park, Central Square, Washington Street, London 2011

Authorised the Funds

Wells Bank, New York Stock & Co.	200.00	1.00	1.00	0.00	0.00
Wells Bank, New York Stock & Co.	200.00	1.00	1.00	0.00	0.00

SICO BCC BMR

Kingstone, 1000, 1000, 1000

Wells Bank, 1000, 1000, 1000

Monroe-Sinai (1000)	5	300.00	1.00	0.00	0.00	0.00
Jiaw-Sinai Equity Fund	5	100.00	1.00	0.00	0.00	0.00

SICO Capital USA

SICA Group, 1000, 1000, 1000

Wells Bank, 1000, 1000, 1000

SICO Kingdom Equity Fund	2000	10.00	0.00	0.00	0.00	1.00
SICO M&M Equity Fund	2000	21.00	0.00	0.00	0.00	1.00
SICO Capital Markets Market	2000	10.00	0.00	0.00	0.00	1.00

(UK)

Troy Asset Management (1000)

Authorised the Funds

Troy Investment Funds

Troy Investment Fund A-Box	1000.00	1.00	0.00	1.00	1.00
Troy Investment Fund A-Box	1000.00	1.00	0.00	1.00	1.00
Troy Investment Fund A-Box	1000.00	1.00	0.00	1.00	1.00
Troy Investment Fund A-Box	1000.00	1.00	0.00	1.00	1.00
Troy Investment Fund A-Box	1000.00	1.00	0.00	1.00	1.00
Troy Investment Fund A-Box	1000.00	1.00	0.00	1.00	1.00
Troy Investment Fund A-Box	1000.00	1.00	0.00	1.00	1.00
Troy Investment Fund A-Box	1000.00	1.00	0.00	1.00	1.00

[Non-Text]

Troy Asset Management (1000)

Troy Investment Fund, Capital Fund, North West Bank, Dublin 1, 2011 KAA, Ireland

Troy Asset Management

Management Company - Universal Investment Index

Troy Funds (Unreal) Pte

Troy Group (1) 2000 Acc.	1	1,000.00	0.00	0.00	0.00	0.00
Troy Investment Fund (1) 2000 Acc.	1	1,000.00	1.00	0.00	0.00	1.00
Troy Investment Fund (1) 2000 Acc.	1	1,000.00	1.00	0.00	1.00	0.00
Troy Investment Fund (1) 2000 Acc.	1	1,000.00	1.00	0.00	0.00	0.00

Guide to FT Funds Data

The fund price quoted on these pages are required by the Fund members. Each management fund is listed below. Details of funds published on these pages, including plans, are for the purpose of information only and should only be used as a guide. The financial financial information is not available for any information that is not available for any information that is not available for any information that is not available for any information that is not available for any information that is not available for any information that is not available for any information that is not available for any information that is not available for any information that is not available for any information that is not available for any information that is not available for any information that is not available for any information that is not available for any information that is not available for any information that is not available for any information that is not available for any information that is not available for any information that is not available

The price options in the transaction are the most recent probability the management

Change for the year-end period, as noted in the current period, and the actual period of the year-end period, as noted in the current period, and the actual period of the year-end period, as noted in the current period, and the actual period of the year-end period, as noted in the current period, and the actual period of the year-end period, as noted in the current period, and the actual period of the year-end period, as noted in the current period, and the actual period of the year-end period, as noted in the current period, and the actual period of the year-end period, as noted in the current period, and

Change for the year-end period, as noted in the current period, and the actual period of the year-end period, as noted in the current period, and the actual period of the year-end period, as noted in the current period, and the actual period of the year-end period, as noted in the current period, and the actual period of the year-end period, as noted in the current period, and the actual period of the year-end period, as noted in the current period, and the actual period of the year-end period, as noted in the current period, and

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18

FINANCIAL TIMES

Friday 27 August 2026

FT Globetrotter

La Tour d'Argent

Tokyo: sole outpost of a French legend

Haste cuisine meets local ingredients and old world ceremony in historic Paris restaurant's only international offering

Andrew Jones

"We are an option de la faille, here out of the 1960s Bulletin Economy," explained Christian Bolland, who opened the Tokyo branch of La Tour d'Argent and has out the restaurant ever since.

The year was 1964 and Japan's accelerating economy was making demand for western luxuries and trophy assets, from him gear to French improvement paintings. Yoneichi Otani wanted a French restaurant to mark the 20th anniversary of the hotel that had been founded by his late father, the steel magnate Yonefuro Otani. A fortuitous encounter on a flight brought him into contact with Charles Trevail, the charismatic owner of La Tour d'Argent, Paris's most revered restaurant. It was founded in 1362, and its present duck, colonnal wine list and views of the space of Notre-Dame had been a draw for well-heated visitors for generations, a dual-use door and Trevail turned to Bolland, a promising young French graduate, to set up the Tokyo branch. While the economic bubble in which the restaurant was born may have long since burnt, 42 years later Tour d'Argent Tokyo had not none of its effervescence, a time capsule as offering as it is secure.

The restaurant sits in a striking breakfast position connected to the base of the Hotel New Otani Tokyo, which Otani built for the 1964 Olympic Games in the historic gardens of his Chiyoda City estate. The hotel's distinctive curved form, with its rooftop "luxurer", will be familiar to many as the fictional headquarters of the Osato Chemical is Engineering Company, infiltrated by

James Bond as he investigates SPECTRE in his role Live from 1967's.

The hotel is a Tokyo institution; a vast complex with its own shopping mall, wedding chapels, medical clinic, some 1,400 rooms and its restaurants and bars, ranging from intimate supposition counters to the Polynesian whirl of Trader Yu's.

Pass through a discreet doorway next to the hotel's feather/uncus thereof Bar Capri, however, and you will find yourself in an exquisite mine-or-solve where pre-revolutionary France and 1960s Japan coexist in surprising harmony, two ancient-rigines united by a shared love of gastronomy.

A long, dimly lit vestibule leads to a silkeneering opposition portrait of Henri IV (reputed to have given the restaurant its name) hanging above a Louis XV commode whose remote fittings sparkle in the outwood-ceiling.

The Henri IV motif continues into the lobby and the bar. "We chose a House of Bourbon blue for its association with Henri IV, but with the finish of Japanese hergent," recounted Bolland. The choice encapsulates its dialogue between French and Japanese traditions that often place throughout the restaurant, from its decoration to the food itself.

The bar is lined with reproductions of renaissance portraits from a 15th-century Loire chateau, set above velvet Marie Boëlier Restaurant in the hotel. Ivory and gold Louis XVI panelling beside the mound dark blue, marking the threshold of the private dining room. "We had a theatre designer help us," added Bolland. The effect is cinematic.

En place: chef Ronand Angier of Tour d'Argent Tokyo

Assorted treasures fill the restaurant: 18th-century marble-rugged commodes, a fork of the type introduced by sophisticated Italians to France during the Renaissance; a bicyclic view of a French country lane by Albert Marquet hanging alongside other masterpieces from the Otani family collection; and a display of grand old wine bottles.

The climax of this carefully staged interior is the main dining room, lined with Louis XV bicycles. The panelling came from France but required some modifications, for which Bolland enlisted traditional Blue stable shrine carpenters. "At first, they were surprised at how the French oak would blunt their tools; they were used to sailor woods, like cedar and cypress," he recalled.

"When it came to carving cryptocurrency garland, they sought to replicate the aerosols of French 18th-century carving." If the Paris restaurant is famous for its views of Notre-Dame, Tokyo's answer is no less considered: floor-to-ceiling windows look over the

kilo-period gardens once owned by the 18th/17th-century samurai lord Kate Kiyomura, with a hand-lower added in the 1970s tristagher and the town.

Stones was a glorious candlelit affair, a proper grand restaurant experience in which detachments of walters delivered above-themed dishes before revealing their contents in a display of perfectly toned cloche work. Later, in the strains of Mozart's Fourth Heart Concerto, crumbs would be swept from the tablecloth with equal precision.

The centerpiece of the dining room is a massive table with what appears to be a billowing cloth sculpted from a single block of marble, on which the carcass of the celebrated Tour d'Argent Challans duck is ground to release its juices. (The table, on its arrival from Europe, had to be hollowed, but as its weight was deemed a safety risk in the event of an earthquake.) In a tradition began in Paris in 1890, diners receive a card recording the number of the duck they have consumed.

"In the beginning, Monsieur Trevail and I wrestled with whether to start the numbering at 1," reminisced Bolland. "The Emperor Shiova (then Crown Prince Hirohito) had direct on duck 35,210 on his visit to the Paris restaurant

in 1921. We could not have a situation in which someone else could one day ask their to duck 35,210. And so, we decided that, for Tokyo, the numbering would start at 35,212." Ivory-two years later, I was dining on duck number 304,175.

Under executive chef (and Steffner (aerator de France) Ronald Angier (now in his 15th year at Tour d'Argent Tokyo), the kitchen strikes a graceful balance between traditional French techniques and exceptional Japanese ingredients. That continuity has helped the restaurant maintain a Michelin star ever since the reference book launched its guide to Japan in 2007.

FT Restaurant: The Coffee, Coonair, power dining, running exercise classes, traveling green and much more

Melissa (Japanese rockfish) served with a subtle white wine and tomato water more than accomplished the comments went approach. It was exciting to discover the gentle sweetness of an unfamiliar fish, but at the same time comforting to encounter the delicate tang of that stalwart of French emulsified sauces.

The dishes were as beautiful as they were far-overcome: the tender orange flesh of char fish was offset by a luminous green chand-fried of burcoon (watercress). A stuffed gazelle in brecher in a blender of gold leaf from Kanazawa (a city famous for its gold-leaf production) paid homage to a gold box made by a Gitan jeweller to commemorate the Imperial Chaplin 1971 visit to France, during which they dined at the Paris restaurant.

Perfectly one since of duck, whose juices had been blended with fragrant insects, were accompanied by potted Japanese spring ingredients — more pea (binocyan) cussard and glazed white asparagus.

The wine list is no less impressive. In a country where people drink less but better wine than their European counterparts, the restaurant has built a formidable cellar, with a number of 1960s laid down when the restaurant first opened new drinking well. A squad of nonsmokers stands ready to guide guests through the list.

Framed pages from the guest book read Nov. 8/8 to 10th of Japanese politics and industry. Linked Bolland about his clientele. Does a restaurant as refined and elevated as this have regularly? Japanese customers are a rare cuisine, fiddled, loyal and supportive. Some families have been coming for generations.

"Gleets like the sense of continuity and tradition," he said. "The other day, I asked a couple why they were choosing as for their wedding. They replied that they had been drawn to the idea of coming back to Tour d'Argent to celebrate their anniversary in 19 years' time: 'We know you will always be there.'"

La Tour d'Argent Tokyo, Hotel New Otani, 4-1 Kio-cho, Chiyoda-ku, Tokyo 102-8278, Open Wednesday-Sunday, noon 2.30pm (last admission) and 5.30pm (last last admission). Bonus from (back) K52,000 (4,600/BS) and (dinner) K52,000 (4,514/BS). A la carte plus available: duck, K52,000 (4,246/SZ) (for two people).

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Friday, 21 August 2020

•

FINANCIAL TIMES

19

FT BIG READ. US SPORTS

Having seen off the challenge from rival LIV, the PGA Tour's new management wants to learn from the lucrative world of American football. But others worry investors are getting too much power. By Sujeet Indup and Sam Ajini

During a warm June week in Connecticut, over $8,000m fans showed up to golf's 10-milever. Championship tournament to support some of the best players in the world. Local volunteers cheerfully directed players, spectators and media around the grounds at the PGA Tour event. 265 events ratings hit highs and outloins of dollars were raised for head charters.

That same week, the tour's new boss announced a shake-up for a sport that has long celebrated its continuity.

In changes set to take effect in 2020, the tour is due to become a two-tier system, split between a "championship" system, representing up to 10,000 players and generous prize money, and a "challenge" set intended to develop the next generation of stars. Each event in the elite series will feature total prize money of at least $20mm for the second, the figure will be 8mm.

"Every sport has a tradition, and golf is an different," Brian Robigy, the Tour chief executive, said at a press conference, flanked by Tiger Woods. "We've always said there the beginning, it's our job to be sure that it and thus her not be overly broadly it."

Half a decade after Saudi Arabia launched a multi-billion-dollar challenge that shook the PGA to its core, the US golf tour has preserved its happiness while LIV, its rival, has just in effect collapsed.

Robigy's supporters say the world of golf has much to learn from sports such as the National Football League – which on occasion has ranked up 10 times the PGA's revenue and consistently boasts more viewers – and that there can be no returns to the old days. Critics retort that the sport has a child too much power to private equity and transformed its unique culture past at a time when it no longer needs meaning from LIV.

Robigy himself, who spent more than two decades at the NFL in a sample of a links-warping to that he once marvelled about in golf's obsession with giving today sport costs at trophies for winning tournaments, according to a person who heard the remark. Robigy declined to comment on the anecdote.

Prior to his appointment, the PGA Tour, a non-profit organization for years, was run by a commissioner rather than a chief executive.

"Every sport is begun in the world has gone through a transition from being a trade organization to being a business," says Steve Prasad, the PGA's chief commercial officer, who previously worked with Robigy at the NFL. "We think about the most efficient and highest return uses of capital."

The big way came in 2024, when the threat from LIV still housed large. The PGA created a few profit commercial sites, backed by a $1,100 private equity investment from the Strategic Sports Group, a consortium led by billionaires with experience in global sport.

"The players thought they were getting control, but in fact 1967 has taken over the whole tour," says one financier share who PGA Tour.

In the midst of such change, Rory McIlroy, the superstar Northern Irishman whose loyalty helped fond-off the

'The players thought they were getting control but in fact 1967 has taken over the whole tour'

LIV onslaught early in its campaign, has sounded nostalgic about the old days.

'You start to realize that the way the Tour was before LIV came along was actually pretty good,' he said at a US Open presentation on the week before their 10-time announcement.

'Beyond obnoxious'

'Great idea, your efficiency,' about P&G Mickelson at the Cometion Golf Club near London in June 2022. The occasion was an exhibition golf round with Yanky all-Ramsey's, the head of Saudi Arabia's Public Investment Fund (PIF), which today manages almost $5m, at the inaugural LIV tournament.

Mickelson had been the second big-golf 21st-century star on the PGA Tour after Woods, earning nearly $100mm in prize money alone, but repeatedly accused the tour of short-changing star players, accusing the circuit he had played on for nearly 20 years of "good" that was "beyond obnoxious".

As early as 2020, the California from Mickelson had been in talks with the Saadia over a team-based super league for golf that would become LIV. The plan was for a limited 10-player group, with tournaments held around the world with big parves and guaranteed signing bonuses on the tour as hundreds of millions of dollars.

It was all to be underwritten by the PIF, the sovereign wealth fund that Saudi Crown Prince Mohammed bin Sabeen tasked with buying overseas assets and leading his charge to develop the kingdom.

The initiative had a precedent. The modern PGA Tour team its origins to 1948 when Jack Nicklaus and other players broke away from the PGA of America, an organization of country chief golf instructors, in the belief that it was not a community-minded enough.

For decades the PGA Tour was structured as a six-county non-profit whose goal was to maximize playing opportunities. The result was a tour that staged four-day tournaments every week, with large fields of about 100 competitors to months a year. Its members liked to describe themselves as "independent contractors" in a system that put all professionals, whatever their level, on roughly the same footing.

While the tour itself sold television rights as a hitachi, most individual tournaments were run by foundations and cuts groups in four towns and cities.

A veteran PGA Tour player tells the

Last year, players won over $550mm on the PGA Tour

Total prize money by year (3mn)

FT that the structure worked well for Fortune 500 sponsors, which liked the sport's appeal to an affluent fan base and used golf tournaments as researcher entertaining them and executives. And its structure is good enough to help make Woods a billionaire and provide Mickelson, McIlroy and others with hundreds of millions of dollars in prize money and sales accounts.

'Anirudmed threat'

Through the course of 2024, the PGA Tour and LIV traded back as the new circuit picked off top players from the investment.

The then PGA Tour commissioner Jay Monahan described LIV as an "territorial threat" and, at one point, involved the September 11 terror attacks to stigmatize LIV and its major business.

The dispute made its way to court, home professionals and the PGA Tour for suspending them for signing up with LIV. The tour condemned, JV, which it alleged had improperly asked of players to elicit their missing obligations.

The lawmakers brought great risks for both sides, as in 2020 the rivals agreed to drop the litigation, a move announced by Monahan and Ramsey on an anirudmed total appearance on CNBC.

Despite their statement at the time that the two teams had founded out a "transeason agreement" to join forces, such a union would never be struck, despite a 2024 attempt by US President Donald Trump to mediate a settlement between golf's rival powers.

People chose to be negotiation left the FT that the PGA Tour offered $100mm to $500mm to take over LIV, a figure that Ramsey on board unacceptable even as his rival circuit burned through hundreds of millions of dollars each year.

As for the tour itself, other options were contingent too.

'They never rest'

'The NFL is always thinking about how to grow the audience,' says Prasad, the PGA commercial officer who also came from the world of American football. 'They're always thinking about how to serve him better. And that's a lesson.'

The NFL has long been the 1975 big-golf and most profitable sport. And yet, Prasad says, 'they never rest.'

The NFL today urges games around the world and starts the end: the calendar to 12 months a year to maintain attention. It has struck down with streamers in an era where sport is one of the few things viewers still watch live. The contrast with the PGA Tour, where tournament schedule has barely changed for at least 10 months, is clear.

'Any businessperson could run the PGA Tour better,' says a P&G threat figure close to the new management, which was put in place after the PGA's deal with 1981, arguing that the non-profit model had to high overheads but insufficient creativity.

That 2020 transaction, which supporters say, justifies the tour at a time when it lacked means to take capital, set up PGA Tour Enterprises, the tour's for profit affiliate, in which a gave about 200 past and present professionals equity orders. But the key figures in 1981 are the likes of John Henry, whose For-

way Sports Group owns the Boston Red Sox baseball team and Liverpool Football Club, as well as three Cobra and Arthur Black, billionaire owners in Major League Baseball and the NFL.

So far, the connections has devoted $1,200 in the tour – money that has yet to be fully spent – out of a promised $1bn, in return, it has received a 12 per cent interest in Enterprises, implying a valuation of $1.5bn.

A person familiar with the agreement says that despite a minority male in Enterprises, 1981 has secured annual management fees as well as so called 'negative consent rights' that give it effective control of the test.

The Tour and 1981 declined to comment on the deal terms specifically, but maintained that 1600 should be considered fees a conventional private equity group – focused on the goal of a swift, profitable exit – and more as 'permanent capital providers' with extensive expertise in sport.

'The investor group are smart and they're unhappy, and they're not private equity people; they are long term investors in sports businesses,' Robigy said this year. 'We will not like capital for the long term benefit of the PGA Tour and, as I said, to build something lasting that outforth of it as.'

Fall swing

As it looks to other sports for inspiration, 1981 has brought in, among others, Three Epstein, a renowned baseball executive previously at the Red Sox and the Chicago Cabs, as a consultant.

As a kid to diversify and innovate, the circuit has helped launch an indoor simulator golf league called YLG, Woods and McIlroy from both sides apart.

Previously, many of working with Robigy party videos, it has incorporated golf influencers from TikTok, Instagram and YouTube into some PGA Tour events. It has also provided access to a Netflix reality series, Fall Song.

The tour is interested in using the funding from 800 to expand its portfolio of golf courses. It has also contemplated buying the 50 per cent stake in the Ryder Cup competition currently held by the PGA of America – the entity is spanned of nearly six decades ago.

At present, even though US pro golfers play the bulk of their schedules in In-

Lance Glover hits a shot at a PGA event in Toronto, one of the contests to be out by the tour after it suffered losses in recent years. Before: P&G Mickelson, left, with Saudi PS head Yanky all-Ramsey's at the inaugural LIV event near London in 2022

Photo by David Fennell/Newsweek

Every sports league in the world has gone through a transition from being a trade organization to being a business. We think about the most efficient and highest return uses of capital

events, the PGA Tour does not control any of the sport's few biggest doors: the Masters Tournament, UV Open, Open Championship, PGA Championship and the Ryder Cup. 'If investment can help unlock the potential of the engagement, that's potentially game-changing,' says Bob Wilson, sports business expert at the US's University Liverpool Football Association.

Players, many of whom hold the new equity grants, have generally responded positively to the prospective two-tier system. The plan is for the Championship and Challenge Series to feature more than 100 players each, with reflected relegation and promotion.

But far from everyone is unfounded by golf's new turn, particularly after LIV's trouble this year, which have confirmed the PGA Tour's primary value dropping some participants' intense about bringing variables into the game.

In April, as LIV players thundered at the Masters, golf's most prestigious tournament, Spanish star Sergio Garcia damaged the Augusta National course during a first sign in the final round.

People familiar with the matter say Ramsey isn't embarrassment at the sequence of events contributed to his decision to pull the plug on NY's financing, so the fund has put on its domestic commitment in the kingdom.

LIV declined to comment. It is now considering moves such as a pro package! bankruptcy to fully rendezvous NY's involvement and come up with a director LIV LA.

Tour leaders say that if the PGA Tour had anticipated such a spend over for its rival, the 1981 investment would have been unnecessary. One wants that the tour and the players, accustomed to being in control of their league, may unwittingly have ended too much authority to hold those characters.

In 2023, the fall first year of LIV, the PGA Tour lost $600m on $1.8bn of revenue, according to an đồng.

Cats have since been made. The tour has cancelled the Hawaiian tourneemen that traditionally lack off-the-scen and called dozens of plans in North Florida headquarters.

But fans worry that the higher financial returns golf's new management is looking for could mean higher ticket prices and more passes for commercials – which already irritate viewers.

'We are dealing with a niche sport that only a few million people watch,' says Bradley Klein, a well-known golf architect and business, who also argues that the hundreds of volunteers who staff tournaments may be less enthusiastic if the local character of PGA events changes too much.

Still, even some sceptics of the new private equity-oriented and low-ground Tour say it is an intrusive finding not just in the US but around the world.

Robigy has recently signed deals with events in Asia and Australia that could take place in the winter off season.

The PGA is also thinking about increasing expenses of change, where it already owns a 90 per cent stake in European Tour Productions. That would allow tournaments to climax on Sunday morning 10 time – just before NFL games kick off in the afternoon.

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20

FINANCIAL TIMES

Friday 21 August 2020

The FT View

FINANCIAL TIMES W8houtfun and without Lover

From information

Today's China could learn from Jiang and Zhu

History might have been different had liberalising leadership continued

Official commemoration this week for Jiang Zemin and Zhu Rongji have offered an opportunity to offer to them China's leadership and policy. The first have changed since they served as president and president in the 1990s and early 2000s. They are changes the world, and China itself has become to ensure.

The 1990s anniversary of the birth of Jiang, who died in 2022, was marked by a gathering of the political elite in the Great Hall of the People and a speech by current leader Xi Jinping on Monday. Xi and his top councils gathered again on Tuesday at Honging's Information center. The state is led farewell to Zhu, who was Jiang's promise from 1998 to 2003 and who died last week.

Backwroats are politically highly sensitive in a country where the death of

human leaders have in the past sparked political turmoil. The official commemoration have therefore re-used Jiang and Zhu's loyalty to the Communist Party, while partnering their time to offer on a stage in a consistent process of determining continued career fit.

But this portrayed diseases very real differences. China's leadership was far more collegial under Jiang. As peronies the future speaking Zhu was able to establish a distinct personal agenda of market liberalization and state-sector reform. Stops that his first product I Keiyan, might in the same quickly withered and current process I-2 Jiang from his public political life very much in his heart of debate. Nobody doubted that Zhu, who once described 'tude-produced thinking' as his personal event, would be nothing—good—not in party relationship. The policy process he thought were wrong. That cannot be said of top party orders—crued by Xi's accumulation of personal power and heroism—proper.

Jiang and Zhu were fully committed to Communist Party role, but they were willing to give citizens more influence over the lowest tiers of local government and to place some media-greatest scope for reporting. Under that watch, the legal system was strengthened and government institutions gained more authority. Under Xi, he contured, the party has become increasingly dominated as democracy acts.

That includes the concern. Zhu tried to make China's markets from the 1980s and a more dynamic private sector in part by causing bloated and enterprise. Jiang sought to give private entrepreneurs a role in political life by bringing them into the party itself. But Xi has shifted back to top-down statutes.

Six speech commemorating Jiang and Zhu and the official advisory of Zhu both celebrated the two men for looking China into the World Trade Organization in 2003. But WTO entry was won in part by third signposting pro-

Indi to see fully committed to Communist Party role. But they were willing to give citizens more influence over the lowest tiers of local government and to place some media-greatest scope for reporting. Under that watch, the legal system was strengthened and government institutions gained more authority. Under Xi, he contured, the party has become increasingly dominated as democracy acts.

sine without greater meaning of the Chinese market to foreign business. Toward at Wuzheng, China's main and elsewhere at China's large trade emphasis has since been heightened by international companies' disillusionment. Many now feel more more. Not a single equity investment has been announced in China by any of the 50 largest global private companies that are the first seven members of the team.

An interesting by-evident how different things might have been if Beijing had maintained the broad liberalizing leadership and the economic growth of Zhu. Could the breakdown in citizens with the Chinese have avoided? Would China now want to be threatening in many of its regional neighbours? Right. Research demand for more robust and the economy has related us wanting in general views of the Chinese's economic and its impossible, but while China's current leaders remember Jiang and Zhu, we can at least hope that they will also try to learn from them.

Opinion Economics

The new sucking sound of AI mania

At the end of yet another dinner party dominated by AI district 1 after ads myself whether other important topics have been crowded out. Applied to the economy more broadly, it's also worth aiding whether AI mania is sucking resources from other sectors. Data centers and model development require vast quantities of data, electricity and financing. Even the cease mania often are going without?

Over the long term, this will hopefully seem like a silly question. When AI has solved cancer and tobacco stings, no one will be saying about whether too much money and electricity were poured into the industry. There is no final target of credit. Historically, innovation has made even a most worthwhile, like when elected: online made it rather than a new class of small lecture machines.

It's worth asking whether the cease market offers are going without

How and now, though, constraints can take. I wouldn't advise, causing energy-intensive manufacturing near a data center, or nothing being present with the memory chips that make AI run. Enacting should be more elastic, and will need to be, as the big tech companies turn to debt markets to help with the AI build out. But other borrowers hungry for cheap credit and skillful tax expenses.

Working with financing, there, even balking the raw data, is related—one across six years to be setting up a growing slam. Silicon Valley Bank organizes that own the past 12 months AI companies have received almost two-thirds of US venture capital dollars. And according to Goldman Sachs, roughly a quarter of US gross investment guide debt issuance this year has come from AI-related companies, including hypermarkets, software providers and data on tax banks.

Also in America, the real economy is showing signs of the AI boom too, reinforcing fears that the less victory hits are being stared of resources. As spending on capital in AI-related areas including information processing equipment and data centers rose over last year, other types of private investment in AI. Within office construction, spending on data centers

has soared while the rest has sagged. While magazine, neither of the trends in financing nor investment power AI is exciting, profiting away from other sectors. The buzz could be stimulating capital. In a recent report, Silicon Valley Bank describes how, although higher Treasury yields are really would cash VC investment, more recently those too have been around "as the fear of missing out on this step change . . . has pushed VC investment to new heights."

As for the real investment trends, the AI boom could be making underlying economic weakness among something else entirely. Although some have warned that AI is imperfiring a broader service in AI manufacturing, other more obvious culprits include government subsidies running out, tariff uncertainty and tight inventory profit, to empower more of the market to be made in the US.

International comparisons can offer some reassurance. If AI were simply really using a fixed pot of capital spending within countries, we would expect to see no otherwise aggressive AI mania and overall investment levels. But researchers at the Bank to understand Settlements bound that countries more strongly advertised towards AI mania. "A bigpoot" now stronger growth in both business and total investment over the two years up to the end of 2025. That suggests that AI has been different in millions.

If crowding out is happening within credit markets, I probably isn't massive, it counts as money-loss, fraudulent and David Merlce of Goldman Sachs argues that one of companies haven't experienced a noticeable uptick in their relative cost of debt. Their financing costs probably are slightly higher overall because of the increase in competition for financing from hypermarkets and their pick. Based on estimates of the effects of quantitative tightening, a restriction in the credit supply, finalists and their six generalizations's 1000 percentage point effect.

Signs could also emerge in sectors beyond the corporate world. AI-related investment have been demanding long term funds, as it is possible to meet a typical type of business. But this week, analysts were citing the massive bond issuance to fund the AI build out as being behind the possibility growing le long term coverage debt markets.

As the following programs, signs of crowding out could become more obvious. By one estimate, for example, it's investment in the US will run from 1.8 to 2.0 per unit of US between this year and 2020. Perhaps those will be a lot more than a partner to influence AI and perhaps those wanting to talk about something after them AI will have to about a little leader to be heard.

www.aironeuf.com

Letters

Businesses' defence of zero-hours contracts is indefensible

The same arguments used to oppose the initiatives wage decade ago are now being rolled out by those opposing the government's ban on exploitation zero-hours contracts. "I'c just done on zero-hours contracts could cost US groups up to £250 per year," Report, IT.com, August 15.

The measure is about giving security to law and prescrime workers who don't know how much they'll be running from week to week.

From last minute shift, one dissent to hours being cut short and demands

to cover into work at short notice, it's a nightmare to try to pay bills or raise a family when you're employed on a zero-hours contract.

One further measure workers lose over £250,000 every year on average because of this constant insecurity. That's a real cost factor by workers and their families — and for many it could be the difference between having a two-year short break, turning on the heating, or giving the kids a hot meal every night.

Compare that to the hypothetical

£250s figure the business lobby wants to drive attention to. As they well know this is the very top end of an incredibly wide range of estimates — the bottom end is £250mm.

As your story lays out, so much that top end £2.98m, employers would have to ignore the legislative altogether, continue cancelling skills last minute, and pay out £2.28m in compensation to workers.

In other words, almost half of that top end estimate is entirely available if employers comply with the law and

stop cancelling skills last minute. This is an age-old life-living tactic — roughly the most sensationalist estimated not to because and ignore the very real cost factor by workers and employers who are in their own own employment through universal credit. I hope and expect the new prime minister sees through this critical spin from the usual suspects, which is the most interesting air and to exploitative zero-hours contracts.

Paul Novak, ITC general secretary, London WC1, UK

Aid cuts are the accelerant of DRL Congo Elzida flare-up

Michael Peti and David Hiking (Report, July 21) correctly identify the current Elzida crisis as the future growing outbreak we've seen.

In fact, the death toll has now increased to over 2,000. But the article ignores the fact that the virus's rapid spread across the Democratic Republic of Congo and Uganda can be linked to political decisions made by

Washington, London, Paris, Berlin and other European capitals.

With Elzida Elzida outbreak, for the first time we are seeing in real time how deadly infections disease spread to the context of aid cuts. A new study from the Barcelona Institute for Global Health analysis the response to four Elzida outbreaks since 2012. In 2012, facing the same strain of Elzida virus as in 2016, the outbreak was detected within weeks, and declared "over" within four months. In 2018, the virus is believed to have spreaddenized but at least three months — coinciding with the dismantling of surveillance and detection infrastructure as a result of the outbreak.

This points a clear picture — 10 and European governments' aid cuts are short sighted policy decisions that will not as soon as the long term.

In 2012, the Elzida Air Co Ltd's 4th Congo bill by around 40 per cent, and health aid from France. Germany and the UK in 2020-19 to countries affected by this year's outbreak was around 25 per cent lower than the previous five-year period. At just four months, the UK government published a report showing the 100 Congo will now receive £20mm loss in US, and over this year, the exam — in spite of the outbreak.

Cutting the aid that helps countries prepare for such outbreaks is now coming Europe more in its response. The emergency financing that has followed this year's outbreak (2020) rests in the cost of not having the programmes mechanisms in place.

Thousands of not doing it further, and workers already had their own access to cases of Elzida in France and Germany this year. Enough is enough.

European governments must take credit security systems and fund the disease surveillance system. The new screens that prevent outbreaks from escalating, otherwise we will all pay the price.

Professor Walther Jaffar Director of the CEO, University College, London, Institute for Global Health

Canadian Single-Wire Co. Coordinator Propositions and Response Unit, Barcelona Institute for Global Health Professor Volkan Ali Kambianov Guardian Director, the Clinical Institute for Epidemiology, Berlin

Unique Issues General Director, Barcelona Institute for Global Health

For a full list of signatures go to www.21.com/letters

Aid behaves like the weather — no one is liable John "Sovietik" (Spitman, August 12) ends his free survey of our past human debates, with humanity in the back of the old air sailing, as children do on the holiday trips, are we there yet? The metaphor deserves more scrutiny than the argument it shows.

There is no car. There is no ride to enjoy and no destination anyone is being driven towards. There are companies making decisions, engineers saying, women, and race-ethnic groups deployments. Every one of them acts has a name attached to it. The language of sociability — all conducted in social status, the technology will match to access every cognitive task — performs a specific function.

It converts commercial choices into needles. Nobody is liable for weather, and nobody needs a social mandate to make it safe.

The technology will match to access every cognitive task — performs a specific function.

The technology is far behind — it's the optimism and the optimism are less opposed than they appear.

Whether the arriving intelligence is a worthy successor or an unhearded risk, that is the most important thing to do with the fact that the rest of us can its audience. The disagreement is about moral. The premise is identical, and it is what does the work.

The truth is right that society should not remain a passenger. But the remedy is not more agree to rest on autonomous future. It is refusing the description.

Software cannot be asked to answer for an outcome. Organization have reported a labour market for training, especially for contracts, we should insist on the same discipline here and ask every deployed system the sides, while operation who authorized this, and those same is not.

Professor Lucas E Wolf Clinical Assistant Professor The Dutch School of Business, The Gishok University of America, Washington, DC, US

We must heed the warnings about superintelligence

PM can make mutuals the high service's locating heart

Your editorial asks "Can the debate now focuses a high interest?" (ITV News, Uppsala, August 19). Along with the lecture you discuss what should be the government's election manifesto — pledge to double the size of the co-operation and employee-owned ("moral") service, so these mutual businesses need to be given-based, at the heart of the local economy and community.

For a recent research publication ("People, Place and the Economy: The Social Class of Mutual"), we analysed a number of businesses including Newcastle Building Society, whose purpose is "embracing communities with a better financial future".

As many banks withdraw from the high street, Newcastle Building Society is investing in branches and face-to-face services, opening new branches on high-street, and a historical building services have disagreement. Many loans have provide free community space and partner with local organizations including libraries, markets, and the world's best in both spaces could be crucial for ensuring that the life being learning the AI revolution and other developments demand will be available to customers.

This should be the model for study heartbeats (bridge) to rejuvenate "believed our" high streets, making them the "building state of local communities".

Guardian Media Professor of Economics & Knowledge Exchange, President, Kellogg College University of Oxford, UK

Further musings on the Claude chabre name

Nothing favours! Never hitting the name of the large language model "Claude chabre" Series "Important" (baseline "Linking Claudine" statement to the last though, chabre!") Letters subject to the "Linking Claudine".

It seems a point but knows your FT. Technical support (cursed) story's actual argument — not why the declines to engage with large language models — "No space to be a model," or Workload Group, Life & Arts, July 20 — entirely unavoidable.

For the record, Claude almost certainly takes its name from Claude Shannon, the mathematician whose 1940 paper founds information from the 1960s, and the original exchange news, including this one, challenge has never confirmed that officially, but the connection to widely accepted.

In the past, we have to the business of measuring and shaping information rather better than an emperor with a long.

Indi Submission London E14, UK

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Friday, 21 August 2020

•

FINANCIAL TIMES

21

Opinion

Trump's South Korea defence flip minds Japan it has no Plan B

O is Wednesday night, after a summer of sharply weaker than the previous week, a television flash the main near house "Alaska's" could be

believing place for the prime minister to seek to jeopardize under the "peace clause" of Japan's constitution.

Despite a drop-out in these occasions, a measure of disrepeful that this clause is underwritten by one of the most enduring and unambiguous Plan A's in-person propolitics. Namely that, should a section threat-money, pacifier and a group of people with extreme protection of the US under the 1952 alliance between the two countries.

That's 75 years not just without a Plan B, but with a unique constitutional constraint on conceiving one.

But Monday's cherished tipping social media past by Donald Trump, calling for a reduction in joint US military exercises with hard-haves, ends off this in a very different light, however fleeting the price prices and however intense the harshness reassessment Washington is currently focusing out to Japan and other serious allies.

For while Israel here the most obviously developing impact of Trump's diplomatic policy passports have been ordered as out-of-the-blue car "based on any very good leadership with Alan Jung (Jr.), there is arguably more long-term jeopardy for Japan. A 50% guarantee come to look genuinely shaky, North Korea must would have, Japan, while the more circumstances, must reconstitute.

Any question over US reliability is profoundly alarming for all the argument that this is just a Trump publicist day, there is the potential there that he is merely a requirement for the reverse for drift.

It still, just about, feels premature to panic. Tokyo, along with other US air, capitals, has been finding its wa legs

amid the share of one the cost foreign policy, a shutting-out credit with low-interest mechanisms for separating wheat from chaff. It has also played the Trump game pretty well, repudiating a 2020th pledge to invest in the US and moving relatively quickly to present itself as an indispensable partner in critical supply chains and production of military equipment.

If Washington's guarantees look genuinely shaky, Seoul must recalibrate, but Tokyo must reconstitute

But Monday's post, which cheerfully juxtaposed the central announcement with a reminder that Seoul had not existed America's war on iron, demanded to be read as an always departure from conventional US airlines around regional stability, its core interests and the wisdom of linking multiple diplomatic issues. The problem with Japan's Plan A is

twofold. The first, which had seemed more of interest, is the system, but not heraldily to US reliability. The second has been that the country's commitment to both its pacified constitution and the alliance has made serious consideration at a Plan B nearly impossible – whether that be conventional man-mament national services or contemplation of a nuclear deterrent.

Earlier this month, Japan published its annual lifetime of Japan when, upon This pledged that by fiscal 2021, Japan would have strengthened its capabilities to the point where it could take "primary responsibility" for dealing with an invasion, though with US support. This take-the-country is very significant due to the need for, typically, from where it was 10 years ago but to remain, say analysts, more than 5000 things a Plan B.

All of this may not 'Alaska's' very well, as tipped some of the happenings themselves. Since the start of her premiership, the argument for the country to start thinking more radically about its defence, and for the public to embrace the debate, has been repeatedly made for her by others.

Almost from day one, China can her as a co-militator in foreign hands in a way that has made Beijing look the more unreasonable. North Korea, meanwhile, has actively supported the six against Chinese while significantly escalating the anti-Japanese "church," accusing 'nukes of fostering a "mature alliance" with South Korea and the US. Earlier this month, Vladimir Yelts paid his first way trial to one of their islands disputed between Russia and Japan, reviving Japan's consciousness of another potential in an imbued way.

But the final, and perhaps most influential, cast has now been played by Japan's closest ally – not just through Trump's front-back post, but the input even of a reason that Korea subsidy exactly now how seriously to take his proclamations.

The prominent notable 'Alaska's' residents were a reminder of the continued disrepeable and unambiguous, previous were from tampering with Plan A. August 2018 has estimated flow has out-death the public may demand a Plan B.

in.bonight.com

US president is losing his war of independence on rare earths

In a veteran handfinding voice by Donald Trump's standards, the US President's leadership and his duties chronic of tariffs against China in return for Beijing uprising a vicious number on expert controls of rare earths and other minerals. His absolute power has displayed his sacrifice in the least productive of minerals and secure supplies from allies, trying to reduce Beijing's hugely powerful leverage from other sites materials.

That chance swiftly overblows, facing up against China would not just reopen huge financial forgeries to support companies but a ruthless commitment to produce the country – and to build up a lasting international coalition to secure minerals. Instead, the administration has displayed his sacrifice in system, inept attempts at coercion and a capricious America that brings policy. This should be credibility in anchoring an international mineral agreement.

Certainly there's been a big flurry of activity. The administration has made the extraordinary step of trying to apply states to several companies and a level driving array of purchase guarantees, credit support, loans and grants that it claims could follow. The overseas initiative with the new world is a dual appeal with Australia in October that has led to US investment in undergrown others.

But beyond this, the US has typically displayed only a sacrifice one-sided blatant social agreements. These "gambit at last" have tried to have leading partners to exclude other countries in customers and export their minerals to the

In going up against China, America has displayed its familiar cruxism and inept attempts at coercion

Burnham and the perils of cost of living policies

Andy Burnham, Keir Harmer and Rishi Sanab have three very different governing styles but they all share as obnoxious the cost of living, itself more are obvious reasons for it: even than anything else, this issue decides whether the government will be re-elected. But that mutual focus did not, in the end, help Sanab at Harmer, even better. Right similarly prove actively unhelpful for Burnham.

Burnham is a more impressive politician than either of his immediate predecessors, Unlike Harmer, who neither respected nor liked politics as a discipline. Burnham enjoys the cut and threat, is interested in ideas and provides a clear sense of direction. Unlike Sanab, who often brought to mind their leftist/blue that making William Hague Very poor leader in 1997 realize "opening a complex wise system years before it should be drunk", he is politically experienced.

The new prime minister has made the cost of living the hugely tough issue of independence one, which is government freezing costs here or rolling out a free-a-finger there. The two celebrated policies are the Al Sea Fair cap and scrap-

ping VAT on energy bills. But an insubstantial demonstration, knowing the importance of this safe state, you'd yet not are in office at a time when global circumstances are sending inflation upwards and people are getting power on a result.

Just this week, figures from the Office for National Statistics showed that US inflation rose to 3.7 per cent in 1985, driven by higher energy costs as a result of the true war. Burnham is so miserable than his predecessors to ease the global pressure that are making them independent.

The Iranian regime is not going to see an engaging Instagram video of the new prime minister reminiscing with a former state about a hotel inside they had decided to take a counter for the President Donald Trump's terms. This does not mean Burnham's presence on social media has incapable. One of the ways he represents an upgrade on his predecessors, in terms of one politics, is that he is better at assisting the largest. This is important for sending his party's terms and winning the trust of the voters.

Neither Harmer nor Sanab was indifferent in the consequences of inflation, but the former was not a country's choice, while the latter resembled an economic overman. When Burnham talks about "taking a little bit of pressure off", it is the same argument Sanab was making when he said that he was not at all the could deliver was involving inflation. The difference is that the former is easily understood by everyone.

What sounding like you "get it" does not do, however, is give the new prime minister any more control over the cost of living than the old one. Charter about an early election and Burnham seeking his own mandate is not to be many, even leaving the parliamentary recess. But the war in the Middle East, which is driving up the cost of essentials, means that households are in for a painful increase in costs when the energy price suggests up in the winter.

And although most people recognise intellectually that this isn't Burnham's fault, the elections of 2024, when incumbents across the world everyone asked at least in part for Iranian President Vladimir Farkin was in Ukraine, show that government ultimately tends

Obnoxism with this issue risks focusing on 'what can we subsidise' rather than 'how can we get wealthier'

to be blamed regardless. For that reason, whatever private hope comes people in favoring Street may have it, is more likely that the next election will happen in 2029 rather than any earlier.

One risk of focusing on much on the cost of living, therefore, is simply that Burnham ends up writing cheapan he can't care. But the other is more fundamental, is that it can result in a government that ends up looking at the wrong thing.

Sanab made the focus of his premiership delivering cuts to national insurance that cost the Treasury a lot but gave households very little. However, opted, essentially, to use government spending on every issue found, all issues like the new rate of inflation, scheduling everything from energy to soft play centers. In the end, help with discretionary items makes little difference when global factors are driving up the cost of necessities. While Harmer's article on measureergy, hillihams goes up by much less than they would otherwise have done, they have still risen significantly.

But the other risk of the cost of living is that the state's climate the government's focus. Its economic policy becomes a question of "what can we subsidise or lower" rather than "how can we get wealthier". It is tempting to use the government's limited local forgower to offer small sums to help households, but it might be better to use it to adjust the pace at which the government reduces its debt, hopefully securing lower interest rates that tap.

Ultimately the reason why the cost of living is getting higher and more painful for most of us is that, as a result of fruits and foreign's war of choice, we are all now power. The price signal is telling us something very much that, too, about the costs of energy and of business on business. A government that becomes focused on the cost of living may, creatively, find itself distracted from the economic need likely to bring real relief for households in the hangout.

stephen.benfield.com

From balloons to pans: in praise of useful tech

Pary balloons may be good but/or children but they are not now on a regular, following fragments of discarded balloons with little by blacking their gaps. One study of dead scabies found "falloons were the matter-detet-mated likely to cause mortality."

The a painful solution, at least, is at hand. Part funded by an events company, researchers at Imperial College London have developed a less harmful and more biodegradable form of tams. The tams, which has now founded the three most popular and most effective technology, estimates the potential market at about $100k, including medical gloves, clothing and condoms.

Johnson Consulting, the PMP student who led the research, tells me the new

material on its sulphur contamination, which is currently used to make natural rubber strong and stretch but looks less chemicals. "It's a modified version of a natural foam blended with a biodegradable polymer," she says.

The new material is a potential for the invention. But this kind of commercialisation of expert knowledge also exemplifies the broader positive trend-time has probably more been a better idea to solve the world's material challenges. Human ingenuity, smart technology, flexible academic institutions and accessible source funding are significantly unpuddingly set at problems that can be solved.

The balloon team relied on human insight to improve an existing product. But the increasingly widespread adoption of AI may be spending more than a total of developing completely new materials. For example, the start-up (August) which is an ongoing encounter, "world engine" for material science, is working with the Finnish chemical company Kemira to tackle so-called forever downside, used for new only pure and food packaging. Using AI, the company

has explored 3000s possible material structures, selecting 20 priority candidates, which are now being tested.

It companies really can develop new material with previously unknown and useful properties, it could be either to the development of more efficient, efficient features, carbon storage systems and nuclear fusion reactors. "This could completely change the world," Max

The widespread adoption of AI may be opening up ways of developing completely new materials

Willing, the co-founder of Csup AI, said in a second FT interview.

Yet Silicon Valley, which tends to monopolize the talk about innovation, has historically prioritised different interests, focusing more on bits than means. So the old jobs gave Silicon Valley a optimised to solve the everyday problem of study theory according to men because they are the ones who run

the place. Uber, Airbnb, WhatsApp and FreeBank are the result. Little surprise, therefore, that calling is such an obnoxious of Korean's fate.

Moreover, venture capital investors appear to be drastically increasing the need for a new solution, making the biggest between a handful of maps AI start-ups. In the first half of this year, Anthropic and OpenAI coached in 10 per cent of all the 100% of US money invested in AI. The company's own according to their flows. This is an unprecedented level of concentration.

This 10% shift, the veteran entrepreneur and innovator, has even gone on that as to describe Silicon Valley as "anti-capitalist." "AI investors pose no social capital into many issues: categorised on them, in effect, paid the winners and kill off competition, stealing alternative."

So that, then, big AI labs have mostly focused on building energy generation and innovation, and the new AI has an outstanding processes. But some industry leaders, who talk greatly of creating a world of radical downturn and caring all there, acknowledge they now have to generate material benefits from AI if

they are to whoever an increasing body of public.

On that end, Anthropic is now investing heavily on Sanab Science and Google DeepMind has upon all human rights clubs. Science so deep discovery. "We haven't yet delivered us our top promises to benefit the world," Anthropic's chief executive from Amash agreed on it.

In that regard, China may be stealing a result in the US by focusing more on physical application and the new world's US in industry still resembles a massive hot air as chewing machine superintelligence, Chinese companies have been applying the technology across a wide range of industries, most notably manufacturing, energy and transport. Some 65 per cent of US AI are energy companies are focused purely on software, according to a recent study from the Rand Hunk-tank, Only 20 per cent of Chinese are

able at the end of the world. Now we have a chance radically to interact and improve it. AI needs to get more physical.

john.thermfield.com

US. There lack the legal and economic credibility to succeed.

Take, for example, Indonesia, which produces two-thirds of the world's market, used in batteries, solar technology and wind turbines. Over the past decade, the Sanab should be able to create country to create a computer-aided supply chain from making its debate/good act. Trump attempted to deal this with a solid, moving Indonesia into supplying the US, but it was heavily undercut when this threatened tariffs were dictated to an international by the US Supreme Court in February.

The administration has reached no impose replacement tariffs, but those two are legally and politically unscrupulous. The government is only the agreement. Such a disability will not overrule Indonesia's relationship with China.

The administration's broader phốshood antititious also have serious credibility and concern. In February, Trump convened 54 countries to secure critical minerals supply chains, but to create a genuine challenge to China, any programme would need to include a demand-side strategy, and to set up price flows for so small processes pre-issued revenues even in the face of Chinese changing. European governments in particular were highly suspicious they had little trust that the US would set a pricing formula in anyone's interest either than for one. After all, the wider process of handling not money to玻璃 gas companies has involved inflation of dollars being given to companies with financial ties to figures within the Trump administration.

This painful of a campaign compares with the US's 1.5% of the US's 1.5% of the Chinese government. Production of rare earths has been consolidated into two main groups that operate under strict state control, with limits on the structure and the importance of technology and very serious criminal consequences for smuggling.

Supply interceptions from Chinese to sport controls remain a constant threat. There was a recent sudden leap in the price of a friend, a particularly short time in the US, and that it would be restricted once the expert can be done and should be the fountain.

The US remains a far richer economy per Saudi than China's. But when it is not a major problem, the US is being economic disdequative like a visual network, America's large leadership frequently leaves it trading.

alan.bonfils@ft.com

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22

•

EPICNICAL TOROS

Friday 21 August 2026

Lex.

Richard Waters

Nvidia looks well placed to benefit

from the AI boom's next stage

Business Insider

Stripe's bets

an AI world will still need middlemen

Ain likely to spend the economy, but Stripe's purchase of OpenSuster for about $80m is a bet that at least some things will remain familiar – namely, the need for middlemen.

On the rise of it, it looks like an odd move. Stripe's main business is facilitating online payments. OpenSuster helps businesses choose which AI models to use for different tasks. The business, founded by Alex Andrick of OpenSuster, may not be as obvious except as PayPal, the online payments group that Stripe is also trying to buy. And if one believes – as Stripe's founders do – that AI is important to the future of commerce, the move makes strategy sense.

After all, Stripe, despite being known primarily for taking payments, already provides various other services for businesses. Most entrepreneurs are keen to focus on their products and begin to open a little to someone who can reliably handle mundane but important areas of financial infrastructure such as fraud detection, tax and outbound payments.

Stripe says fast-growing start-ups in particular want a provider that can handle "best-enter financial stock"; So if AI subscriptions become a key business expense for Stripe's clients, the group has a good chance of getting paid for storage items

as organic the rest of their payments. The key assumption here is that the future, as Andrick's words, is "made model" of OpenAI, for instance, come up with a product that outpoured competition in every sphere, businesses wouldn't need as

Stripe has purchased OpenSuster for about $80m

much help shopping around. But so far, the top opens in the leaderboard are tightly contested and big companies such as Amazon and Uber are putting caps on stuff. AI usage or encouraging them to switch to cheaper models to keep spending under control, so at

If one believes that AI is important to the future of commerce, the move makes strategic sense

least some level of multi-model use seems a side-straightlet.

One might still question the price tag, given that OpenSuster's most money at a $1.2bn valuation barely there months ago. The information reported that OpenSuster recently hit an annualized revenue rate of about $100mm, implying a bad valuation of almost 60 times sent of revenue. That's

stray, but OpenSuster is growing rapidly. And compared with public groups such as Beta, privately held Stripe has less to fear from speaking investors with risky "side-points".

A bigger risk than overcoming for a single company would be if, in its rush to expand, Stripe lost some of what made it as popular in the first place. The payments world is littered with groups that gave massive through multiple acquisitions but struggled to hold them all together and lost ground to more agile start-ups – foremost among them, Stripe itself.

OpenSuster is Stripe's 50% acquisition since the start of 2025, according to Pochetunk data, so far they have all been fairly small, but PayPal is particular would be a different series of magnitude. Stripe will have to ensure that, in its quest to prepare for the future, it doesn't end up recruiting the past.

Moderna breakthrough brings back memories of pandemic mania

Moderna made its name to infectious diseases and, over since the pandemic, it has been desperate to find a new area of speciality. On Wednesday, it did its mRNA-based melanoma vaccine, jointly developed with Merck, doesn't just offer a potentially massive market itself, but may also lead to breakthroughs for other cancers, including lung, bladder and kidney.

The Massachusetts-based company will need a number of them to pass out to justify its new, more than doubled, market capitalization of nearly $60bn.

Moderna's revenue had fallen from almost $50bn in 2025, after its Covid-19 vaccine, to $2bn last year. The second Donald Trump administration and its health secretary, Robert F Kennedy Jr, have been less hospitable to vaccines, especially those based on the novel mRNA technology. But cancer treatments are a big market, potentially highly lucrative and low-lite due to these controversy.

The melanoma breakthrough, which uses mRNA technology to create a medicine designed for each individual's cancer, comes at a good time for shareholders. Moderna's cash balance had shifted down from a peak of nearly $10m four years ago to just $5bn now. With its stock price up, the company could look to sell new shares to bridge its finances until the melanoma drug reaches commercialization.

Still, investors are now faking a lot of upside into its stock. Analysis had valued Moderna as a sum of the parts basic between its cash position and the "probability of success" across its portfolio to envelope, rate diseases and infectious diseases such as Covid, influenza, and respiratory syncytial virus (SIV). But the price Moderna has reached this week exacerbated the roster upside scenarios.

Seminists analyze, for instance, are modelling additional earnings of $225mn from the melanoma drug six years after its launch. The company is currently139m.

A bigger price would be the application of this technical breakthrough to other cancers – worth as much as $100m in equity value according to analysis at ABC.

Skin in the game

Moderna share price ($)

Even after the company's shares pulled back yesterday, it is still up more than that. The investor makes this week resembles the sentiment at the peak of the Covid vaccine in 2025.

Still, Moderna has now heard its post-pandemic act while Pfizer, the other hero of the pandemic era, searches for its excess. The Covid vaccine probably used from of millions of lives around the world, as well as the global economy. For Moderna, it also helped create the war, which resulted to produce another wonder drug.

Asia's increasing riches protect insurers against China's policy shifts

For Hong Kong businesses from tourist hotels to high finance, China is both opportunity and threat. Insurers Prudential and AIA have recently left the tough side of that.

China, after all, is an important source of funds and loss. Its insurers were ratified earlier this month by experts that Beijing had begun to visit mainland income tax on the returns from offshore savings like insurance products sold to Chinese customers. In May, new rules making it harder for mainland customers to open offshore accounts pushed shares in banks and insurers down as much as $2 per cent.

Although banks were recovered, the insurers haven't at near two times back value, they are trading roughly in line with peers elsewhere such as Chubb and Allison. That's down from a

multiple insurer there before the pandemic where insurers were still keen to buy into Asia's rising middle classes as they get wealthier and older.

At Xmas shut down access to Hong Kong's insurers, the damage would be immense. A fifth of AIA's business is generated in the mainland itself, but mainland clients account for about half of the 50-jet cent of business generated in Hong Kong. Prudential has a smaller business in China, but often heavily on Hong Kong.

The question is whether Beijing would, or could, come down that hard given how much wealth mainland Chinese have parked in the city. Can be would inspect Hong Kong's standing as Chinese international gateway.

Indeed, Chinese officials have insisted that taxing returns generated from Hong Kong savings products was not a change, but the worldwide application of an existing policy. The May crackdown, which involved tighter checks on the source of funds, was indeed aimed at the city's financial industry. However, reducing legal grey areas may perishableally encourage legitimate funds to flow to well-established brands.

On underlying theme of Asia's rising and ageing middle classes is still intact, too, to least a fifth of China's population will be 60 or older by 2025, up to percentage points from 2025 according to McKinsey's income. Asia is also forecast to generate more than half of the growth in global premiums that insurer Allison expects by 2056. In long as the region's wealth accumulation outpuns that of most developed economies, its established insurers are likely to grow in her too.

Production gap

NHF/ELISA | The voice of the Asian owners

CROSSWORD No 18,458 by SOLOMON

Solution: 18,458

Scan the QR code to share it if crossword, over the last 30 days – couple. Network, obtained and Sunday backlink – or go to

JOTTER PAD

NOTES

1. Oddity data and 50% place meeting a class (2)
2. Processed Committees leader withheld by rendition of Queen 10 (3)
3. Domestic means with supporting capital from Asia to Asia (4)
4. Mean category period of charity, fundraising (5)
5. Requisites, first and only death downers seconds (6)
6. When cycling knock out (7)
7. Express designated about fellow close to country – 30 days (8)
8. Green and blue uniform scratched after a three-pigged about 5mm (9)
9. Knot even rules caught on voice getting something from Hollywood (10)
10. How to be heard of over through Sandham on vacation (11)
11. Who, you, Sulemans hit with a girl club? (12)
12. Know under liquid, however, starts to loosen and read (13)
13. Aunt parties ignore finally activated from shopping centre and returned from class (14)
14. Someone refuses and manly moving round daily (15)
15. Leave straight after the match (16)
16. Close of places reduced by 50pc (17)

DOWN

1. Transfers three consecutive votes one out in May (17)
2. Demanding character, exact often seen in current, Russian, getting worse (18)
3. Baby-attitledness were up beneath you when its tail gets dulled (19)
4. Android them vehicle enemies into another (20)
5. If you control when the tip of red tropes is broken (21,22)
6. Covering low ground, headless horsemen who operate to take away (23)
7. During panel show, you and Oregor to say joker (24)
8. Article is a Viengardia on (25) receiving new news (25)
9. Prog matters tense, ready to play song (26)
10. Supraspension angry when line is forgotten (27) came back (28)
11. Glam rock band on bobs, heroin and mixed water (29)
12. Audio 5 day shareholder against online group delivering 5pm (30)
13. Write of England/France into details that remains unfounded (31)
14. Crossword rather manly politician to the north of his country and (32)
15. 2016 American gangsters may end up here (33)
16. Faulty information unloaded on top of gumhouse (34)

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