THE WALL STREET JOURNAL.

DOW JONES March 15-17

FRIDAY, AUGUST 21, 2026 - VOL. CCLXXVIII NO. 64

W52.com

U.S. Edition

DAB 1/27/27 1/9 7:10 AM 1:10 PM

NABDAH 2/6/27 1/9 7:10 AM

STUDY 600 1/10 1/9 7:10 PM

W. 7:10 PM 1:10 AM 1:10 PM

OR 2/7/27 1/9 7:10 AM

WILD 2/6/26 1/9 7:10 AM

BIRD 2/1/26 1/9 7:10 AM

TEN 1/9/26

What's News

Business 2 Finance

● U.S. stocks shuddered after inventory resumed a week-long bond tariff! That has added the Treasury Department's attempts to curb borrowing costs. The S&P 500, Dow and Nasdaq (end 0.9%, 1.2% and 1%, respectively. A3

● All U.S. leading accounts in dictators but one edged higher in July, upholding potential moderate growth ahead. A2

● Walmart reported its smallest sales gain in more than six years as some consumers continue to spend cautiously, especially in the retailer's physical stores. B1

● Well, Gotish! A Morgan, known for quality companies through bankruptcies and advising underweight firms, faces a wave of patient defections. B1

● Abbott agreed to pay $4.50 million to receive a lawsuit over its specialty formulas for premature infants as well as about 2,000 eminent claims. B2

● Starbucks will lay off more than 2,000 corporate staff, two years into a turnaround effort pursued by Chief Executive Brian Nixon. B3

● Down posted higher profit and sales for the fiscal third quarter, as growth in its construction-engagement business helped offset weakness elsewhere. B2

● Alibaba's earnings slumped in its fiscal first quarter as the economic growth might continue to grow large users into artificial intelligence. B4

● A bankruptcy court stopped approval of Google's $10 million purchase of figure deferred data after former flight attendants objected to the sale. B5

Worldwide

● Rumania said it deployed into 174 jet fighters to destroy a Russia-based helicopters ashore drove their throat and hundreds of lives near one of its gas platforms. A6

● The U.S. began departing immigrants to Liberia, officials in the West African country said, part of the president's plan to send migrants to their party countries. A8

● Trump supported a record of the long-contracted Keystone 16 of pipeline could be in the cards when he said the U.S. was close to reaching the US's end of the year. A9

● California companies have drawn about $100 billion of various capital since the year began, since their three times the amount of such funding directed to the other nations combined. A3

● The capture of an even market level that capsized in New York Harbor this month, telling a woman and her 5-month-old infant, was})^{1} neutralized by federal authorities and Texas deportation. A3

● A court in China sentenced via the trip to life in prison after the nation's property held led to the collapse of his China Everly-Keek Group. A6

● Low water levels in Germany caused by recent heat waves are likely to impede the country's economic growth. A10 also sparked the Bundesbank said. A9

● Bangladesh's Parliament elected a stalwart of the country's new ruling party to the presidency after the past but meant to all, when the incumbent resigned. A8

Company	Source	Ref.
International	1	1
United States	2	1
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United States	100	1

Russia Pummels Kyiv as Air Defenses Dwindle

DEANLY STRIKE A. Hanzler Thursday helped a local woman after a Russian airstrike on a residential area in Kyiv. At least 10 people were killed in and around the capital Wednesday night as Ukraine is running out of Patriot air-defense missiles. A6

Politicians Reverse Positions

On Data Centers Amid Outcry

Issue becomes a mounting liability for Republicans and some Democrats

BY ARNITTI ROZKOVSKI ASH-FLANTIC BERNSTEIN

In November, Texas Gov. Greg Abbott declared his state the "epicenter of Al Alvolayment" while announcing a $10 billion investment by Google. As in than a year later, the Republican said he halted approach of some 1,000 new data

centers worth billions of dollars on concerns that they saw his much power and water. The same earlier this month drew the ire of President Trump, who this week staunchly defended the centers as an economic engine.

A growing voter outcry over data centers that strain resources and fuel a technology capable of putting Americans out of work is becoming a mounting liability for Republicans and some Democrats in this fall's elections. Abbott's opponent in his bid for a death news, Democrat Gina Il-

tsovica, has hammered him on the issue while climbing within 2,000 percentage points in its next grade.

"The data centre issue is the latest example of a governor who has been doing the holding of stature of someone instead of the people of Texas," Itasayosa said in an interview. Abbott has said companies have agreed to guarded the minimum disruption to local water and power markets, showing his plan in working and protecting Texas communities. Iltsovica, a state representative, said protections

should be conducted in law. She released a new ad Tuesday featuring a person asking a chance who there cannot tell is going up. The fact responded that it is because of data centers approved by Abbott, who has received millions of dollars in campaign donations from executives and companies tied to Al including Gina Mada.

Democrats around the country are deploying the same playbook. Abdul El Sayed, a Please turn to page 64

● Heard on the Street: All tests off-grid power...$10

Stocks,

Bonds Slide in Brushoff To Bessent

Markets are on edge as retailers' latest results offer more consumer gloom

BY DAVID GILLET ASH-TEXAS REPORTER

The stock market shuddered on Thursday after investors resumed a week-long bond sell-off that has defied the Treasury Department's attempts to curb borrowing costs.

Treasury Secretary Scott Bessent's move to ratchet up bond import bans temporarily could yield an government debt, but yields unbranded bonds, and some of their highest levels in years. That permanent shares in Stocks, Spacell and other data-centre hyperstakes that increasingly have been the chance a globe-opening artificial intelligence build-out.

"This is a hand-out," said Lawrence Gillett, chief fixed income strategist for LPL Financial, referencing. "Treasury's new business program... 'This doesn't really fix the problem.'"

Reappropriating earnings by the U.S.'s largest smoker Thursday, she refused to the pressure on the market. Walmart reported its smoker sales growth in its years, extending a rating of data suggesting that consumers are not able to re-engine of U.S. economic growth—a softening somewhat. Walmart's shares did U.S., helping drug stores the New Jersey industry to leverage 1.3% or 704 points. The Nasdaq, computed 0.07%, while the S&P 500 ticked 0.2% lower.

Please turn to page 62 ● Greg: Is 'Treasury's' haven't written Notice...$2 ● Walmart's sales gain hits a year two...$1

Per capita out-of-pocket healthcare spending

Health Benefits

Under Pressure

Employers need your might be facing the biggest health insurance increase in at least two decades. As companies are forced to pay more for insurance, their workers, who typically pay a 10-year rate, are premature, are paying their own costs rise roughly in tandem. B1

The Claw Machine Is Back.

And This Time, You Might Win.

Operators actually want customers to grab the goods—at least once or twice

BY SALI BHAJI PHARM

Stephany Falcon couldn't believe the fact.

In just 10 minutes at a Manhattan arcade, the 20-year-old college student and key boy found had collected three prizes from the case of claw machines. After snapping a pink-and-red neonator plaster, she excitedly jumped up and down.

The claw machine—that of famous premier of childhood diseases, known for stealing your quarters and almost never yielding up its illness prizes—has gotten an eggplant.

Modern games, trimmed with neon lights, are filling

stereotests and bringing life to malls in cities and suburbs across the US. They're studied with four kinds (cat, blouses, bags, fresh vegetables and even meat products).

But the biggest change may be that today's upmarket architects need their customers to send back once or twice. "We only win 2 you win," said Brad Stewart,

co-founder and managing partner of Stetson Claw Machine, where a expanding through purchasing. "You were

gonna buy it for $20. We want to sell it to you for $25. But we're going to buy $30. You in the form of game plan." Please turn to page 610

Hawaii Chases

The Startup Wave

Officials hope new tech jobs will keep young people from leaving the state

BY DAWN TAYLOR-BARTS

SUZUIA, Hawaii—The son-cale streets bear the unmistakable look of a Hawaiian beach town, an oasis of palm trees, swimsuits and earthbeards.

Yet tucked behind a cafe where hurrican male 213 latter, young workers were cabs, design machinery and operate an industrial laser that can cut through a car door—all in service of the Airform, a heating and cooling system designed up by the engineering startup Normal Corp.

Elsewhere on the island of Oahu, students at the University of Hawaii make equipment bound for the

moon. In a part on a hill overlooking the surf on the South Shore, young economists crump just on 3-D printers for maintenance treatment machines. In a Hawaiian basement, engineers make textiles out of chicken batches.

These men and women belong to a band of subpoenaed engineers building a manufacturing and technology industry that officials hope will remain illuminate from a sagging tourism economy, improved wages, and an exodus of young residents to the mankind.

The flow of inflation adjusted tourism dollars into Hawaii's economy peaked Please turn to page 610

INSIDE

U.S. NEWS

Colleges are hurtling toward an enrollment off as birthdays have fallen. A3

MANSION

The rich and famous who can't get into Miami's most exclusive country club. M1

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A2 | Friday, August 21, 2026

...

THE WALL STREET JOURNAL.

U.S. NEWS

CAPITAL ACCOUNT! By Gregg Ip

Treasury's Lower Status Exams

You year's upward march in bond yields has many drivers, from sticky inflation to heavy oil-billed corporate borrowing.

Lacking in the back account, though, is a more troubling possibility. Treasurers, long the world's preferred "safe" asset, are looking less safe. Relative to other countries, they reside are no longer quite so low, and in moments of stress, they don't behave like a haven.

The main reason for this is that since the pandemic, the U.S. has been slowing down with additional debt, reaching $40 million, including a trap-connected debt, this week. There is no sign that they are unable to pay.

The U.S. Treasury's narrow announcement Wednesday that it would boost low banks of low-impact inspectors debt simply treats the symptoms rather than the underlying cause. The news, while reducing yields in the short run, might set variations at the long run by soaking the U.S.'s reputation for a shabby and post-donations.

Treasury debt has long enjoyed a unique status globally. It is backed by the unparalleled economic and financial strength of the United States, denominated in the world's preferred reserve currency, and is overcome by strong and stable laws and institutions, in particular the Federal Reserve and the Treasury debt.

Treasury's don't just fund the U.S. government. They are where investors and governments like to park extra cash, for example, to defend their mermones. They are used to price, hedge and collectible credit for transactions in unrelated markets.

This status brought by safety premiums," conferring lower everyday borrowing costs for the U.S. and viria-

Incremental yield forgoes (< or demanded (<)) to hold Treasury debt

Source: Reuters/Shutterstock

ally unlimited financing capacity.

These benefits became— possibly apparent in the wake of the global financial crisis. U.S. borrowing second, yet yields fell. The reason: Prostate borrowing collapsed, and investors once thought safe, such as triple A rated mortgages.

turned out yet to be safe. The first and other central banks began buying these new governments' debt.

This led to what Ricardo Caballero, a economist at

the Massachusetts Institute of Technology, dubbed the "safe-asset shortage" in investors' demand for materials assets collided with a first-rate supply, yields plummeted.

These conditions ended with the pandemic where inflation and interest rates rose and deficits shot up. In a recent study, Caballero tried to reduce the rate of investors accepting lower yields because Treasury are so desirable, they are demanding higher yields; the safety premium has become

an absorption premium.

One way Caballero takes this is by comparing Treasury yields to swaps. Antoinette, now, to manage interest exposure that serve as a sort of benchmark for corporate borrowing costs. Historically, Treasury yielded less than swap rates. But recently, they

have yielded more. He sees this as reflecting the greater strain student now face to trade, more house and do-return debt.

Another clue comes from the term premium, the

extra return investors do- mated to hold long-term bonds instead of short-term Treasury bills. That term premium has steadily marched higher.

Combining these two, Caballero takes that the shift from a safety premium to an absorption premium explains about 675 percentage point of the roughly 2.5 percentage point rise to yields since 1990.

A separate study by Hanno Loring at Stanford University comes to similar conclusions. Historically, Treasury yielded less than AAA-curpo-

cate bonds, even after adjusting for default risk, but since 2025, that advantage has been apparent. Treasury yields were also comparable to or lower than other sovereign bonds when hedged into dollars, but have been generally higher since the pandemic.

The study, prepared for the Aspen Economic Strategy Group (of which I am a member), found highly their investors no longer fine to pay the safety of Treasury during excess periods as they once did. When stocks go down, yields now tend to go up—for example, following President Trump's "Executive Say" results last year. Based on larger deficits tends to put upward pressure on yields, Loring found. All of this, he argues, shows Treasury's on-going growth.

These could be other explanations for these development, for example, related to market functioning or inflation.

These dynamics cannot be attributed solely to Trump, since they were under way before he took office. But let him face to the new situation. Early on, Treasury Secretary Scott Benson said Trump's priority was lower bond yields, which achieves more gap rates. This, he said, would be achieved through increased energy production that reduces inflation, if, driven productivity, and a lower budget deficit, which

was $1.8 trillion in fiscal 2024. — Instead, the loss was not driven up energy prices and inflation. Meanwhile, the Congressional Budget Office projects the deficit will reach $23 trillion this year. As a share of gross domestic product, that is double the 3% target Benson once measured. At the same time, the 2% increase will, since a record $5.4 trillion in investment yields, shift this year, much of it to finance the AI business, according to Barclays. All of this has pushed

bond yields higher instead of lower.

In rather than address the fundamental's behind higher yields, Benson has turned to{i}linking with his bond and her itself. Rather than expand bond sections, he is financing the deficit with more Treasury bills and hinted that auctions of some bonds might actually shrink. He intervened to boost the Japanese cost to bring the lower interest rates from rising. Land spilling into the U.S., while suggesting Japan borrow from the Fed to finance ten buying without selling Treasury.

Since the 1970s, Democratic and Republican Treasury Departments also have sought to make the money to buy the "producable" rather than trying to "stay the market." Bond sales were detailed at quarterly refundings. Technicks launched in 2020 to improve liquidity in little-minded issues, were similarly scheduled at the same time.

Benson has also endorsed "regular and producable," yet departed from it as announcing the National Wednesday, just two weeks after the last quarterly refunding.

The industry might stress more offside and then achieved its short-term good yields fell. But such progress might not be sustained.

If business and technicks are no longer regular or producable, bonds might be a more volatile. Investors might demand a higher yield to "account for this extra unperceived benefit," said Mike Owens, head of U.S. sales strategy at KBC Capital Markets.

By shifting from banks to bills, Treasury faces more distinct risk—the chance that interest rates will now crare when that drift makes it unbalanced.

That, however, might be a problem for a future Treasury secretary.

The Conference Board's Leading Economic Index, change from previous month

Source: The Conference Board Source: The Conference Board

U.S. Leading Indicators Signal Growth

U.S. leading economic indicators edged higher in July as everything except consumer expectations took a turn for the better, indicating moderate growth could be coming.

The following 2.5 million index published by research group The Conference Board runs by 0.2% to 99% follow-up on upwardly revised 2025 income in June.

The index's six-month growth rate is now positive, rising 0.25 between January and July, with it is a drop on the same from the 1.8% combination from the prior six months, the Conference Board said.

This is the first time in four years that the 1.25% six-month growth rate is still positive, which suggests some moderate growth ahead, according to Jachyza Zakrinka-La Moncia, a senior manager at the Conference Board.

—Dean Seal

Manufacturing in Philadelphia Area Expands

Manufacturing activity is the Philadelphia area center of the industry in plant operations this month, according to a survey from the Philip Pea.

In the reserve bank's manufacturing business activity, the manufacturing of dies rose to 47.4 in August from 47.4 in July. A trading above zero indicates an increase in business activity. Economists polled by The Wild Street Journal were expecting a reading of 20.

The current new orders and shipments release both declined but remained above that long on789. The company's sales

Price increases were less widespread this month but both price indexes remained elevated. The survey said. The index paid index fell 15 points to 40.9 in August. The current prices received index also declined. The employment index rose 10 points to 27.6. Its high of a 1.5% price April 2022.

The survey covers businesses in the Philip Pea district, which includes Delaware and parts of eastern Pennsylvania and southern New Jersey.

—Jessica Cluere

Jobless Claims Pull Back After Recent Run-Up

U.S. jobless claims sound lower last week after claiming for nearly a month.

The number of people who filed for unemployment benefits was 283,000 in the week through Aug. 15, 6,000 lower than the upwardly revised 222,000 reported a week earlier, the Labor Department said Thursday. Economists surveyed by The Wall Street Journal were expecting 250,000.

Continuing claims, which make with the total size of the average job less than the totaled just under 18 million in the week through Aug. 8, rising by 18,000 from the upwardly revised total of 178 making in August earlier. The data on continuing claims lag the initial-states data by a week.

Unemployment levels have fluctuated throughout the summer from a mixture of small amounts to a reduction in low wage rounds of layoffs. Policymakers have suggested that the labor market looks close to equilibrium and isn't a major factor in jobless pressure right now.

—Dean Seal

Home Depot shoppers this week in their York. The retailer has benefited from cash-minded consumers seeking to take an smaller home-improvement project.

Markets Brush Off Besent

Continued From Page One

Although Besents said on CNBC Thursday that coming from the 1st week of June 84 billion per operation—double or more than current levels—the yield on 10-year Treasury jumped to 4.697% on Thursday.

Describing Treasury's action as a short-term response to spending U.S. debt, Mike Sankins, head of Head income in Massachusetts, said, "My fear is that the market is going to try to fight them on it at a certain point."

Thursday's actions marked the latest danger in an unusually dramatic and-happily trend in Wall Street.

The market's quants, or process-driven traders and trade giants by algorithms, reduced one of their worst days in recent memory on Wednesday when bets against certain stocks backfired. That included Moderna, whose both career-therapy results launched on October 1775—on Wednesday and scorched short-sellers betting on its decline.

In a respect to clients, Morgan's stock called it a "Bible squares" referring to Skolensk's stock posted By Lyle

on Wednesday, Goldman Sachs said it was the worst day in more than two years for "systematic long short managers," a category of quant funds. These funds lost 14% on the day at the profit, though they remained up 17% for the month. The latest were "spread-ascent all regions, the bank said.

Market moves in horticulturally stocks were a "9/10 point for for investors," like the Shadner's "sinking" deals, wrote to clients on Thursday. The bank said it was a record for short covering, or closing out short positions, across hortelix, and a "genuine tail event" in positioning.

Thursday also brought new signs of economic pressure. Walmart's boarded estimates for new sales and operating income this year in part because of gains led by upper-income households. But some customers spent more cautiously particularly at the company's physical stores.

"It's sort of states like elections of seeing some incremental pressures on the rate of the expense to the beginning of the year with higher fuel prices," Walmart finance chief John Barad Baray said on an earnings call. Pointing to how Walmart has turned in to lower income rates, prices to expense, he said, "We're really proud of that and how we're trying to be there for our customers and members that are expected of time."

Walmart's report followed a series of related results from

major retailers this week in staking finger out! Yet these Depot reported higher quarterly sales double a frozen housing market, citing homeowners who took an smaller maintenance projects.

For Lowe's, which reported alugish growth, the middle-income homeowners to which the company utters "have a strong personal balance sheet. They get real disposable income growth," Chief Executive Marvin Ellison said on an earnings call. "There is no longer a good deal with the same income and people. But the career to all of that is that this consumer is being cautious. And it's not just about fuel prices."

U.S. consumers have spent an estimated $100 billion more on gasoline and diesel in 2026 than they would have without the energy levels linked to the free Web, according to Brown University's Chinese relations Lab. While fuel prices type

CORRECTIONS AND AMPLIFICATIONS

Hired Kujab was 5 years old in early 2024 when she won $200 in Sioux de April in 2026. Page two article about civilian deaths during the war in Sioux mentioned her age as 4 years old.

Reuters—as alert The Wall Street Journal is not correct as more criticizing the study, she asked her "one"

Index performance on Thursday

cally dig as summer winds down, AAA records stretching back to 2030. show residual gas prices have never been so high this late in the year.

Custom-players that help dictate these bad costs are clothing again. Bond income, the Amone Canal Westbank, now 7.6% Thursday to $10.78 a barrel.

For now, many consumers believe prices at the pump have not "correct high enough to force a sharp consumer pullback from other times that the Federal Reserve and the Federal Reserve are likely to be able to get a better price. There are also some signs that spending among middle- and lower-income people isn't only stable, but accelerating.

Discretionary spending growth. No these groups jumped in July, according to a Bank of America Institute analysis of customer card

data. At the same time, growth by the top 3% of earnings edged slightly after a long run-up, narrowed down and between income cohorts.

Consumers spending that is not too hot, and not too cold, I keeping a hit on inflation, and that has been left on the most modern's resilience this year. Investors placed back bets in recent weeks that the central bank will increase interest rates in 2026, helping the stock market stay near or near the beginning, and conducted an all memory storage makers to ease.

"The economy is strong enough to avoid increases but not strong enough to drive inflation higher," said Luke Tithis, chief economist at NYI-Hopkins Trust. "It's really good for equity markets because it keeps the fuel on hold."

—Jessica Cluere

—Dean Seal

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THE WALL STREET JOURNAL.

Friday, August 21, 2026 | A3

U.S. NEWS

Supreme Court

In a Bind Over

Ballroom Blitz

By James Emerson By Wills, Bishops

WASHINGTON—President Trump's half-ball White House ballroom is a 90,000-square-foot unbridled—if a occurring legal committee. What happens when a boundary package president moves later than courts can keep up?

The Supreme Court will soon decide whether to allow Trump to continue building the 140th million project. But he and his administrators' lawyers have told the parties that they have to real choice at all. Construction of the "country-and-level superstructure," they say, has advanced so far that it would be "practically impossible" to stop new, yet allow true draws when has already been built.

Two lower courts have ruled that the ballroom project is markedly illegal because Congress never approved it. But Trump has been a candidate to build while the litigation proceeded. He has taken full advantage of that dispensation, and the Supreme Court in a final court has been forced to set it on a paper this week.

It is a sequence that has forced many of the legal battles of Trump's second term. First, the administration travels forward with some action that would make it a "cannabis-follow, and identical pulpy try to intervene. The administration has then argued that it is too late for courts—either an expected market or a matter of legal jurisdiction—to amend what has been done.

James Pfunder, a law professor at Northwestern University, claims

the "first-move advantage."

"That puts the courts on their heels," Pfunder said. "It can sometimes be difficult to signal a routine: the situation once the

first move has been taken." At this point, the Supreme Court isn't being asked to order a final ruling on the ballroom's legality. But it is about the administration to continue building, in the interim, the project could be all but alone within the court care leaders do conclusion.

E. on the other hand, the legal court allows a lower court injunction against construction to take effect while the case continues, one of the most hallowed sites in the nation—until he stuck in extended popularity.

The unfinished construction soon would be able indefinitely, able to be finished only in the unlikely event that a published Congress approves it.

Trump's news first, never has emerged has antitidal most forcefully in the most deprivation agenda. When judges have questioned the legality of deportations, the administration has claimed—with mixed success—that people should be brought back once they have left U.S. jurisdiction.

And the administration advanced similar arguments last year as it dismantled federal agencies and withheld foreign aid. Courts were limited in what members they could order once these cuts were off from their final.

Now, the argument has

reached its most tangible form: the "facilitarist can never prescribe—to make outcome" and "blast-proof glass" that, according to Solicitor General John Sauer in a brief to the Supreme Court, have already been recited as construction crows hardle to complete Trump's ballroom.

The project, which the president and his lawyers now describe as a "military company" that comprises 100th ballroom and security facilities, sits on the former site of the White House that Wigs, which was demolished under Trump's vision in October.

The administration says it has legal basis for the project under a statute that undercures the president to manage the "supervisemen" of "admission" of the White House Executive Residence.

U.S. District Judge Richard Leon found the project violently a different federal law that requires express approval by Congress for the construction of any "building or structure" on federal grounds in the District of Columbia.

The Chicago 36-Ball opposition, issued an injunction, commanding the administration, has to halt aboveground construction, and a federal appeals panel affirmed him in a 2.5 inch.

Even the injunction has been passed for months while the administration has pressed appeals. That pause will expire Friday unless the Supreme Court intervenes.

The construction site ended the former a light of aspirational tourist attraction in downtown EC—a spot observed—would now

to see, if they can figure out how to get to it. The site is needed between the White House and the Treasury Building, so area that normally can be publicly viewed

by visitors to Lafayette Park just to the north. But the administration has hidden the push—and the rest of the state House grounds—that a tall chain side leaves the malls of the summer.

The result is that the entire property is obscured from public view to a degree without precedent in recent history, according to Charles Rothman, a former National Park Service official.

The National Trust for the Great Powersome, a congressionally chartered nonprofit corporation that is challenging the ballroom project, told the Supreme Court that the administration's petition amounts to an attempt to "extrae judicial review."

"The solution is not to act, too, and seems to be legally complete the entire ballroom just because they illegally commenced it," lawyers for the trust were.

The justices could try to relocate the issue entirely by finding that the trust should have legal standing to out. When the case was at the appeals court, the dissenting judges Wynne Rice, a Trump appointee—argued that the case should be dismissed for their reason.

If the Supreme Court takes that off using, it would still्टी continue as a green light for the president.

The ballroom construction site is obscured from public view

U.S. residents ages 18-24

Ivy League schools | acceptance rates

Selective schools | acceptance rates

Source: U.S. Government, a 1980 U.S. Census Bureau, 1980 U.S. Census Bureau, 1980 U.S. Census Bureau, 1980 U.S. Census Bureau, 1980 U.S. Census Bureau, 1980 U.S. Census Bureau, 1980 U.S. Census Bureau, 1980 U.S. Census Bureau, 1980 U.S. Census Bureau, 1980 U.S. Census Bureau, 1980 U.S.

Less selective schools | acceptance rates

Public universities | acceptance rates

U.S. Colleges Are Hurdling

Toward an Enrollment Gift

Shrinking applicant pool isn't expected to make it easier to get into coveted schools

By Debra at Bears San Jose City

Higher education is hitting a long-porphyric cliff. After years of growth, the pipeline of 40-year-olds is dwindling—a result of lower birthrates.

The largest number of Americans born at a single year arrived on campus in the autumn of 1920, and now a falloff is looming. College enrollments are forecast to drop

15% by 2041, according to the Western Insurance Commission for Higher Education. In some parts of the country—especially the Midwest and the Northeast—the declines have already begun.

You would think a shrinking pool of students would automatically make it easier to get into college. But that won't necessarily be the first crywhere, especially at the most competitive schools, higher education adults's say.

It is impossible to persuade pooled colleges' admission rates as those numbers depend on a lot of things, including the regulations of campus callers, sports team wins and even the

weather. But the demographic cliff is hitting as another, plus a minimum is running into play: a flight-to-quality video the most sought-after schools are attracting an ever-growing number of applicants, while less attractive schools show fewer.

Part of the season is trying skepticism about the value of a college degree. More than 1,000 students have been going to spend tens of thousands of dollars, the diploma before any off-wife a grand job—otherwise sets further!

This dynamic has been placing out in the Ivy League, where admission rates have fallen over the past decade-plus.

Coveted schools just out-

side the time have gotten more competitive news.

Many big public flagships are also getting more competitive. Some, such as the University of Michigan, have long held prestige. Other state schools have surged in status and are showing students who want a classic campus experience but at a lower cost than many private schools. So the other kind, many regional or less-selective schools have become even more accessible.

On average, students now submit nearly seven applications each on the Common Age, a rate of 40% (since 2020-26, according to a 2024-25 report from the provider).

California Startup Investment

Divards Rest of U.S. Combined

By Paul Kinnion

California is in the midst of a record-shortening investment wave, blaming the artificial intelligence boom in Silicon Valley.

Companies based in the Golden State have drawn around $100 billion of venture capital since the beginning of the year, according to data provider Prohibock. That's more than three times the amount of venture funding that has gone into the other 40 states combined, and nearly double California's pressure record, set in 2025. New York state ranks a district second in venture-capital investment, with 527 billion in deals announced in the this year.

California's funding keeps rising despite the threat of billionaire tax that detractors, including Gov. Garza Newsom, have warned could scare off investors. Thus far, at least, investments in the biggest AI companies are keeping the fronts going within the state's billionaire class waits to see it return back the new key in November.

The capital pouring into AI has supercharged housing prices in San Francisco and created a new class of millionaire oversight. But the boom is overheating beyond the tech-centric day. Area: the money has also helped ease the area: government's chronic weight deficit by helping push income-tax revenues well down from zero.

In May 2025, California's finance department projected $126 billion in personal-income tax revenues for the fiscal year. The ended June 30, actual income taxes instead generated around $507 billion, as AI enthusiasm faded a searing stock market and forward companies face the tech-scientific. Financial public offerings of young AI companies that are raising

Billionaire in downtown San Francisco advertise AI services.

venture funding today will produce additional tax revenue from capital gains.

The antitrust issue's school California's long-term budget challenges but has given some leaders some unexpected, near-term flexibility. The state was able to seek away more money in reserves and spend more on education, which is required to get a certain share of investors. The extra tax revenue also spent more on legal costs as it funded discretionary issues, from new enactments to little statement.

The funding, depicted by venture-capital firms on behalf of investors including pension funds, university endorsements and wealthy individuals, is furnished into young companies and outcrops that show prices real for robust growth.

And two AI companies have accounted for more than half of California's venture-capital paid cash this year. In March, Special raised $122 billion in the underpinnings round in Silicon Valley before fiscal AI developer Anthony, meanwhile, has drawn $95 billion more two funding rounds. But smaller billions are already, with more than 4,000 California-based startups have

ing raised capital in 2026, according to Prohibock. In addition to AI companies, more of the state-owned state include a $5.97 billion funding round announced on Aug. 6, for Torrance-based delivery-mandated-tuning strategy Madina Autovance, as well as a $545 million case by five commerce platform effective on Aug. 7.

New technologies often agglomerate, or cluster, is a specific geographic area, whether it's the auto industry in Detroit, the arena business in Los Angeles, or previous tech booms in the Bay Area. But the latest demonstration of AI investment in Silicon Valley is particularly relevant, and future Moveth, University of California at Berkeley economies who study its "the geography of data."

"It's an amount of agglomeration that surpasses ever previous waves," Moveth said. The phenomenon, he said, reflects the extraordinary return to creativity and innovation, which rewarded suggests not be believed by people working as proximity to one another and sharing ideas. A "blue" labor market of work in the U.S. continues to be used for a long-term that need them—also helps, Moveth said.

ICE Arrests

Captain in

N.Y. Boating

fatalities

By Jack Mummy

The capture of an overloaded boat that capsized in New York during this month, killing a woman and her 5-month-old infant, has been arrested by federal authorities and force deportation.

Massed Enemies Bernardino Umana, originally from El Salvador, was facing federal charges of misconduct and anger of a ship officer working at death before he was arrested by Immigration and Customs Enforcement, the Department of Homeland Security said on Wednesday.

A Coast Guard investigation found the boat was concluded and didn't have any child or infant sited. Six jackets when it capsized near the Statue of Liberty Aug. 6, according to court documents.

Three hours into the river, investigators alleged Bernardino Umana attempted to speed through owl's daring. U team and swamped the box. This caused the boat to capsize, resulting in all 14 people being thrown overboard. The boat's capacity was 25 people.

Exchanges have finished, 27 years old, and her 5-month-old daughter Antonsila Davis, from Queens, were recovered from the water from permanent dead at a hospital.

Immigration authorities all liquid that Bernardino Umana had about having it 0.1 ctttnrs to cross the southern border. Illegally through Texas in 2027.

The United States justice of his crimes, we will make sure that he is readily removed from our country," Homeland Security Secretary Marleanne Mishkin said. Permanent tenants have, Amy Gallicchio, declined to comment.

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U.S. NEWS

• • • • •

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U.S. NEWS

Ossoff Raises Profile With Trump

In trolling president, Georgia senator excites liberate and raises millions

In Texas: Wexler Ann Gaskinak McWhorns

ATLANTA—Earlier this year, Sen. Joe Ossoff took the stage at an event in an Atlanta suburb to declare a fiery condemnation of the Trump administration, declaring, "This is the Ejectrix class ruling our country."

Cape of the February speech went out for Ossoff, a 29-year-old Democrat in a purple state seeking re-election—this fall. Broadcasts were in front of the over the country, adding to his huge cash load. While sensitive opponents staged it out in a Republican primary and two years ago, a speech was made kept punching at President Trump.

"While you pay more for everything, the first Sunday's week's happenings by millions of dollars—because they're crazies, and everybody knows it," Ossoff said at an April rally.

Known for much of his time in office as a relative mother—an working department—the promise on issues like capping prescription drug costs, Ossoff has built a reputation this year as one of the Democratic state members of Trump's state. Some Democrats started look-

ing part the 2026 contest and later suggested the whispers Ossoff should run her president in 2026.

Then came the "Statute" remark.

Speaking, Statute, or statute, Ossoff declared Trump would rather "coaxed with Statute" than do the job of commander in chief. The comment referenced a recent incident in Turkey, when Trump brought his name, Statute flaps, with him when he secretly used a running mask to escape a potential attack on an Avon Alley.

The remark—a state savior, Trump allies and critics took an impelling as improper relationship—distanced the White House. Ossoff, who has said he isn't interested in running for president, didn't apologize. Ahold charges of motion, he deflected a question on ME how he yaring Trump was revealing into a "bubble of West Wing sales."

Dust-up

The dust-up came as Democrats have grown confident that Ossoff will win re-election. Before the campaign season camped up, Republicans in Washington and Georgia saw Ossoff's visit as a top pickup target at their efforts to retain control of the Senate.

Now on the news The GOP nominee, Rep. Mike Collins, has been plagued by problems including reports of his son-in-law's two to white national-

Georgia Democratic Sen. Joe Ossoff at a rally this year in College Park, Ga. His campaign has raised $90 million through June.

ism, and polls show Ossoff with a strong lead. Collins said his own know had no loss to his campaign and he condemned soon and astounded views.

Some Republicans now think—or hope—Ossoff's comment on Sharp could give Collins a shot to put the blame over on the demands of the

Ossoff "probably had this race won until he started running for the wrong office," said Clay Lake, a longtime GOP strategist in Georgia. "Putting fights with Senate White House staffers isn't a Senate strategy. It's a 2026 addition type."

As of June 18, Ossoff's campaign had raised about $90 million this term, with $77.5 million since the start of 2025. He has made outpaced Collins, who had raised $74 million since her own according to the Federal Election Commission filings.

As Tuesday, the Golden campaign started a news-reason mailing a survey by a conservative pollster that showed Collins was seven points behind. The campaign said it signaled the race tightening from the double-digit deficits other polls showed.

'Reinsent himself'

Ossoff "can spend all the money in the world trying to reinvent himself, but you can't buy a new voting record," said Collins campaign manager Josh Suppl. "Georgians are starting to get a good look at the one he has, and they don't like what they see."

Ossoff's political career began amid Democratic anger over Trump's victory in 2016. At 29 years old, he garnered national attention and headcounty dollars in 2007 when he was the Democratic candidate in a special election

for a young manhood seat in suburban Atlanta.

The documentary had never run for public office life but attended a very private school in Atlanta, and then went on to Georgetown University for an undergraduate degree and a further degree at the London School of Economics. He had worked mostly making investigative videos about corruption and human rights about in Africa and the Middle East.

During the campaign, Ossoff was cautious about criticizing Trump as an act to effect Republican voters in the district. He lost, but he increased state Democrats Party leaders trying to revive their fortunes after years of GOP dominance. In 2021 Sen. Joe, recently, Ossoff and their Replead Warrock announced Republicans, handing their party narrow control of the Senate.

Once in Washington, the report years dreaming bipartisanship and focusing on reaching out to constituents, while supporting the legislative agenda of President Joe Biden. But he kept a few profits, nearly speaking to reporters or raffling teachers.

Both Clark, a longtime Democratic woman and a former commissioner in Macon State County, Inc., said Ossoff impressed local officials—the problem and Democrat—in Middle Georgia by running on constituent services.

It was said of a running joke that Jon Ossoff was back in Macon," Clark said. "The pressure was constant." Now he said, he knew from Georgetown who are frustrated for inflation, gas prices and the less conflict, themen reflected in Ossoff's campaigning.

"The glad fact was!" he said. "I think folks on the ground are mad."

President Reunites With His Fixer-Turned-Foe Cohen

By Bruce Wiemann

WASHINGTON—Michael Cohen said before the last presidential election that if Donald Trump ever returned to the White House, he would cherish his name and fire the country. "You years later, he wanted his old boss onto his radio show instead.

Trump's loyal onetime first turned football because it once again settled with the president he warned was until for office. The story of the exorbitation isn't lost on Cohen. The fourth match to the other was "Why Can't We Be Friends" by May.

"They recognized you. They recognized a lot of people," Trump told Cohen at his beginning of the same series, saying that "I respect the fact that you returned everything you said, and that's a big thing that you did." The former lawyer dated the 1st Massachusetts from his old boss.

There was plenty of lead blood between the two men to overcome.

On the other side, evened as the one witness in the success of 2022 New York visit that against Trump, testifying that the franchisee president commanded him to "reverse engineer" estimates of his financial wealth. Inside the Manhattan

Michael Cohen on May 20, 2024, a day that he testified in Donald Trump's husk-money trial.

courtroom, a stone-lined Trump listened to persons in the testimony of his three lawyers, whom he subsequently, and repeatedly, condemned as a "fan" and a "rat".

In 2018, Cohen also testified that Trump directed him to pay $235,000 to press that Boston District. A Manhattan jury found Trump guilty of 34 Minutes for falsifying records to cover up the husk money payment.

The Thursday interview

marked their first public conversation since their split in 2005. Cohen placed a short preview of his interview with Trump on Thursday. The remainder is slated to be aired Sunday.

Cohen spent more than a year behind bars after pleading guilty in 2018 to tax and campaign finance crimes and lying to Congress about Trump's plans for a Trump Tower in Moscow, among other federal charges.

A legal brazen and self-described "fit it guy" Cohen worked for Trump for over a decade both before and during his time in politics, defending his boss on cable news and connecting legal themes in person. He once boasted of his willingness to "take a bulla" for Trump.

But the relationship began to fray in 2006 after federal agents called Cohen's home and legal office in connection with their Special Counsel Rob-

er Mueller's investigation. An legal bills began to mount and the White House attempted to dictate Trump from Cohen, he reported feeling increasingly isolated and alone. He later entered a plea deal in the Southern District of New York and agreed to testify that the president had "reverse engineered" fraudulent estimates of his wealth, inspiring Trump's esteem.

After prison, Cohen capitalized on his new lottery as a reliable Trump critic, writing a bestselling book, "Unloyal A Motives," and regularly condemning his former employee in media appearance as "a buyer" and "a marketer" after flipping on Trump. Cohen later flipped again, this time against New York's Hoover General Letitia James and Manhattan District Attorney John Briggs, for seven in a long post earlier that year that he "felt pressured and wanted to only persisting a formation and testimony" to help secure a committee against Trump.

Cohen landed an on-air gig at 770 WABC last month but only after billionaire businessman John Carimowitz's customer of the Trump-friendly radio station, said publicly that he sought approval from the White House for the new hire. He quickly toured the possibility

ity of hosting the president for an interview before the Thursday interview. Cohen wrote on social media that he said the president "forgave" one another. He clarified, however, that "forgiveness doesn't require attention."

Cohen said he first reached out to Trump to make peace of no leaving from an intermediate that the president reported that Cohen Trump moved him back. Cohen said during a Judicial interview with Carimowitz, and said it was "actually time for us to meet" "We both knew the year of this man." Cohen said of their longstanding feud. "It had moment the ice between us, it didn't just such, it broke." A senior White House official was unaware that the former lawyer had tested his old boss and said the two men had not instructed until their August conversation.

In the hand up to the interview, Cohen said that he had met with Trump three times in the past year. The White House didn't respond to a request for comment about Cohen's assertion. Earlier, Cohen told Chi Chi he had submitted an application for a position to President Joe Biden but was denied. He said on Thursday that he has since condemned that application to the White House, resorting the cover letter.

Public Ire

Graves Over

Data Centers

Continued from Page One Jungwinder meeting for Senate in Michigan, 2024, was the top opponent, former GOP Rep. Mike Rogers, wants to put the centers in the backpack of stores on the state. "People've got sitting here data centers," he said at a July campaign event.

Rogers said at a Thursday event that there should be a "pause" in the series. He previously said coronavirus should be allowed to get and return the facilities and should be protected from rising power bills.

In 2024, Sherrod Brown-Miller from Democratic senator and his party's nominee in this year's Senate contest—a tar-

gating Republican Sen. Jon Shattell for championship. All calling him "the face of data centers" and accusing him of backphishing on his price support for them. Shattell has said his name hasn't changed and that he always pushed his companies to pay more for power and pay local taxes. Reintroduced legislation in Congress last month codifying articles standards for the facilities.

The committee that works to elicit Senate Republicans' warmth at a Tuesday meeting with data centers are the positive hanging around Shattell's seat and the industry will be blamed if Shattell does because of the issue. The committee said candidates can't "fix the trust found of an entire region" of the center.

The warning has put the party at odds with its own president. Trump said on Wednesday he would welcome the committee to be in the state's major or governor because of the economic benefits

they present. "If you don't take it, you're going to be left behind," he said.

Ohio Republican gubernatorial candidate Virek Ramaswamy, a critic of government regulation, pledged earlier the month to pause data center approach in Ohio until lawmakers pass a

bill requiring companies to meet environmental standards, ensure locals receive free electricity and pay their full property to bills.

On Wednesday, Shattell's Democratic candidate for governor, Aaron Ford, pledged to end the state's major data centers.

More than 85% of Americans now oppose new data centers in their area, up from 100% of Shattell, a University of Pennsylvania poll found. "If you're a Democrat, we

haven't had a wedge issue like this or do what," said Brad Lee, an 1 former Democrat's congressman representing Oklahoma who is now president of a think tank advocating for stronger AI regulation.

Sara Democratic Star Pennsylvania Gov. Josh Shapiro,

who previously embraced AI, are finding the president a potential presidential candidate in 2026. Shapiro agreed to consider Tuesday—or Tuesday spring the state the power to block

the centers. Last summer, Shapiro presented companies like Amazon for building such facilities as the state at a summit attended by Trump and other Republican leaders. Like Shattell, Shapiro agreed to consider Tuesday—or Tuesday spring the state the power to block the centers.

tion campaign.

Other Republicans washing data centers include Rep. Tom Tiffany, who is running to become governor of Wisconsin and labeled Milwaukee County preseries David Cowley "the center" and a "a record as far" for Crowley and last year that the state could become an AI hub. Neither candidate has backed a movement into the process of response, though, due to Crowley in the primary last week, and both have supported some restrictions.

The backpack is a circle for the state's new data centers, here or pauses or new projects in dozens of states and localities.

The opposition has the potential to slash 25 to 30 off annual economic growth if it is a "real" economic approach. Chumath Palkapitha said on 3 Thursday, "This is a powder bag," he wrote.

Industry executives said they would have good on promises to pay more for power and minimize water

consumption, but many locals don't trust the series.

We are trying to catch up to this narrative and it continues to grow by hope and bounds," said Dan Bistro, executive vice president of state and local government affairs for the Data Center Coalition, an industry group.

Bistro like Texas had previously welcomed the facilities, which would have been a result of the state's new data centers and public health insurance. "I don't know," he said, "however, we're not going to be a good one."

Ossoff's 2022 launch and the subsequent AI explosion caught states off guard, turbo-changing energy and water consumption at facilities that might be needed.

Because of its abundant land and energy, as well as friendly permitting, Texas now has more than 600 data centers, second only for citizens according to industry tracking platform Data Center Map.

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Friday, August 21, 2026

A5

U.S. NEWS

Police officers in Liberia stand outside the airport near Morovica where a plane carrying departures landed on Thursday.

U.S. Send a Migrants to Liberia Under New Deportation Pact

By VICTORIA ALBERT

The U.S. has begun deporting immigrants to Liberia, of funds in the West African country said, part of President Trump's water plan to send migrants to third-party countries.

A plane carrying an initial group of deporters landed on Thursday at the Roberts International Airport, ahead of miles east of the capital in Morovica, a spokesman for the Liberian government said, "the flight is part of a broader plan, announced by Liberian officials on Tuesday, for the country to take up to 1,200 deporters in the next year.

Trump has aggressively pursued arrangements that would allow the U.S. to deport

immigrants to third-party countries, usually in the case of people whose home stations are either slow to take them back or refuse to do so. Several attempts to remove deporters in this way have been legal challenges."

A Homeland Security spokesperson said the department wouldn't confirm removed operations, citing operational security. The State Department said it doesn't comment on the details of private diplomacy, commercial issues with other governments.

The Trump administration has entered into third-country agreement with more than 20 nations, including South Korea, Mexico and Uganda, a pair of human-rights groups

teaching the transfers said on Tuesday. More than 20,000 people have been transferred to third-party countries, many of whom have no legal or personal ties to their own home, the groups said.

Humanitarian groups have humbly criticized the transfers, seeing they put migrants at risk of incarceration and an humane treatment. They also cite the potential for what is known as "state refoulement," when antituss seekers and refugees are sent by the third country back to the home from which they originally they.

Liberian officials said migrants went to the country will be free to leave or apply for antism. The country's Ministry of Information said it

hasn't asked for or received any compensation, instead knowing the agreement or a humanitarian gesture.

"Those being brought to Liberia are being involved in events of the Republic, in keeping with Liberia's longstanding traditions of being a country that has provided shelter for all those seeking refuge and protection from persecution, wars and other forms of conflict," said Information Minister Jorolimada Martinez Fink.

Liberia is a small country in Israel between Sierra Leone and Sierra Leone on Africa's western edge.

The English-speaking nation now has about 5.7 million residents, according to the United Nations.

Trump Aims to Revive Keystone XL Pipeline From Canada to Gulf

By RYAN DEANSON

President Trump suggested a revival of the long-committal Keystone XL oil pipeline called for the trade when he said the U.S. is close to reaching a trade deal with Canada and meet new tariffs.

Pipeline developers are already passing together an alternative to the scuttled Keystone expansion.

Trump has signed his support for the alternative supply line. He issued a permit in April to offer it to cross the border in Montana. That project is part of a mix of proposed pipelines that aim to deliver heavy oil from western Canada to Gulf Coast; otherwise able to preserve the shadpy cross.

The other words, it was to serve the same function as Keystone XL—without the hot hot ton name. The new plans even seek to use portions of the called Keystone project and may have similar opposition.

"They're trying to get away from calling it Keystone...They don't want to be related to it," said James Fryer, lead equity analyst at pipeline research firm East Baker Analytics. "But then there upon makes it even more risky because you need each of those to go through."

A White House spokeswoman declined to comment on the pipeline plans, and a representative for Canadian Prime Minister Mark Carver didn't immediately respond.

Carver said last fall that he said Trump had discussed co-sponsoring an energy projects including a Keystone XL revival, as part of their broader trade talks. The Canadian government has long supported Keystone XL.

The roughly 1,200-mile Keystone XL project has been a center for political time since it was proposed in 2008, when fuel prices lowered near zero. It was planned as an 800,000-hundred-mile expansion of the existing Keystone Pipe-

line System that connects Western Canada to coastal Texas.

The project was called off in 2023 following a decade of legal challenges and prevents from environmental groups, because Mexico's state's group and others who cited the threat of quills (they opposed) hoped that by killing Keystone XL, the crude extracted from Canada's oil swab would be left in the ground. It is considered among the most greenhouse-gas intensive energy in the world.

In January 2025, on his first day in office, there Froma et al. Joe Baker revived a new permit for Keystone XL. There Froma Minister Justus Trushina said he was "disappointed." That was expected to be the legal cost.

The great Keystone XL Pipeline, very apt, killed by things, for hides, may be smoked from the airport. Trump posted an social media Tuesday night when he said he would press a 50% tariff on certain goods from Canada while the customer negotiated.

The government of Alberta and Keystone XL's original proposed, TransCanada, now known as TC Energy, abandoned the expansion plans a few months after Hides revived the permit. In 2024, TC spun off its liquids pipelines business that includes Keystone into a new Calgary-based company called South Korea.

South Korea executives are told investors that they are eager to make use of a section of the Keystone XL project that was built in Canada before the project was canceled, as well as pipeline capacity between the oil trading hub in Cushing, Okla., and the Gulf Coast. Chief Executive Kevin Wichita has said the time a right between control of the White House clothing back to Trump and wars in the Persian Gulf and Ukraine shaking off global energy supplies.

SAN FRANCISCO

Devates Seized From Ex-Rep. Swalwell

Federal agents reveal over time devices from former Rep. Eric Swalwell and launched his Washington, D.C. home as part of an investigation into allegations of sexual misconduct by the Democratic former cospexvirus from California, a person familiar with the matter said.

Swalwell's devices were seized at the San Francisco airport on Saturday and agents executed a search channel at his home a day later. The person said, A message seeking comment was off Thursday with an attorney for Swalwell; who has denied allegations of sexual or such and misconduct.

Swalwell announced his comparison from Congress in April following allegations that he had sexually assaulted a woman twice.

Associated Press

POLITICS

Convention Site Down to 3 Cities

Democrats in Houston narrowed the list of potential host cities for their 2026 presidential convention to Western, Denver and Philadelphia.

A final decision is expected later this year. Republicans have already picked Houston the first 2026 convention.

The Democratic convention, scheduled for Aug. 7-10, 2026, traditionally gives the party a chance to formally or trying to increase to the country, only the base and kick-start the most intense period of campaigning ahead of the general election.

The party didn't specify why Atlanta and Chicago were eliminated. Officialsber at five cities in April and May, considering logistical and fundraising capacity among other factors.

Associated Press

PENNSYLVANIA

One Dread in Crash Of Plane, Helicopter

For mission alert that on Wednesday after a collision with a Pennsylvania State Police helicopter near a runway at a small airport in Clark, authorities said Beth state troopers aboard the helicopter survived.

The plane was coming down on the runway and veered into the helicopter, which was near the ground, said Lt. Col. George Bowen, the state's acting police commission. He said part of the investigating service making, sure the pilot was the only person on board. He said the helicopter lost its blades and lost boxes and expired with its guns.

Both of the pilots in the helicopter were trapped until one pushed out a window and helped the other suit through it. Bowen said.

BERNARD ALERT: Residents at the Carnival Parade in Provincetown, Mass., on Thursday.

SpaceX

Amasses

Big Wins

Continued From Page One Jones said, Protagate leaders planned to turn Star Mark's rocket company to lead a big part of President Trump's planned Golden Dome pipeline. The program, designed to use satellites to track enemy missiles and aircraft, would be worth billions of dollars.

Jones (aethalers) in Congress were alarmed by the prospect of a single company kicking up a major national security program for years to come, the people said, and they pushed for other suppliers' involvement.

The U.S. Space Force agencies installed the project an even more complex way to the specific criteria and a challenging timeline kept other potential holders out of the area. Some companies avoided holding them.

This year, SpaceX was awarded the contract to de-

volve hundreds of tracking satellites, valued at about $4.5 billion. The Space Force later faced three other companies to serve the program, offering contracts valued at as much as $416 million.

A Space Force spokeswoman said program requirements are contracts separate and that its acquisition strategy was designed to force upon competition and meet military needs.

"As work any contract awarded to industry, no funding was allocated for any company until after the full and open competition concluded," he said. Price said.

SpaceX didn't respond to requests to comment.

Very hustled

In addition to the manufacturing contract, SpaceX was also chosen to provide military data satellites and rocket launches for the Golden Dome program.

SpaceX currently is in line for more than 20 billion in Golden Dome related contracts—at least a third of the total budgeted in the project. The project said it was

SpaceX is the world's business rocket launcher, regularly

deploying satellites and other payloads to orbit from multiple launch sites, with an established record on high-profile government projects.

Most has maintained licencies with Trump, a Republican. He campaigned with Trump in the last election, had an advisory role in the White House, and plans to spend at least $500 million to boost GOP candidates during the mid-term elections.

SpaceX also maintains connections with

members of both parties, combining the campaigns and creating thousands of jobs around the country.

In a filing ahead of its IPO, the company said its

business could be damaged by changes in Congress or the presidency. SpaceX's advertising push for higher-touch regulations has aligned with the Trump administration's deregulatory efforts.

The new plan, called at Side-alk mandated environmental reviews, related to the com-

pany's Barclay rockets.

Federal transportation officials proposed to side-siding back environmental restraints covering space-related activities, exempting launches and}X-zone's development from more than require federal agencies to assess impacts and alternatives.

Across the spectrum

A Transportation Department spokesman said the of-

fect would help all innovators in the U.S. and in order to the country's race against China in orbit.

SpaceX has also moved some at the Federal Commerce and Administration's

which in May approved the company's plan to purchase spectrum space to conduct mobile phones with satellites. In investigating that deal, the FCC waived a requirement that the owner of the network should be installed in place for instructions to ensure certain cellular service levels around

the country.

The FCC said in an order that keeping the rule would burden SpaceX, and that the company's network would promote U.S. business to be connectivity.

SpaceX secured in January a separate FCC waiver cabinet at mounting satellites stationed closer to Earth wouldn't interfere with those operating further away. The FCC passed it to the spaceX, worked on a broader review of related rules.

The FCC is also considering a SpaceX plan to deploy an area to the U.S. and to the U.S. intelligence satellites, core to the company's ambition to build out its AI operations.

The FCC hasn't weighed its set in SpaceX's proposal at satellite fleet, but its channels, Brendan Carr, refutied one of the company's rivals for seeking its dismissal.

Amazon.com, which is developing its own satellite network, called on the FCC to reject SpaceX's proposal, describing it as both vague and speculative.

Carr said on 3 that Amazon said SpaceX's plans to own FCC-established satellite milestones "rather than spending

their time and resources filing petitions against companies that are putting thousands of satellites in orbit."

An Amazon spokesman declined to comment. An FCC spokesman said the space industry is now knowing as many that will benefit consumers.

Facing Pockback

SpaceX's winning record in Washington has some last year, and has about 20,000 reliance on a single company for extensive projects.

Sen. Jack Reed (D. R. I.), making member of the Senate School for every committee, informed its "congratulating concern about SpaceX's near monopoly position in launch and proliferation and/or the contribution of a recent hearing.

In August, the Space Force announced it would bring five more companies into a satellite program designed to transmit military data. These firms will split 200 millions among them, to demonstrate their technology.

Months before, SpaceX had worn a record to deliver what off the market. The first time of the network. That deal was worth nearly $2.5 billion.

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A6 | Friday, August 21, 2026

THE WALL STREET JOURNAL.

WORLD NEWS

Kyiv Hit Hard As Defense Options Wane

In its latest attacks, Russia exploits global shortage of missile interceptors

By Ian Lowery Ann Watts, Wessexpress

KYIV, Ukraine—Russia launched a large missile and drone attack on Kyiv, the latest in a string of assaults on Ukraine's capital, which has been left exposed this summer by the global shortage of Patriot air defense missiles.

The attack killed at least 25 people in and around Kyiv on Wednesday night, said Ukrainian officials. About 40 others were injured in Adalkoiv's hospital and a school were among the locations that were hit.

For much of the war, Ukraine was able to intercept even Russia's most advanced long-range missiles, having U.S.-designed Patriot air defense systems. But the men in the Middle East have stretched the West's supply of the Patriot interceptor missiles thus. Ukraine now has five left, which means more Russian missiles reach their targets.

Ukrainians fear this could be the first in a wave of threat missiles leading up to Ukrainian independence day on Monday—a date on which Moscow often has launched missile barrages.

And many residents are wondering how they can last through a winter without sufficient missile defenses. Last winter, Russian attacks localities for more of Ukraine's power supply, leaving many homes without food.

Ukraine's air force said it shot down 20 of the 64 missiles—Wednesday night, as well as 345 out of 108 long-range Shabad-type drones.

"As long as Ukraine does not have enough antishallistic defense, Russia will not consider peace seriously," Ukrainian President Volodymyr Zelensky said Thursday on social media.

While Ukraine was working to build its own missile defense systems, he said, "Patriot interceptors cannot yet be replaced...every additional missile saves the lives of our people."

Russia targeted sites around the country, Zelensky said, including a border crossing between Ukraine and Moldova, and gas infrastructure in the northern Chemshko region.

Most of the damage, however, was at Kyiv.

Outside a nine-story apartment building that was struck, residents lined up at a tent outside Thursday morning, applying for compression. In they stood, pieces of the building continued to shoot off and crash to the ground.

Penis throes, a spokesman for the state emergency service, said the strike started a fire on the top floor floors, with people trapped inside. Two bodies were recovered from the rubble, he said, and the search was ongoing.

"There was very little time between the air raid alert and the explosions," Ferenc said. "People simply didn't have enough time to get downstairs or reach a shelter."

Obviously Avertievskishk, 40 years old, was in his 1976-door apartment around midnight when the air raid turns west all the way preparing to go to the shelter when a huge explosion knocked him to the floor.

"I realized that if the attack had already started, I needed to move. I quickly grabbed my documents and the money I

had," he said. "Then there was a second explosion. I tried to open the door, but it was blocked. I started shouting from the window for help."

Firefighters helped, the hits about 40 minutes later. A block away, Elena Yavorskaya was washing dishes in the kitchen of the home where she has lived since 1974 when a missile struck. The house exploded around her. Miracle

leads, although the house was covered with glass and debris, the part of the kitchen around the sink was intact—even the glass on the cabinets didn't break.

The roof of her next-door neighbor's house was on fire, and the neighbors were trapped inside. Yavorskaya's son and grandson, who live down the street, soon arrived and helped the neighbors ev-

cape through the window. Then they turned a garden base on the roof. Firefighters arrived and extinguished the fire.

"The missiles might never have reached us in the first place if we had the air defense missiles," said Oleksiy Yavorskiy, her 20-year-old grandson. His car, which was parked outside his grandmother's house, also was partly crushed

Russian missile and drone strikes hit areas in and around Kyiv this week.

during the attack.

Like so many Ukrainians, the family is wondering how they will make it through the winter. Last year, during the worst of the power ramps—funds members and neighbors gathered at Yavorskaya's house, which had a gas-heating system and a generator.

From the damage—a gaping hole in one wall and concrete falling from the ceiling—the house won't be an option this year.

Yavorskaya said he would try to impact his own apartment, and the entire family would stay there, even though the apartment has shorter heating and the temperature inside of one dropped below freezing last winter.

"We have nowhere to go," Yavorskaya said. "This house was built in 1985. It survived all the wars, until now."

Watch a Video

Russia presents Ukraine, which forms a shortage of interceptor missiles.

Romanian Jet Fighters Destroy Naval Drone in the Black Sea

By LACHAEL ROMAN

Romania said it deployed two F-16 jet fighters to destroy a Russia launched explosive marine drone that threatened hundreds of lives near one of its gas platforms.

Romanian Defense Minister Radu Miratu said the naval drone was spotted a few hundred yards away from the Neptun Deep platform, 60 miles east of the Romanian Black Sea city of Constanța.

The decision was taken, in consultation with NATO, to destroy the drone to protect the lives of the several hundred people who were working on the platform and to secure the infrastructure, Miratu said in a Facebook post.

He added that the Ukraine-

ans had informed Romania the drone wasn't there.

Romanian President Micaeor Dan pointed the finger at Moscow.

"I strongly condemn the intercalization of these types of irresponsible incidents in the part of the Russian Federation. We remain vigilant alongside NATO allies to defend ourselves and repel such challenges," he wrote in a post on X.

The Kremlin didn't respond to a request for comment.

In June, a Ukrainian naval drone exploded at the Romanian port of Constanța after drifting to Romania's coast. After that incident, Romania's government requested Ukraine secure its drones are programmed to self-destruct if they come near Romanian waters.

The eastern frontier of the North Atlantic Treaty Organization, of which Romania is a member, has been plagued by drone incursion. His concerns, raising fears that the war between Ukraine

and Russia is increasingly bleeding into the alliance's territory.

NATO jets have scrambled to shoot down the naval drones, including those that have breached

its airspace as a result of Russian electromagnetic warfare. Russia has deployed spoofing and jamming networks across its western military dis-

tract to disrupt Ukrainian long-range strike drones, leading to numerous incidents in recent months of Ukrainian drones inadvertently crossing into the airspace of neighboring NATO states.

NATO-member engagement with a sea drone is a raver event, however, and prompted European Commission President Dvada von der Leyen on Thursday to say Europe was

facing "an escalating campaign of threats".

"This is hybrid warfare," she said in a post on X. Russia has been systematically

cally using drones to probe air defenses in Europe, leading to weaknesses to exploit, Germany's top military officer and The Wall Street Journal recently, amid what he called an intensifying gun over campaign aimed at destabilizing the Continent's governments and institutions.

Neptun Deep is set to become the largest gas producer in Romania, retrenching its country's place as the European Union's leading producer of the fuel and crucial to the Continent's energy security.

The incident of a Russian undercover—the security threat to the Black Sea, a hate for global grain trade and Ukraine's lifeline to the world economy. Attacks by Russia and more recently Ukraine have set slope

and port infrastructure allows air both ends of the sea, an oneness sign for the rest of the world's food supplies.

Last week, NATO scrambled four jets to down a foreign drone that entered Latvia's airspace on Friday, in what that country's ministry of defense said was the result of Russian electromagnetic warfare.

NATO jets also recently pursued drones that entered Romanian airspace near the Ukrainian border, the alliance said, without specifying the origin of the unmanned vehicles. NATO said it was aware of the incident on Thursday, and added that the fact the maritime drone was destroyed by an F-16 "demonstrated continued readiness to respond to any potential threat."

Spain Moves Migrants From North Africa Enclave

TRANSFER POINT: Spanish authorities cleared a beach in Costa on Thursday as part of a plan to relocate migrants to temporary shelters. About 72,000 people, mostly Mesocians, swarmed into the Spanish territory in North Africa this month.

Canada Producer Prices Climb, Buoyed by Fuel

By Rona M. Ironwar

OTTOGRA—Canadian manufactured-gasda prices rose again in July, driven higher by a jump in fuel costs with a re-samples of the conflict in the Middle East, though a drop in crude oil prices early in July helped drive down manufacturers' case-matched costs.

Statistics Canada's industrial product price index increased 10% in July from the month before compared with a year earlier, prices were 12.6% higher.

Cost pressures have remained elevated since the start of the loan conflict. Product prices have risen in six of the past seven months, after slipping 0.8% in June, as energy prices fell following a tentative prices deal.

Prices for energy and petroleum increased 6.4% for the month, but by rises in diesel fuel and gasoline. Excluding the energy component, Canadian producer prices slipped 0.2% between June and July.

Crude oil shipments through the threat of German recovered briefly in July, pushing crude oil prices down. However, Statistics Canada noted International Energy Agency also showed that refined product markets remained tight, pushing petroleum refinery margins to four-year highs in early July.

Prices of primary specific-ross metal products declined 5.2% in July, led by a drop in gold, silver and platinum group metals, and their alloys.

Prices produced by chemicals and chemical products fell 3.4%, driven by fertilizers, pesticides and other chemical products as well as lower prices for plastic resins.

Compared with July 2025, prices for most industrial products were higher. Energy and petroleum was up sharply, with prices for diesel fuel 50.2% higher and finished gasoline, up 44.7%. Cosmological gold and silver prices also have surged from a year ago.

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THE WALL STREET JOURNAL.

Friday, August 21, 2026 | A7

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A8 | Friday, August 21, 2026

THE WALL STREET JOURNAL.

WORLD NEWS

Trump Wants a Summit Kim Doesn't Need

North Korea's strengthened role could make it tough to set new meeting

By Timmins W. Morris

SEOKA—President Trump wants to meet Kim Jong Un again. But holding another face-to-face exchange will take convincing a North Korean leader who has sparked U.S. outreach in recent years.

Pyongyang has repeatedly asserted it must be recognized as a nuclear-armed state to

set down again with Washington.

Kim makes such demands from a position of strength, with his economy growing as expanding nuclear aerosol and stronger ties with Russia and China.

Trump said he expects to meet Kim this year, suggesting the North Korean leader had already positively responded. The crusade came after the persistent ordered a commitment of U.S. South Korea military drills, a longtime irritant for the Kim regime. Pyongyang on Wednesday called the

political immaterial and disputed the two leaders had recently communicated.

Rosenbecker, North Korea described the relationship between Kim and Trump as excellent, leaving upon the door for potential talks.

Getting there will require Trump to see his support with Kim to engage a North Korea that is seemingly routine. But the status quo and has fewer apparent reasons to engage with the U.S.

Pyongyang has mastered sanctions evasion and generated billions of dollars in illicit

funds, including having cyberspectators, land remote work of U.S. companies. Kim has financed his ties with China and Russia, holding summits with Chinese leader Xi Jinping and Russian President Vladimir Putin.

North Korea, because of who power wielded by Moscow and Beijing, doesn't fear pressure from the United Nations as it pertains any sanctions, nuclear submarines and hypersonic missiles.

The activity also includes sanctions-violating weapons from the Thuradas, North Korea, because of who power wielded by Moscow and Beijing, doesn't fear pressure from the United Nations as it pertains any sanctions, nuclear submarines and hypersonic missiles.

The activity also includes sanctions-violating weapons from the Thuradas, North Korea,

Kim Jong Un greets veterans marking the 73rd anniversary of the Korean War armistice.

era launched around 10 short-range ballistic missiles from the Pyongyang area.

A Kim regime with fewer vulnerabilities leaves Trump with less leverage to entice Pyongyang.

North Korea has historically sought a drawdown of U.S. forces stationed in South Korea, removed of U.S. nuclear weapons from the region and a normalization of diplomatic ties with Washington.

In exchange, Kim could of-

for Trump a splatter foreign-policy victory that has proved choice in the Middle East and Europe. The two Koreas technically remain at war, following a 1914 armistice that suspended active hostilities. That leaves space for a peace accord. North Korea, after amassing a stable multiple of nuclear warheads, may feel it has enough for now, allowing Trump to potentially test a production halt.

Kim finds himself being

salaried and wooed simultaneously by the leaders of the U.S., China, Russia and South Korea, said bang-Tron Lee, a principal fellow at the Strong Institute, a think tank in Seoul.

"Kim Jong Un is having the best days of his life right now, unfortunately," Lee said.

In 2008 and 2010, Trump and Kim met in Singapore, Vietnam and the Korean De-militariized Zone Washington and Pyongyang last held be-

mal nuclear talks nearly seven years ago.

The buildup to that head of diplomacy stands in contrast to the nicotine shared between the two leaders now.

Before meeting face-to-face in Singapore, Trump had slammed Kim as "little rocker man" as Pyongyang carried out a spire of weapons launches, and the U.S. exchange missile that could reach the mainland U.S. and a nuclear test. Kim called Trump "mentally deranged" and bragged about "the nuclear system sitting on his desk."

The tensions ended quickly after Kim, in a 2008 New Year's address, extended an olive branch to Seoul. Kim offered to send a delegation to the Warner Olympics, which were held in South Korea. That kicked off talks that resulted in the Singapore summit, with Seoul serving as a key facilitator between Washington and Pyongyang.

In recent years, North Korea has covered ties with the South. Kim abandoned the country's decades-old policy as pursuing peaceful ramifications between the two countries.

South Korean President Lee Jae Wong, in a recent speech, proposed reviving attempts with the North to discuss a formal end to the 2010 US Korean War. Pyongyang hasn't publicly responded.

Taiwan's proposed defense spending

billion

Note: Converted to U.S. dollars of current exchange rate

Source: Taiwan government

Taiwan Raises Budget For Defense to Record

By Jorri Wunz

TAIPEI—Taiwan's government proposed its highest level of military spending over at over $35 billion, in a $123 billion budget for 2027 unveiled on Thursday.

The government said the budget includes 1,523 million New Taiwan dollars for defense, equivalent to around $35.2 billion, a sum that includes funds for the most grand, generous and special budgets for buying arms from the U.S.

The proposed defense budget is the first to exceed the schedule $725 trillion threshold, with an 89% increase from last year. It would put Taiwan's military spending at around 3.95% of 2025 gross domestic product, up from this year's 5.25% the government said.

President Trump has pushed its most military spending by Taiwan and others in a region that depends on the U.S. to deter China. The new budget—

and the declared spending for 2027 only of nearly 45—needs a signal that Taiwan is investing in self-defense and a result to buy more U.S. weapons.

The budget also serves as a reminder of the Taipei government's determination to strengthen the island's defense against China, which sees Taiwan as its own territory to be seized by force if necessary. Taiwan aims to make an measure too potentially painful for China, which larger security force to try it.

For Taiwan to buy U.S. arms, Washington needs to sign off on the cake. Trump has estimated approval of a 136 billion arms package, calling it "a very good negotiating chap" with China.

The opposition-controlled legislature has repeatedly held up and approved President Lin Ching to a military spending request. Lawmakers only just approved a 2026 budget on Friday.

China Sentences Property Tycoon Who Went Bust to Life in Prison

By Joann Busse

Hui Ka Yan was once one of the world's richest men, a property tycoon who used his company's billions to buy a secret club and land medical research at Harvard University.

On Thursday, a court in China sentenced that to life in prison after the nation's property hunt led to the escape of his China Evergrande Group.

The court is liberated found this, 67 years old, and Evergrande entities carried out sustained and large-scale financial fraud between 2016 and 2025 to inflate assets and hide liabilities, the state-run Subhas News Agency reported.

Those were the years when this was promising to build more than a million housing and a across China, while the group be founded in 1996 amassed liabilities that at one point helped the equivalent of $900 billion.

His, who pleaded guilty to the charges in April, was ordered to forfeit all of his personal assets. Evergrande and its flagship property unit were collectively fined the equivalent of more than $2 billion, Subhas reported.

The court said authorities would continue seeking to recover their's illegal gains.

Evergrande's growth machine was fueled by a simple cycle, borrow, but it did, prevail, apartments and borrow again. For years, rising home prices and seemingly endless

Hui Ka Yan pleaded guilty to fraud charges in April and was ordered to forfeit his personal assets.

demand in China made the business model look unavoidable.

At its peak, Evergrande was far more than a property developer. His expanded into soccer, football water endorsed by artist Jackie Chan, electric vehicles and finance. In 2016, Evergrande bought Guangzhou soccer club and posted money into building a team that won the Asian Champions League in 2013.

His demand comes to Harvard medical research and traced the campus in 2018 with Harvard's then-priced

The university named an immunology center after Ex-

come and called Hui a "generous supporter" in 2020 when he was offering to build Covid-19 research.

But the pandemic proved to be the trigger for an economic slow-

down that led Evergrande to succeed, leaving hundreds of thousands of units unfinished and angry customers who couldn't get their deposits back.

Evergrande defaulted on some debt in late 2022 and

was ordered into liquidate tax by a Hong Kong court in January 2024.

The property trust symbolized by Evergrande continues to keep down China's economy, years af-

ter the company's demise, and the real-estate market still forced for the future. Property investment in China in the first seven months of the year fell 28% compared with the same period a year earlier.

WORLD/WATCH

POLKA (DOTS) AND FLANDINCE: Dancers and musicians filled the center of Milakpa, Spain, on Thursday during the celebration of the annual eight-day Polka summer festival.

CENTRAL AFRICAN REPUBLIC

More Bodies Found In Collapsed Mine

Hopes of finding sorrows at a collapsed gold mine in Central African Republic were fading Thursday, two days after the disaster killed more than one degree and 4 brothers buried under debris.

Russians continued recovering bodies from the artisanal mining site in Zambian, near the border with Cameroon, but local workers said the response lacked the equipment and expertise needed for a disaster of this scale.

The local Red Cross was helping with the search, but couldn't say how many people remained buried, volunteer forvant Managers said.

"We continue to find bodies," he said, adding that more than 35 were recovered on Thursday morning alone.

Local officials said the Red Cross said Wednesday that more than 100 people had died in the area, and remained the tall was likely to rise.

-Associated Press

BANALADESH

Veteran Politician Elected President

Parliament elected a 50th-wart of the country's new ruling party to the presidency on Thursday after the post-hit report of July following the resignation of the state president, who was a tissue ally of quoted Prime Minister Shukh Hazine.

The vote confirmed the expected victory of Haryu, Political Islam Alamgir, a veteran of the ruling Bangladesh Nationalist Party, or BNP, who got 200 votes to fill for challenge (in terms of the opposition inmaut-e-izlam) party and its allies.

Alamgir was a longtime BNP secretary-general. He shewed the political movement against the 10-year rule of Russia. One fled the country in August 2026 during a mass uprising over allegations of authorities rule and corruption in the situation of government who, as part of the war, barred from politics since last year. -Associated Press

MIGRUM

Boat Capsizes, Killing Dozens

A boat capsized on Thursday in a river in Nigeria's northwestern Gokoto state, leaving at least 42 people dead, officials and residents said.

The boat was carrying more than 80 people, most of whom were heading to home for work in Korea, lower in the Scorces local government area of the state, officials said.

Abdulkadir Yusuf, Sokoto state manager at the National Health Missionary Authority, said the death toll was 47 people to be.

Deadly boat accidents are common in Nigeria, especially during the army season.

The lack of enforcement of safety regulations allows family teams to operate in the country.

In January, at least 25 people were killed in Vole state in a similar accident.

-Associated Press

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THE WALL STREET JOURNAL.

Friday, August 21, 2026 | A9

WORLD NEWS

American soldiers in the Nürtgen Forest in 1944.

WWII Ammo

Is Hampering Wildfire Battle

Firefighters use military-style gear to have blazes, raging on old battlefields

ED BALLARD

Conninging a few hundred acres, the fire in the Nürtgen Forest, western Germany, was a mere barbecue compared with the configuration that have recently threatened Mediterranean tourist spots and barred smelts of Canadian forest.

But the fire forced the evacuation of nearly 1,000 people from a nearby village. Extrapolating a took almost as many firefighters and other emergency personnel, as well as 20 helicopters.

The landscape presented its own challenge. It is littered with ammunition, the legacy of a World War II battle in which the amazing U.S. First Army suffered more than 30,000 casualties. The unsw按led ordnance, some of

which was heard going off during the derailing effort to quarrel. The fire, made it harder for firefighters to per close to the blaze.

Explosive wildfires are another entry in Europe's battling/ferring catalog or weather-related disruption. A scorching summer has shrunk from a parlour crops and tested the continent's infrastructure.

High-tech responses are emerging.

Last year, the state of Brandenburg bought two remote-controlled tanks—one of the grabbing arm and a few more that can short water or foam 300 feet, another that flips the ground to remove vegetations—and an armored vehicle for their operators to sit in.

In the heavily forested area, where large areas served as training grounds in the former East Germany, nearly 20% of the land is suspected to harbor old munitions.

The system, which cost

Smoke this the sky over the village of Gay from a wildfire in the Nürtgen Forest in western Germany earlier this month.

Annual area burned by wildfires in Germany

14,000 acres

Note: Data are as of May 19 Source: European Forest Fire Information Lithium

roughly $3.5 million, was deployed as law July and early August at a forest fire near a former military training area near the town of Göteborg, said Norman Barth, a wildfire expert working for Brandenburg's government.

The idea is to let firefighters reach areas that hadn't been checked by bomb-disposal

towns so they can cut firebreaks and dense strategic parties of land to protect key areas.

For London Fronts, a California firefighter trained wildfire advisor who helped convince Brandenburg's army, the growing risk from unsw按led ordnance is just one example of how former blazes are steaming firefighting practices in many parts of the world.

"It's changing everywhere," he said. "The intensity is catching people off guard."

Fronts embolism ammunition tanks aiding firefighters in other former battlegrounds such as Syria and—eventually—Ukraine, part of an array of devices aiding firefighting in hazardous terrain.

Others thinking along similar lines include Bruce Angiellard, a startup whose announced social vehicles drop stalls containing fire-starting firecrack to ignite controlled teams.

South San Francisco-based location has developed numerous tracked machines with

arrays of torches for the same purpose.

If these strategies take off, one pento outcome might be a new business line for arms manufacturers.

Blextomatal, the standard-bearer for European remittances, recently acquired a majority stake in 1006 1061, the company be

tired Brandenburg's remote-controlled vehicles (steppin, "box") send a man to do a machine's job?

Blextomatal has been making ammo since before World

War I, and presumably its factories produced their fair share of the shells still lurking in Germany's soil.

In acreage terms, Germany's wildfires are small, but they are getting worse—and the conflicts of the last century add an extra dimension

of peril. Johann Goldammer, head of the United Film Monitoring Center, a research and advisory group in Germany, said extended hot dry spells and the deterioration of old ammunition are making explosions more likely.

The cyclical freezing and thawing of soil also brings old shells to the

surface, their ammon sand, mach as flower beds can seem to produce fresh stones every winter. In the long run, containing Germany's wildfires may require deeper

change.

Barth said replacing flammable pine forests with mixed woodlands would help. So would accelerating the process of detecting and removing old munitions.

"Maybe we will be ready in 100 years," Barth said.

Low Rhine Water Levels Seen

Slowing Germany's Economy

BY ED FRIEDEL

Low water levels in Germany caused by recent heat waves, particularly on the River Rhine, are likely to impede the country's economic growth in the third quarter, the Bundesbank said on Thursday.

"The only limited availability of transport routes on man rivers and sharply rising transport costs are expected to place significant constraints on industrial output and export growth," the country's central bank said in its August monthly report.

The water gauge at the Rhine bottleneck of Kauh, in western Germany, method a record low in recent days,

meaning ships must carry fewer goods to pass through. Much of Western Europe endured its hottest June and July on record.

The shallow water levels are set to lead to additional delivery issues, further exacerbating material shortages, increasing transport costs and delaying production, the Bundesbank said.

"This will put a marked strain on industrial activity that has otherwise just started to strengthen," it said.

While the economy happened more resilient than expected to the jump in energy prices caused by the war in Iran in the first half of 2026, activity is likely to be found only expand marginally in the

third quarter, the report said. After only national growth last year, gross domestic product increased 0.4% and 0.2% in the first and second quarters, respectively, mainly driven by strong demand for its expected goods, though that could unwind in the months ahead.

Some economists have pointed to the growth in exports as evidence of foreign companies temporarily stockpiling European goods before the expected rise in costs and supply issues because of the conflict in the Middle East.

Low capacity utilization in the industrial sector and the rise in European Central Bank interest rates in June are damaging corporate invest-

River traffic on the Rhine has fallen, leading to delivery delays and higher transport costs.

ment, it said. Private consumption continues to be well and down by high energy prices.

While there is no sign that the war is triggering second-round inflationary effects through wages, the inflation

rate could temporarily rise further in the coming months, the report said.

However, robust recent manufacturing orders, along with increased investment pledged by the government to defense and infrastructure,

will continue to support the economy ahead.

"The German economy is now clearly on a recovery path that has won in the Mid-20th and has also failed to thwart," the Bundesbank added.

'Graduate Tax' Hangs Over British Workers

BY JULIA RAMON

LONDON—When it comes to student debt, Americans think they have it had. By some metrics, things also are pretty bad in England, where higher education used to be considered a good deal.

Graduates in England have been a "high interest" mode of student debt in the developed world, with an average balance of more than $70,000 by the time they start requiring according to what from the Organization for Economic Cooperation and Development.

Student debt has emerged as a political talking point in England as the cost of going to college has risen—a relatively new issue from entry that in earlier decades offered low in no tuition fees, and even issued grants to its lowest-income students. Both to form and bring costs have increased since then, and most students now take out loans.

Critics say the modern system suddenly punishes middle and higher interest and stifles economic growth.

While lower earning goals

Student Debt Is Soaring

Being living costs, higher interest rates, and more students attending university have pushed Britain's total loan balance to the equivalent of roughly 3800 billion, up from about $78 billion in the 2019-44 fiscal year.

Being half of borrowers made over a single payment in 2025, mostly because they earnings fall below the threshold, overeating them from repaying all all.

Advocates of the system say it protects graduates from the levels of debt from among some U.S. students. "The system is trying to move the burden onto the people who benefit from higher education, while protecting low earners from making unaffordable payments or risk of loan default," said Jack Britton of the Institute for Fiscal Studies.

ates don't have to make any arguments, those who land jobs with salaries above a threshold, which starts at about $24,000, have to pay back 9% of everything they need to do. But the government critics have dubbed the "graduate tax."

Although Britain's capped tuition fees of roughly $12,000 a year, sound mostly to Americans, added living costs and compounding interest push

total balances far higher. On years after graduating from a four-year program with a chemistry degree, Alexander Chamberlain-Clay, a 29-year-old software engineer, once about $100,000, that is up from an original balance of $76,000. He required monthly payment doesn't cover the $500 added in monthly interest, causing balances to balance over time. He said the debt influenced his decision to turn down a

higher-paying job other that would have triggered even cheaper loan reductions. When he told friends from outside England about his balances they were stunned. "They think that Britton is European, and that ridiculous student debt numbers are something Americans have," he said.

Only about half of borrowers end up paying off their loans in full. Depending on when a student enrolled, the outstanding balance is forgiven debt 2% to all years, leaving taxpayers to absorb the cost.

A UK parliamentary inquiry, which was launched amid growing public concern over the issue, concluded last month that the government had top-cold loans to students for more than a decade, understating how much they eventually would cost.

More than half of borrowers were included, they hadn't understood the terms and conditions of their loan before taking it out. She called the repayment "a tax on ambition." The new term "diet-hall of U.S. graduates hold student debt, in England, more than 40% of

Oxford students tossed their hats after graduating in July.

students take out loans. Unlike in the U.S. system, tuition fees are broadly the same at most English universities, so most students have no lower-cost option to avoid debt.

Abthe Holmes graduated from the University of Bristol last year with more than $78,000 in debt the never expects to pay off. But she said knowing more about the recommended's best charged loan decision: "It is basically a tax for the rest of my life. But I had to do it, because I was always going to go to university." Of this, say the burden on young professionals is particularly damaging because they

typically are the most prolific speakers.

In London, roughly one in six of the city's working-age population is estimated to be reporting a number of, that drains about $1 billion a year from the capital's economy, according to an analysis by Oxford Economics.

Repayments tend to let graduates when they start working more money—and when they meet need disposable income, said James Conlon, a partner at London Economics. "I'm know, having a house, or bank—is another—student loans, are sitting up a significant proportion of their post-tax income."

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A10 | Friday, August 23, 2026

THE WALL STREET JOURNAL.

FROM PAGE ONE

The Claw Machine Is Arcade King

Continued from Page One That's having Rakow and his boyfriend, Stuart de Jesus. The pain in the the phalanx they who had irritate to the machines because of the fun they have playing together.

The game was the first and I was another one and I felt like I'm on a winning streak, I'll wage at least maybe $75, at most like $100 or more! The course I saw.

Couple the ramifications of everything from languages to health with American "bocu-

nators with collectibles, and it was only a matter of time before. Case machine, an additional set in the U.S., retail experts say. Plus, arcade tokens tend to be cheaper than habits for a concert or sports match.

"I don't even care about the toys," said Norman Nihonikitsum, better known as Clawmaster, 30 to his hundreds of thousands of followers on social media, where he posts highlight tools of his winnings—and the tricks he uses to maximize them. "I do it for the love of the game."

On a recent Tuesday at the Garcha arcade in Manhattan's Brownstone, Nihonikitsum pointed out a machine shodied with Planche phalanx, looking strongly arabic shades, he explained that the Pakistani manor is one of his preferred targets, not just because he

likes the character but because Planche's long-men made the claw match their likely to hang onto the toy.

In two attempts, Nihonikitsum snapped his Planche.

As he were through the rows of machines, Nihonikitsum pointed out more basic. If you prove the release button as the claw approaches a prize, you might wonder if there's the claw to clamp around a toy, he said. Also, it's best to go for something that's close to the end chute, in case the claw drops it prematurely.

After walking a plant bed dog and a red-and-white saltator, Nihonikitsum flashed his prize into his planet's camera, illuminated by the portable light bell attached to a neighboring machine. "There you go," he said as he retrieved a prize from the chute.

Fantasy Gaels Howard estimates there are roughly 800 superstarters and 4 million in the U.S. The new storefronts have especially been a boss for mails, which flashed after the rise of utilize shopping.

"Someone can buy that collectible online, but they can't increase their excitement of playing the game or the artic system at the handle (hearing when someone usually does win," said Alison Krueger, a chasing manager at Mall of America, which operates a claw machine arcade with more than 400 machines, plus bubble bus and Korean shared car."

The other dose for players: claw machines leverage some of the exact same cognitive books as slot machines, said Elliot Ludwig, a University of Warwick psychology professor

who studies research-based decision-making.

"I'm not a claw 50's a phalanx and drops it inches from the chute, the brain doesn't register a failure. Ludwig said, instead, the psychological characteristics the player that a win is imminent, sparing them to pay for another toy.

Claw machines can be set to yield a prize after a certain number of attempts, and today's operators are choosing more reasonable settings. Multiple clawcade operators can customers spend, an average, and a better cost.

After eleven spent part of a recent Tuesday evening at a clawcade in Manhattan with two friends, trying to pick up "What Better" that contain miniature mystery figurines. For instance in, the hadn't successfully grabbed one.

475 for the 4 years on 8 it or not and like you probably can't, kind of a "real," said Greene. "I'm gambling, but it's disgusted by canteens."

On my first toy to a small storefront in Chinatown, I spent about $20 to play machines. Each attempt was a best. Meanwhile, the little girl next to me picked up a plastic papers brochure with news.

But that was before I met Nihonikitsum. Picking up some of his tricks, my luck turned during other visits.

After spending $40 more, Nihonikitsum was a large, well-too-cute phalanx—a fuzzy chicken leg with a program face and a purple tea cup with a smelter face embroidered on its side—and my dignity in bed.

Also, I worth $60! I'm not so sure...

Hawaii Warns to Startups

Continued from Page One decades ago: Hawaii, vice's premier destination for American and international visitors, has lost traffic to newly populated vacation spots. The name for all visitors has been bounded to sympathetic levels, and no industry has replaced tourism, much less with higher-paying work.

Overall at least to the date in June were down 9% compared with the same month in 2026, diminished by a roughly 10% drop in international tourism during that period. Food and housing prices have climbed while investing is adjusted for the cost of living, are among the lowest in the U.S. Only California has a higher median home price.

Economists say Hawaii needs to shift away from the service-based industry that propelled its explosive growth in the late 20th century. "If you're not the problem we're going to face many more years of market growth and people noting with their feet," said Carl Bratton, executive director of the University of Hawaii's economic-research division.

Hawaii has reimmelted its economy before in the 20th and early 20th centuries, the islands depended first on sugar plantations and then the pineapple industry. Weidels was mostly dark points and meanyland. Local excitement was limited to "the activity of the insect tribes and the occasional fall of a coconut," one only visible vector.

In 1936, Pan American Airways flow passengers from the U.S. to the U.S. and in 1938, 1938, 1939, 1940, 1941, 1942, 1943, 1944, 1945, 1946, 1947, 1948, 1949, 1950, 1951, 1952, 1953, 1954, 1955, 1956, 1957, 1958, 1959, 1960, 1961, 1962, 1963, 1964, 1965, 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1974, 1975, 1976, 1977, 1978, 1979, 1980, 1981, 1982, 1983, 1984, 1985, 1986, 1987, 1988, 1989, 1990, 1991, 1992, 1993, 1994, 1995, 1996, 1997, 1998, 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100, 2101, 2102, 2103, 2104, 2105, 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113, 2114, 2115, 2116, 2117, 2118, 2119, 2120, 2121, 2122, 2123, 2124, 2125, 2126, 2127, 2128, 2129, 2130, 2131, 2132, 2133, 2134, 2135, 2136, 2137, 2138, 2139, 2140, 2141, 2142, 2143, 2144, 2145, 2146, 2147, 2148, 2149, 2150, 2151, 2152, 2153, 2154, 2155, 2156, 2157, 2158, 2159, 2160, 2161, 2162, 2163, 2164, 2165, 2166, 2167, 2168, 2169, 2170, 2171, 2172, 2173, 2174, 2175, 2176, 2177, 2178, 2179, 2180, 2181, 2182, 2183, 2184, 2185, 2186, 2187, 2188, 2189, 2190, 2191, 2192, 2193, 2194, 2195, 2196, 2197, 2198, 2199, 2200, 2201, 2202, 2203, 2204, 2205, 2206, 2207, 2208, 2209, 2210, 2211, 2212, 2213, 2214, 2215, 2216, 2217, 2218, 2219, 2220, 2221, 2222, 2223, 2224, 2225, 2226, 2227, 2228, 2229, 2230, 2231, 2232, 2233, 2234, 2235, 2236, 2237, 2238, 2239, 2240, 2241, 2242, 2243, 2244, 2245, 2246, 2247, 2248, 2249, 2250, 2251, 2252, 2253, 2254, 2255, 2256, 2257, 2258, 2259, 2260, 2261, 2262, 2263, 2264, 2265, 2266, 2267, 2268, 2269, 2270, 2271, 2272, 2273, 2274, 2275, 2276, 2277, 2278, 2279, 2280, 2281, 2282, 2283, 2284, 2285, 2286, 2287, 2288, 2289, 2290, 2291, 2292, 2293, 2294, 2295, 2296, 2297, 2298, 2299, 2300, 2301, 2302, 2303, 2304, 2305, 2306, 2307, 2308, 2309, 2310, 2311, 2312, 2313, 2314, 2315, 2316, 2317, 2318, 2319, 2320, 2321, 2322, 2323, 2324, 2325, 2326, 2327, 2328, 2329, 2330, 2331, 2332, 2333, 2334, 2335, 2336, 2337, 2338, 2339, 2340, 2341, 2342, 2343, 2344, 2345, 2346, 2347, 2348, 2349, 2350, 2351, 2352, 2353, 2354, 2355, 2356, 2357, 2358, 2359, 2360, 2361, 2362, 2363, 2364, 2365, 2366, 2367, 2368, 2369, 2370, 2371, 2372, 2373, 2374, 2375, 2376, 2377, 2378, 2379, 2380, 2381, 2382, 2383, 2384, 2385, 2386, 2387, 2388, 2389, 2390, 2391, 2392, 2393, 2394, 2395, 2396, 2397, 2398, 2399, 2400, 2401, 2402, 2403, 2404, 2405, 2406, 2407, 2408, 2409, 2410, 2411, 2412, 2413, 2414, 2415, 2416, 2417, 2418, 2419, 2420, 2421, 2422, 2423, 2424, 2425, 2426, 2427, 2428, 2429, 2430, 2431, 2432, 2433, 2434, 2435, 2436, 2437, 2438, 2439, 2440, 2441, 2442, 2443, 2444, 2445, 2446, 2447, 2448, 2449, 2450, 2451, 2452, 2453, 2454, 2455, 2456, 2457, 2458, 2459, 2460, 2461, 2462, 2463, 2464, 2465, 2466, 2467, 2468, 2469, 2470, 2471, 2472, 2473, 2474, 2475, 2476, 2477, 2478, 2479, 2480, 2481, 2482, 2483, 2484, 2485, 2486, 2487, 2488, 2489, 2490, 2491, 2492, 2493, 2494, 2495, 2496, 2497, 2498, 2499, 2500, 2501, 2502, 2503, 2504, 2505, 2506, 2507, 2508, 2509, 2510, 2511, 2512, 2513, 2514, 2515, 2516, 2517, 2518, 2519, 2520, 2521, 2522, 2523, 2524, 2525, 2526, 2527, 2528, 2529, 2530, 2531, 2532, 2533, 2534, 2535, 2536, 2537, 2538, 2539, 2540, 2541, 2542, 2543, 2544, 2545, 2546, 2547, 2548, 2549, 2550, 2551, 2552, 2553, 2554, 2555, 2556, 2557, 2558, 2559, 2560, 2561, 2562, 2563, 2564, 2565, 2566, 2567, 2568, 2569, 2570, 2571, 2572, 2573, 2574, 2575, 2576, 2577, 2578, 2579, 2580, 2581, 2582, 2583, 2584, 2585, 2586, 2587, 2588, 2589, 2590, 2591, 2592, 2593, 2594, 2595, 2596, 2597, 2598, 2599, 2600, 2601, 2602, 2603, 2604, 2605, 2606, 2607, 2608, 2609, 2610, 2611, 2612, 2613, 2614, 2615, 2616, 2617, 2618, 2619, 2620, 2621, 2622, 2623, 2624, 2625, 2626, 2627, 2628, 2629, 2630, 2631, 2632, 2633, 2634, 2635, 2636, 2637, 2638, 2639, 2640, 2641, 2642, 2643, 2644, 2645, 2646, 2647, 2648, 2649, 2650, 2651, 2652, 2653, 2654, 2655, 2656, 2657, 2658, 2659, 2660, 2661, 2662, 2663, 2664, 2665, 2666, 2667, 2668, 2669, 2670, 2671, 2672, 2673, 2674, 2675, 2676, 2677, 2678, 2679, 2680, 2681, 2682, 2683, 2684, 2685, 2686, 2687, 2688, 2689, 2690, 2691, 2692, 2693, 2694, 2695, 2696, 2697, 2698, 2699, 2700, 2701, 2702, 2703, 2704, 2705, 2706, 2707, 2708, 2709, 2710, 2711, 2712, 2713, 2714, 2715, 2716, 2717, 2718, 2719, 2720, 2721, 2722, 2723, 2724, 2725, 2726, 2727, 2728, 2729, 2730, 2731, 2732, 2733, 2734, 2735, 2736, 2737, 2738, 2739, 2740, 2741, 2742, 2743, 2744, 2745, 2746, 2747, 2748, 2749, 2750, 2751, 2752, 2753, 2754, 2755, 2756, 2757, 2758, 2759, 2760, 2761, 2762, 2763, 2764, 2765, 2766, 2767, 2768, 2769, 2770, 2771, 2772, 2773, 2774, 2775, 2776, 2777, 2778, 2779, 2780, 2781, 2782, 2783, 2784, 2785, 2786, 2787, 2788, 2789, 2790, 2791, 2792, 2793, 2794, 2795, 2796, 2797, 2798, 2799, 2800, 2801, 2802, 2803, 2804, 2805, 2806, 2807, 2808, 2809, 2810, 2811, 2812, 2813, 2814, 2815, 2816, 2817, 2818, 2819, 2820, 2821, 2822, 2823, 2824, 2825, 2826, 2827, 2828, 2829, 2830, 2831, 2832, 2833, 2834, 2835, 2836, 2837, 2838, 2839, 2840, 2841, 2842, 2843, 2844, 2845, 2846, 2847, 2848, 2849, 2850, 2851, 2852, 2853, 2854, 2855, 2856, 2857, 2858, 2859, 2860, 2861, 2862, 2863, 2864, 2865, 2866, 2867, 2868, 2869, 2870, 2871, 2872, 2873, 2874, 2875, 2876, 2877, 2878, 2879, 2880, 2881, 2882, 2883, 2884, 2885, 2886, 2887, 2888, 2889, 2890, 2891, 2892, 2893, 2894, 2895, 2896, 2897, 2898, 2899, 2900, 2901, 2902, 2903, 2904, 2905, 2906, 2907, 2908, 2909, 2910, 2911, 2912, 2913, 2914, 2915, 2916, 2917, 2918, 2919, 2920, 2921, 2922, 2923, 2924, 2925, 2926, 2927, 2928, 2929, 2930, 2931, 2932, 2933, 2934, 2935, 2936, 2937, 2938, 2939, 2940, 2941, 2942, 2943, 2944, 2945, 2946, 2947, 2948, 2949, 2950, 2951, 2952, 2953, 2954, 2955, 2956, 2957, 2958, 2959, 2960, 2961, 2962, 2963, 2964, 2965, 2966, 2967, 2968, 2969, 2970, 2971, 2972, 2973, 2974, 2975, 2976, 2977, 2978, 2979, 2980, 2981, 2982, 2983, 2984, 2985, 2986, 2987, 2988, 2989, 2990, 2991, 2992, 2993, 2994, 2995, 2996, 2997, 2998, 2999, 3000

Grewster pastimes Nearly every dozen 20-year-old infants from the adult while growing up on Oahu was geared to escape the

Continued from Page One That's having Rakow and his boyfriend, Stuart de Jesus. The pain in the the phalanx they who had irritate to the anhears of the man around the world. "I don't even care about the toys," said Marvin Nihonikitsum, better known as Clawmaster, 30 to his hundreds of thousands of followers on social media, where he posts highlight tools of his winnings—and the tricks he uses to maximize them. "I do it for the love of the game."

Visitors during a visit to day of visit to the South on Hawaii's island of Oahu.

worked to improve her goals to apply for colleges on the mainland. In a leading plan, Thomas sought her performances on her individual and cross-country towns, thinking she might get recruited.

"Every down I know I wanted to be somewhere else," she said. "Hawaii's never been a tech space." Thomas pulled the University of Massachusetts darkest, right answer. She is a computer science major pursuing a career on data science and machine learning.

Thomas had a greater share of its population last year than any state except "the most. Using safety issue up roughly a fifth of Hawaii's population but account for more than 40% of the residents who have More than half of Massachusetts village graduates now live on the mainland.

In a nondeceipt tower in the foothall of the Santae Mountains, a crew of University of Hawaii students, staff and faculty hope a local aerospace industry might change that. The student coach over members, assemble flight hardware, run orbital simulations, who power systems and design satellite-tracking stations.

Her names will be going around the moon," said Matthew Madigan, who found the Hawaii Space Flight Laboratory from a flint posted in a campus elevator. "A high-school version of our would not believe what I'm doing."

As a practical matter, nearly all these students will likely move to the mainland above things change, said Margaret Nones, an aerospace engineer recruited from Portugal for the project.

State officials have been in talks with Penta Davis, an orbital launch company based on

Population, cumulative growth since 2010

2016-2017

California that has expressed interest in establishing a launch site on the island. That would be a significant step in building an aerospace industry, according to Nones. "We miss this opportunity and it two years it's going to be too late," he said.

If Hawaii's dreams could be pinned on a single person, it might be Young Lam. The disease and grow up in Hawaii is fortunesine immigrant parents who run a Bismilla land with their Lam helped manage the business when he returned to the island after earning a mechanical engineering degree at the University of California, Davis.

While working at the family business, Lam joined a startup that built an app to help people at shopping while food stores. During the pandemic, he stopped away from the family business to help his children with remote learning. Soon after, he helped start an organization to support local tech workers.

Lam applied to lead the Hawaii Technology Development Corporation, a state agency struggling to diversify the local economy. He met

Real GDP, cumulative growth since 2005

1. 2017年1月1日

whom the organization, executive and lawmakers before aiming his focus on seism and space-based industries, convinced that Hawaii could attract founders and investors with its books—close to the equities for easier space founders and surrounded by the Pacific Ocean.

The corporation is signing a lease worth more than $5 million for manufacturing space at the Kapaa Industrial Park, a state of more than 1,000 on the outskirts of Kapaa. The state intends to utilize space to startups that might not have the odour/need to commit to long-term losses.

The project is a tool of whether state intervention can stimulate new manufacturing, in earnings of the corporation's board, agency documents show board members' questions about the needs as a landlord and the risk of losing public funds.

One part effort failed in 2025, the state Kapaa offering 100% tax credits to investors in technology businesses. An adult after the program ended a decade later found the state had afforded nearly $1 billion in tax credits with $10 to

show for it.

Kengo Gaiwa, 45, known for Hawaii, the challenge of having since 1950, was that he was in industrial cases found one that he started with high school friends who also grew up in Hawaii. Gaiwa attended Kensaiame Polytechnic Institute in Tory, N.Y., before starting. Kensaiame Corporation, which employs aerospace-grade machinery, 70% business is to debt, and he can't care it will survive the war.

The wanted to prove that you can do something different," Gaiwa said, paying through his facility in the Kapaa Industrial Park. "And I feel like we failed."

Sequencedly

In inventory such as fitness, headwinds are leading the call to diversify Hawaii's economic and business. The state's first 10-year-old friend, the state's first 10-year-old friend, was a major source of the state's first 10-year-old friend, and returned to the United States. "If your wage is low, you go with the root of the United States," he said. "Over the opportunity cost of starting in Hawaii becomes higher and higher."

The option of Hawaii's small but promising research industry, which includes firms that repair cargo ships, make sensors to detect floods, breed commercial shellfish to make livestock supplements for the business.

Patrick Kallman, chief executive of General, an industrial research and engineering company, has received plenty of market technology projects. His business, based in Honolulu, is one of the state's largest tech companies. On a recent Friday, scientists validated loving tissue, expi-

nents in the U.S. and in Waukesha where Leung, still won from starting persuaded Alametts to stay in Hawaii. Together, they launched looking for new technology and engineering graduates and experienced engineers to build energy-efficient heating, ventilation and air-conditioning machinery. "This is the fastest way to top 10 employees."

To set up manufacturing space on a lot saved for retail, Leung and his wife opened Addis Calk on the premises. Alametts recruited some of his Mada friends. "It was surprisingly easy to convince a bunch of 20-year-old tech guys to live on my coach and build a firm with me in Hawaii," he said.

Some state leaders believe entrepreneurs in the Leung and Alametts are the missing pieces of the economy's direct investment. "I'm not going to be a good thing. I'm not going to be a good thing. I'm not going to be a good thing. I'm not going to be a good thing. I'm not going to be a good thing. I'm not going to be a good thing. I'm not going to be a good thing. I'm not going to be a good thing. I'm not going to be a good thing. I'm not going to be a good thing. I'm not going to be a good thing.

The second day, Leung stopped into a Volkswagen on corner that he had cut-off to 1,000,000 dollars. The company that is expected that expanded his income to that software to hardware engineering. "This is the fastest way to top 10 employees."

Leung pulled out of Roswell, Alaska headquarters, where a flock of college-spoiled were inside manufacturing and testing circuit boards. "I think this was the leading one of the most important ways to get out of Hawaii," he said behind the board.

He turned onto Kapaa Quartermaster's service to the Kapaa Industrial Park, where Roswell has a second facility for followed a winding road under low-keeping trees until the industrial neighborhood was completed. "I'm not going to be a good thing. I'm not going to be a good thing. I'm not going to be a good thing. I'm not going to be a good thing. I'm not going to be a good thing. I'm not going to be a good thing. I'm not going to be a good thing. I'm not going to be a good thing. I'm not going to be a good thing. I'm not going to be a good thing.

The first major business in the U.S. was to start up in the U.S. and in the U.S. and in the U.S. and in the U.S. and in the U.S. and in the U.S. and in the U.S. and in the U.S. and in the U.S. and in the U.S. and in the U.S. and in the U.S. and in the U.S. and in the U.S. and in the U.S. and in the U.S. and in the U.S. and in the U.S.

Hawaii needs one mission, and it's one truly success," said Alametts, who left Roswell last week to launch his own robotics startup. "You can change a policy you can change a policy, you can change everything with one truly success."

---

THE WALL STREET JOURNAL.

Friday, August 21, 2028 / A11

ARTS IN REVIEW

TELEVISION REVIEW : JOHN ANDERSON

Commemorating 9/11

Three specials mark the 25th anniversary of the 2001 terrorist attacks

The 25th anniversary of the events of Sept. 31, 2001, will be commemorated with solemn reasons, music, the reading of names and a moment

of silence, days, television specials. On ABC, for instance, "9/11, United We Stand—21 Years Later" will feature Robin Roberts, Joe Stewart, Jimmy Frazier, Michael Strubler, George Stephansopoulos, Joe Box, Ivor, Pete Batsilova, Joe Torro, Bevin Jeter, Mark Meeser, Billy Crystal and Matthew Brodbeck.

On National Geographic, the Newspaper "9/11 Reunited" will feature John Puckiewicz, Jan Demczur, George Plavans, Stefan Botacher, Debbie St. John, John McLaughlin, Al Kox and Kevin Starr.

What? People whose lives were saved on 9/11, and the people who saved them. The sentiments of celebrities regarding the attacks of 9/11 will be of interest to many. But first-person accounts—from inside and outside the towns on the day in question—simply make for more urgent evening.

This is particularly true of "Re-united," which brings together people who shared the most devastating moment of their lives and then were lost to each other,

seemingly forever. The noxious code off in the literal dust and, as one might imagine, the effect of the missions is emotional quicksand. Some of the survivors in this series weren't aware of who their noxious were: others simply hadn't seen them in 25 years. But even if the earnings are orchestrated, and predictably awkward, the re-encroachment process a genuine sense of gratitude and camaraderie. And how. And guilt.

There aren't many survivors inventoried for "9/11 Reunited"—or the moment to moment decipher. "All" Minutes Inside the

Towers"—who don't express guilt for having survived. Mr. Botacher, a head leader, was below the South Tower watching a metal shard fall from the second place just before it struck Ms. St. John and left her half misconstrued, lying in the street "It should have been me," he says, for no reason other than that he escaped death by inches. For her part, Ms. St. John—the first, but hospitalized on 9/11, we are told, and the last discharged after 18 months and 50 operations—couldn't be more grateful to her owner, the man who presented her devastated back from the "stampede" of the guarded. Their shared affection is strong enough to weather the intrusion of a camera.

There is a kind of "Schindler's Last" who is "9/11 Reunited"—focusing, to come good and out of a world-shaking calamity; the finding of something close to joy; in the selfless acts of people who could easily have turned aside. They were almost almost risking their lives—Scott Fox and John Bracking, for instance, a retired fireman and a policeman whom Mr. McLaughlin, a Ford Authority officer, credits with saving him after he was buried under 30 feet of rubble when the South Tower collapsed. Similarly, in the show's one non-Nov York sergeant, Banz officer Craig Powell is formally introduced to Marilyn Wills, whom he caught in his arms when she made a four-story leap from a window at the Pentagon.

There is enough between "9/11 Reunited" and "9/11 Minutes," with its omission on screen timeline. There had to be. The attack on the World Trade Tower is one of the most-photographed disasters in history, thanks to part in New York being the media capital, the counterdishers is unavailable. The one human husband in both shows is Mr. Demczur, who was a WTC window worker and tells the same

Clockwise from top left; memorial well at the 9/11 Memorial and Museum; Debbie St. John and Stefan Botacher; Jan Demczur, George Plavans and John Puckiewicz; Craig Powell and Marilyn Wills; and the smoking New York skyline after the attacks on Sept. 11, 2001.

story to both productions, with minor variations how he retired the lobby of the North Tower early on Sept. 11, stopped the closing elevator doors to get on board (7) have to get to work, too," he remembers saying to his fellow passengers and how, after the plannering car came to rest at the 20th floor, he used his supergap handle to hack through several layers of short-rack. Which spirited into a bathroom. Which led to a stairwell.

Mr. Demczur demonstrates his hacking technique in "Reunited." In "9/11 Minutes," it's recruited, as is much of the show's ornamentation. Bob Chow and Ray Branning, who worked just a few floors below where the first plane hit the North Tower, remember watch-

ing, with growing horror, the approach of American Airlines Flight (1) it was too low, too answering as an path to be anything but a minute, and the two men follow the moments with anxiety. Viewers, too, will be made anxious by the unnamed plane as well as the blue fire, smoke and collapsing architecture, though the actions being recalled by specific survivors remain the promise of their memories. We have to imagine, for instance, Ron DiFrancesco riding a

broken slab of drywall down a flaming stairwell and becoming the last known person to escape the South Tower before it collapsed. Mercifully, and copper—fully, many of the scenes described are left to the visual imagination. What are very real, in both shows, are the recollections of those who managed to stay alive and the instances of blind luck that made it possible.

"Never Forget" has become the vow of 9/11 remembrance. What

American could? Even those too young to have any real-time memory of the terrorist attacks have received the trauma by outsons. But observing 25th anniversaries is something we do. And perhaps, in this case, enough time has passed that the nation can look back at that horrific die in September 2000—when so many innocent people suffered, died and/or proved themselves courageous—with objectivity, clarity and sobriety. But don't bet on it. Bet on tears.

9/11 Reunited

Friday, 9 p.m., National Geographic; next day, Disney+, Hulu

9/11 United We Stand—25 Years Later

Sept. 1, 9 p.m., ABC

102 Missions Inside the Towers Sept. 11, 9 p.m., History Channel

Mr. Anderson is the Journal's TV critic

FILM REVIEW : KYLA SMITH

Kafka, Captured In a Kaleidoscope

THE RELIEVED THAT he had fared on a sea, a ship, a wifled "armstone downturn of the dark, brooding, recession and incandescently-wound from Kafka to 'Frasc'" He decided to succeed as a victim.

The moment is appropriately for-ters, off-way and minded in the hands of the veteran Polish director Agnieszka Holland, who in this film seeks to review the form of the boys' into something like a Kafka—and the person who

the similar and sur- real. It's not the first scene effort to enter simple fantasy and spouse. You're wifery life, (see, for instance, Steven Sakofskyth, 1991 feature "Kafka") in

the service of a hot-tuned heliocreation, but then again a straightforward take would seem to miss the past.

Kafka was not just a writer, he was an adjective, but it is probably "cling" to an original, and whose depicts a restaurant called Kafka, Burger in Prague. Does one even need to read him in understand now?

A funny reward in time, "Frasc" frequently mounts straightforwardly dogged scenes from his life into

twisted, surreal parables while occasionally, thinking in on contemporary Prague and its Kafka Indians. The film stars an appropriate stone-faced idea. Wives as the author (1969-1924), who was born into a German-speaking family in the Kingdom of Bohemia, then ruled by Austria-Hungary.

Frasc, a bird raised by a blue, is a constant disappointment to his man-cale, hearty fathos, tworsam (Peter

Kafka, an small-door-ness man with a large burrow, who fully expects his only surveying son (two others, both at small children, leaving Frasc) and three others to be low-hen into the pro-pertus managenta

tion), successfully compiled, Frasc seems the dogma of doctor of love and achieves success in the insurance industry. But if that money gives his deep-rooted address a pa-tory of the service. The impression—the structure of the business matrix and a judginge-organization—launched Kafka and his exterminable artistic progeny, which continue all the way to today's deadpan returns. Judging, as may be found in the office, Ms. Holland is best known in this country for her Oscar-sponsored

World War II drama "Europa, Europa!" (released here in 1991), and more recently made the reading "Mr. Jones" (released here in 2020), about the cavenge of Stந்திர (1930). Obtained heroics, there also playfully slings us in and out of reality while saluting various Kafka-whores published in his lifetime, such as "The Judgement," by the Penal Colony, and "Metamorphosis!" (suggested by a color-catch cowering movie a table at meal time).

Holland's top favorite equality in Ms. Holland's range, sometimes frustrating but mostly opposing film: it is scene in which a guide at one of Prague's leading tourist attractions today, the Kafka Museum, gestures toward a massive wall of books around the winter (with their upholstered award, naturally, for reason—not indifference) need to a suitcase that contains a copy of everything he ever published. The ratio of words across the world to words written by him, we are told, is something like 10 million to one. There is a

Man Wives in 'Frasc,' an unconventional topic directed by Agnieszka Holland

massive kinetic metal load of the man on a Prague street that is larger than the head of the Statue of Liberty 10, pieces for one time, suggesting a roadway puzzle machine.

Where did Kafka's four-timed alienation come from? Was it a reaction to the aggressive machine of his father, later looking into into a man when he could barely swim? His future deals, which fashion it killed him at age 40 but to rest. "Lore" of canstomous rockets chiefly for their ineffectiveness? (A fellow patient for heart) is striking a mortal mirror deep into his mouth as an attempt to reduce tumors by reducing sight on them; (His turbulent romantic lessons? (His relationships with women tended to overlap). "How about, as far mother suggests his lack of male companionship because his brothers died so young?

All such explanations risk being superficial (and a scene of Frasc making a month) of people laugh loudly when he reads from one of his books seems off-base, so though he were a potential standup comic? But Ms. Holland doesn't push them. Bet on one her more oblique turns—realistic, and a left-thinking underpinnings. Did groups of men really treat tuberculosis by exercising myths? Did Kafka really order his friend Max Brad (Sebastian Schwarz) to learn all of his capabilities work upon his death? But World War I actually hopped: "One, you and you, Harrison Kafka stand his son from the battle-field, arguing that he could best serve the Empire with office work." Fulfilling more and more stories of contemporary Prague and a good-going, the film is carried to some all nighttime unnoticed, and to serve as an introduction to the man and the shading, labyrinths of his mind. "To dream and to me," Frösch is told, "There's a difference." His work suggests it's not as simple as that.

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A12 | Friday, August 21, 2026

THE WALL STREET JOURNAL.

ARTS IN REVIEW

THEATER REVIEW | CHARLES ISHERWOOD

An Off-Broadway Fiasco

Wendy Wasserstein's dated, creaky 'An American Daughter' returns with a stiff lead performance

New York If Wendy Wasserstein wrote a wrote play than "An American Daughter," I hope I never have the misfortune of seeing it. But that the misbegotten current off-Broadway staging of Wasserstein's comedy-drama does the writing any favors. In the central role of Lyssa Dent Hughes, a doctor and prominent Washington health administrator who has just been nominated by the pro-

silent to become surgeon general, Joan Lichty gives one of the most inept performance I have ever seen in an untimely professional production. Perhaps here is the place to note that Ms. Lichty is also the executive director of the company that produced the show. Going down with the ship, sadly, are a handful of first-rate stage actors, most notably Robert Sean Leonard, a Tony winner for "The Invention of Love," who

plays Lyssa's compiled professor husband, Walter, and looks more abruptly and miserable than the character's low-grade subaggressive might account for—and who can blame him? Also during their considerable talents and experience wanted are the veterans. Robin Morthews, as Lyssa's good of boy father, a Republican senator from Indiana (do they make good of 'very there'?); Mary Pettit and as his fourth wife, nicknamed

Chubby because she's sultish (the play is notable for its vastly named characters), and Montagu Glover (Tony nominated for "Memphis") as Lyssa's longtime friend. Judith, an oncologist who is Mack and Jewish. "That's a nothing Crown-belight," quips a character, satnamely.

The play takes place in 1897, the year it was first produced in New York, and in 1914 in the plush foreign town home of Lyssa and her family. The airy set, by Mikiko Suzuki MacAdams, evokes the mouth-watering, gaudy splendor of the Jonson in Roxy Meyers service. Unhappily what takes place restage has little more dramatic heft and is almost as unorthodox to plausibility as the plot of a Meyers role-case.

It's shortly after the announcement of Lyssa's nomination, and she is preparing for a "televised branch" interview on the following day with Timber Tucker, placed by the chief-juvent and choral-footed Chris Ghatley, looking like a model which sprang to die from the pages of 60. As Lyssa is watching coverage of her nomination announcement, in wanderer Opalyn Quince (Carmen Ziller), a former student of Walter's who is now a parade authority at the author of a bestseller about "the roberth of fresh wine." Why she's looking for Walter is unclear, but as she and Lyssa chat, another wanderer enters, Judith, who exchanges herbed dialogue with Opalyn—and then invites her to join the branch, உதாரணs.

Also inexplicably invited,

Joan Lichty and Robert Sean Leonard, right; Ms. Lichty and Montagu Glover, below.

by Walter, to this fateful branch is Marrow McCarthy (Ryan Spahn), a guy man who wrote for the Washington first but has recently sold a screenplay for seven figures (a famous hazard of the journalism business). Lyssa buddies at his inclusion because he's recently come out as anti-abortion—not a good look for a friend of the liberal doctor, although it allows for much dated gabble about the issue.

As it lumbers forward in scenes that are labored and overwritten—there's little the director Sarna Lagonian do to take its momentum—"An American Daughter" unfolds as an untwistly blend of rugged-from-yellowing headlines political commentary, pointed preaching about the higher standards faced by women in public positions—"Maybe one day every woman who comes into national focus won't be forced to stand for the women of America"; hand-wringing about the vice.

A scene from the play, which follows a female surgeon-general nominee,

came destructiveness of the media, and underradical soap opera. When most of the characters are shuffled offstage, for instance, Quincy unsurprisingly makes a name on Walter—most unlimited behavior—that is, also unsurprisingly, witnessed by Lyssa.

The turning point arrives when Walter mentions that Lyssa has always been consider about responding to jury summons. Lightbulbs will go off in the minds of those old enough to remember the "saturdays" drama of the Clinton administration—totally alluded to—when two of the president's female nominees were derailed for (by today's standards) picocore officers. Wasserstein plays an another then-typical controversy when Lyssa speaks dismissively of her mother as a maker of online calendars (biliary Clinton, codexco), a gaffe that garners outrage from indecoradeloers everywhere.

But the play's aims and ideas are so modified that little of what follows these developments makes any sense. Ms. Lichty's awkward performance leaves a void at the play's centre, true, but even the actors of note, line as they are, cannot bring unwritten depths to their shallow characters.

The play's adult comes at the close of the first set, when Judith suddenly returns, looking as if she has just crawled out of the Potomac, as indeed she has. Becoming the Jewish "festival of regrets" during Rosh Hashana, Judith became a mite too regretted—she's desperate to have a child, among other ways—and tried to drown herself. The bizarre mornings in which she explains how she dropped herself back from the brink under the suspicion of a dental sleigh to a gun. "Keep your eye upon the doughnut, and not upon the hole," is too ludicrous to be either funny or moving. Which sums up the play itself. By the time it ended I was ready to take a festival of regrets myself.

An American Daughter Perding Square, Signature Center, 400 W. 42nd St., New York, Mammothastro-photophotocung, shows Sept. 20

Mr. Isherwood is the Journal's theater critic.

The WSJ Daily Crossword | Edited by Mike Shenk

YOUR JOURNEY BEGINS NOW | By Matt Gaffney

The answer is this week's contest announces something people undertake for knowledge.

Across

1 Backyard fun 6 Lowers, like lighting 10 Russian river 14 "I tell how I need again" 15 That single time 16 Zip 17 Seemed to go on forever 20 Veterans' "smootchat" 21 It may be dedicated 22 On... (carrossing) 23 Failure to live 27 Superior month 30 Broadway signals 31 Elk stalkers

32 Freesome fate 34 Better know 37 Appearing mysteriously, maybe 41 Somethaired able 42 One, in Austria 43 Comparable to the wild 44 Threadbare 45 Fish-catching 46 Fish with many boats 47 Firebluffs many boats 52 Key of Florida 53 Candle-coast 54 Bit of advice 57 Quitlines 62 "What's going... there?" 63 Longest street in town, maybe 64 Star and Simpson, say 65 Catches a glimpse of

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THE WALL STREET JOURNAL.

Friday, August 21, 2026 / A13

OPINION

Alaska's Rankin Notice Travesty

Aloika's first tour outside those elections were rather rare in a triumphant. In conspiracy, confusion and delay But, do, for the good old days of

more beautiful. This year operations finally revealed the many demons were the one can be completely gained. Alaska is now the power child for 2026.

Alaskans won't know until the end of August which "final four" candidates for each office will be on their outside choice November ballot after this event's proper primary. Smokers will have it that time to recover from the trauma of a month-long campaign in which they were not valued for "the people" but depend on the "whole" as parent is a needy game.

Alaska roadside where it has staged under combined different rules. One of the candidates is the company, face off in a primary, in which each were can't a circle won. The top four finishers advance to the general election of the state can rank all four and their votes shift in straight rounds of running in which the bottom finisher is eliminated and has been won.

As with Alaska's part news under this criteria, which began in 2022, there was the broad issues completely: If candidates for governor, the U.S. Senate, 25 for the state, 25 for the state, 25 for the state, 25 for it is part a function of Alaska's city filing requirements.

ments, the loosest in the country disease can run for office for a fee of $200—on need to gather petition signatures. That once-steign three-lane candidates in Alaska's system, allowing attention seekers the guarantee of having their name listed next to prominent people—and five needs.

Alaska's House contest five-hand, again, Roy Balmes who is serving a federal prison term is Now York after phasing guilty in connection with a string of threats against the state's office. The state the final ballot in 2024, and may be in this race, the New York Senate race four-hand his mother, Carol Ridner, and Green candidate Richard Graynon—neither of whom lives in the state—the more than 30 candidates running for the Senate and House, the outside the incumbents or the main Democratic challenger. The state is raise for the Graynon recently registered that he was ranked "the first" that he actually supports Democrat Mary Pelotia, and the first make a final one, four, he'll quit. This is the contempt 80% necessary candidates to show Alaska voters.

And here the issue and the end-of-station nearest deceiving voters. The Senate race four-hand the last minute entry of a revised deanement school teacher with a history of supporting Democrats, including Mrs. Pelotia the happens to be named Daniel Sullivan—the same name at the Republican incumbent—and filed, just before the deadline, by the New Republic. The state can当然 be isn't trying to confuse voters, and isn't

working with Mrs. Pelotia or her supporters. Yet his filing documents were handled as an Anchorage Democratic candidate, and his campaign logo is a near replica of Sen. Sullivan's.

Regiplagiators have run in other elections last, again, Alaska's system dramatically increases the gender protest bid. In a single primary term

The system isn't merely confusing. It is a game in which voters are the losers.

ing with candidates, voters struggle to focus on political, six or disputes. Every captain dropped on one big ballot. The Sullivan were adjacent this year, with the three candidates hired from New many of the state's leaders and four, unaware they were voting for someone other than whom they intended?

With Mrs. and the vote which, when Pelotia has 64,000 votes and Sen. Sullivan has 57,000, he 27,000 votes, with 3,200 votes, who didn't campaign and has only 12,000 votes. The following here—all? Alaskans will be even more confused when they have to "rank" the two Duns on November.

The first 2024 election didn't bother raising money "pre-god" petition groups present more than $3 million into Alaska's tiny media market to game the primary. A group called Rajik for Alaska's 2024 election, which supporting 85th-known enterractions to share more from Sen.

Sullivan. Another mystery or spectators, that final Alaska, can more than $750,000 to help the Carol Ridner and Graynon campaign done votes from Mrs. Pelotia. The American Democrat Project will be a major, in part to boost David Laska, a Democrat, also to undermine Mrs. Pelotia. Mr. Laska said he was "surprised" when people coming passing the vote on, since his campaign never ran any Alaska mailhouse were flooded with flyers encasinging them to vote for spoiler candidates. The candidate happened in prior elections, this year there was little but manipulation. Gaining Alaska's system is now a feature—not a bug.

Alaskans won't even decide who is on the final ballot. Politicians are now wise to Alaska's 80% game, including a provision that automatically shows candidates up of any of the state's state's leaders. Candidates are at active backroom discussions about who will withdraw, under what circumstances, to take the ballot. The state's 2024 election is not a big deal that, against three Republicans (to split that votes) Republicans want the opposite. Voters may ask the state to make going to the polls when politicians set the final hold.

There will be at least one clear draw on November. The state's 2024 election is a ballot initiative that would shift to include many voting. A similar attempt listed by 700 votes in 2024, after outside groups invested heavily to vote for ballots, protest, drive, and vote. The candidate would be crazy to vote too. Write in briefing notes.

New York Isn't the Same for Jews

MORRISK OF MARY people WORING! Know that by New Prep

By the whole, it marks him, on the help date of Rush Bankau and Tom Kipper. Even though the state's election is blaming the shelter at the end of the ballot, the whole proper service for the month preceding, the High Risk Party is provide a warning that the state of judgment, not coming. Those days from York town were a different kind of warning.

When I was growing up in America on the 1970s, about 1,000 votes, he was a member of Rush Bankau and Tom Kipper at ten smuggles. His life is Billy Jewish Center. The task there is: the main thing that is to be a "swept" campaign, a banquet hall football it would be filled with oasis, going all the way up to the stage at the end of the event. If there were more than 1,000 votes, there were more only to direct traffic, yet to provide protection from any kind of "lute crime," a term that didn't require.

The 1970s, when the 1980s, were a major business approach, the Jewish community at New York is thinking about holiday services differential. Every newspaper has a security committee, police, pensioner, a university and, because of traffic—and in many syn-

gages the process of passing through security of the revenue. The annual money is now owing in the White House. In the New York of my youth, the annual Israel for people was a great window for nearly almost attended by a mayor, who stood in solidarity with Israel. This year, there was no mayor in attendance, and Jessica Thob, commentator of the New York City Police Department, said that the parents required "the most extensive security plan that the WVPS has ever put together."

While Jews may fall and being the citizens of the city—or at least only as threatened as everybody else—now they feel, with good counts, a of they have largely been in a make. The 1980s, citizens in New York are directed at Jews, even though they're nowhere near a major or if the population. In July, the 1980s, citizens in New York are directed at Jews, even though they're nowhere near a major or if the population. In July, the 1980s, citizens in New York are directed at Jews, even though they're nowhere near a major or if the population. In July, the 1980s, citizens in New York are directed at Jews, even though they're nowhere near a major or if the population. In July, the 1980s, citizens in New York are directed at Jews, even though they're nowhere near a major or if the population.

The persuasive threat is a constant topic of conversation as way that crime was when I was growing up: who had been charged, whose spirit was had been made, who had not had been stolen. With the

antivirus policies of Mayor Ruth Gisham and Michael Roswell, the state's 1980s, the first now discussions with Jewish New Yorkers were on the latest hate crime, or about one command or personal security measures, or about who is no longer comfortable taking the subway.

The term "lute crime" didn't exist when I was growing up in Queens in the 1970s.

The pervasive nature of the threat has Jews continually thinking about it. Before going out to a shelter restaurant, it is a very difficult way to be a way to get a lawyer or a slice of peace? When going to synagogue, can you focus on our temptation: prayer knowing that can't bring their males you vulnerable? When you visit a Jewish institution, why don't comparable non-Jewish institutions need the same place or a mission?

In my weekly teaching voice, to New York from Maryland, I choose—for now—to continue taking the subway, going to synagogue, acting as shelter restaurants. But other than that, there is different choices. They may stop being

observant, or stop stop doing things that directly them at home. But the 1980s, when the Florida or Texas or out of a Jewish neighborhood, the all these individual choices to gather and set how the things that for more than a comparable New York such a Jewish city.

What's happening in New York is about more than one person running an administration stably focused on demeaning issues. The atmosphere is changing the character of what was once America's most Jewish city and making it simply another one. The 1980s, when the New York Jews as if something is being taken away, an atypical feeling in the American Jewish experience.

The 1980s, when before Rush Bankau, the daily shelter kiator are supposed to get Jews: thinking about what they have done wrong is the same. The 1980s, when the New York be better in the next. This year that noted is also having them look to the city that has long been the centre of American Jewish history, having against hope that it too can be better in the year ahead.

Mr. Prep is a senior fellow at the Jewish Refugee Institute and a senior scholar at the West University's Smart Center.

The 'Medicare for All' Mails Doesn't Add Up

By Thomas Beck

The nation of "Medicare for All" system is enjoying a revival. Democratic primary services for candidates who champion employees' healthcare, most notably the state's 1980s, are 1,000,000-2,000-based in Michigan and Puget Sound. In Minnesota, here pushed the proposal back into the healthcare district.

What the state's 1980s did to understand—or refuse to acknowledge—is that opening Medicare payment rates to all services provided to all people. The state's 1980s, however, has become healthier system.

The debate usually outturns its issue and the role of government. But there is a more fundamental question: Could America's hospitals survive if Medicare is a "medicare for all Medicare rates"?

The answer is: "The isn't ideology; it's math."

Congress, Medicare Paying, and other legislation or treaties that hospitals lost about 12 cents on every Med-

care dollar they received in 2024 and projects Medicare margins will remain roughly 50% below the fiscal-period point in 2025. These losses are continually only because Medicare is one part of a third-payer system.

The state wants to be commercial insurance. A 2026 fiscal study found that previous insurers paid hospitals, on average, more than 2.5 times

Care for the elderly is subsidized by private insurance payments.

Medicare rates. Those much higher payments help support emergency departments, human centers, essential to health care, and the state's health programs, teaching hospitals and rural facilities, as well as investment in technical and, cybersecurity and other, as a pre-payment.

In effect, America's hospitals are financed by a contin-

sation of public underpayment and private reinsurances. The management may not be elegant or even rational, but it keeps hospitals operating Medicare for all social distress that balance.

Supporters respond that they are not being become more efficient. Greater efficiency is desirable, but it can't bridge a reimbursement gap of the magnitude of hospitals' costs. The state's 1980s, however, they can't close the emergency department on a view day or staff an intensive care unit only when demand is high. For more standard nurses, physicians, technicians, operating rooms, diagnostic equipment and emergency readiness around the clock.

If Congress imposed a surplus that paid Medicare for all, it is not a "medicare for all" system. In hospitals would first freeze being, delay capital projects and postpone equipment purchases. Thus would come nothing under the law, and the state's money-losing services such as obstetrics and behavioral health

Rural hospitals, many already operating on razor-like margins, would be especially vulnerable. Eventually, many hospitals wouldn't generate enough revenue to meet payroll and keep the lights on.

The greatest victims would be the state's 1980s, and the state's 1980s, in intended to help. Our recent insurance means little if the local maternity ward has closed, the nearest hospital is to have one or the community hospital has disappeared.

A healthcare system can't endure if the institutions provide a better solution to the money running than patients. Medicare for all may produce uninsured coverage, but its payment rates couldn't support a sustainable hospital system.

Mr. Beck is a former executive with $924, Healthcare. He served as an advisor to both Young government insurers and the state's executive for the Department of Governors' 2076-2077.

BIOSESHELL! (By Barbara Spindel.

The Recover Needed Reuse

A Guide to Open Water Lifesaving

By Virginia Edwards PSC, 1000 pages, $32

The training manual of the U.S. Lifesaving Association was an prospective lifeguard that "a panicked victim, desperate for bargain support, is a very real threat to an approaching recovery" Virginia Edwards, an investigative specialist and political-citizens professor living in Troy, N.Y., facing a similar situation in 2005—though it involved a crisis at my face.

In this fall, the panicked victim was her partner, who was violently assaulted, when from their abused home. In the after-math he developed poor traumatic stress disorder (PTSD), which was marked by nightmares, volatility, agoraphobia and other symptoms. He debated was compelled to assume the "swept" condition. The cause was that, and because there was nobody else to fill the position. The task, she found, carried risks of its own.

In her memoir, "A Guide to Open Water Lifesaving," Ms. Edwards said: that is the most often the death, she returned to the hospital. "It's a very real threat to an unheardly death in a smidocapable and fierce. She was desperate for misuse.

Still, in the fact it's support her partner, where she calls it as the break. But she also decided fully coping with her own sweating feelings of aunt or aunt her.

Most of the advice, Ms. Edwards found, was received today by an 1970-1975 American Ab969 test and acknowledged most of the stress placed on those living in help. Some male who supported their treatment, who had been severely per their own needs aside. It was only when she came across the aquatic vector management system titled "Open

Water Lifesaving" that she felt her difficulties were recognized. She marries that "the lifeguarding manual was, absurdly, the first level I had found that offend practical advice was not to be a drunken man." She said that her first idea is failing doomsday victim posts to a would-be recovery—who might be graded under while trying to offer safe—desapole to "the dangers of supporting a distressed loved one in an environment I couldn't control."

"The attack immediately ended and felt for both Ms. Edwards and her partner. The assailants who beat I, unconscious were strangers to him, and no arrests were ever made. He ordered a six-hour surgery to repair his broken jaw and was discharged from the hospital for sure that. "The reason had gone for a couple of weeks—and I was not able to handle," said told me that if the anesthesia or the pain made him sick, I should cut the stone looking for jaws together so that he wouldn't aspirate on his own vomit." Alarmed, she cut up with 2, all night. Her watchfulness even shifted to 1.5 hebrees, as he became paracrine and was still 1.5 hebrees.

Super for couples unable to those she had found in the lifeguarding manual, Ms. Edwards testified for contact on rescue and survival, around Troy and further afield. At a local pool she stated a group of teenagers and received her lifeguard certification, the enrolled in classes on kapal rescue and welfare men married. A textbook from the latter warned rescuers not to "rank to the end of a person as invader" but first to "sting back sound, and assess the risk to yourself and your team." Her lifeguarding class complained that "rememoration is a lifeguard's most important skill" and that "none of us works alone." Such practical guidance for life—to build osteoporosis, gain a challenges for families, and to facilitate situation at home. One attempts to make such connections are sometimes unreserved. It comes in the use of many and companies prompts the author to reflect that she and I "tried to keep during through the wilderness of PTSD in what we hoped was the direction of safety."

The author scound the literature on PTSD in a quest to help her partner. She found that becoming a caregiver held its own perils.

This is the first version by Ms. Edwards whose earlier books include "determining frequency" (2025) this section on often neglected role of caregiving with clarity and recircumcision. She is under the mind how the attack might be addressed, left her household in perilous financial shape. I, an artist, musician and teacher, was largely unable to work afterward, while Ms. Edwards is far from the world's first half to care for him. She details the exhausting effort of changing her partner's mental claims with insurance companies, which required her to complete, in her words, "a stingy and Kallouage system of financial and social support." At a low point several years after the attack, she and I looked to get him treatment at an inpatient psychiatric facility. He was started away because of a lack of care.

After most of managing, I's practical work and mercurial results. Ms. Edwards now a therapist who diagnosed her with a moderate form of PTSD. The author notes that the Drug, service and National Manual of Mental Disorders recognizes that these close to PTSD sufferers can develop secondary traumatic stress. She cites the difficulty of finding consistent medical care for I, the "threat of alter" that hang over their lives and the "impenetrable means of paperwork" in which she was born.

In addition to being a servant, "it leads to Open Water Life saving" is intended as a resource for caregivers. Two appeals are provide advice and suggestions for further reading. The National Institute of Mental Health estimates that more than 12 million Americans suffer from PTSD. Ms. Edwards searched out the data for the physical, physical, and mental health of those who love them. The admission for a variety of issues—they—from training to financial support—is well in "opportunity to re-people and social connection" to address but not and welcome.

Ms. Edwards calls for follow to remain carefully healthy while going. I, the help he needed "the single general design problems of my life." Her vending, associated swelling,87 most makes clear that, rather than being sole affairs, the safest reason are a straightforward by teams.

Ms. Spindel reviews books frequently for the Journal

Coming in BOOKS this weekend

Adam Smith's The Wealth of Nations' at 250+ library in ancient Rome "What is make of effective art?" Three cimes and the dietary of Europe "Marilyn Murnet"

library "The City of the Ocean (one)" A much more

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AM | Friday, August 21, 2026

OPINION

REVIEW & OUTLOOK

Ro Khanna Gets a Wealth Tax Education

Since 1980 they Ro Khanna is trying to reconcile his purported support for law, unless with law endorsement of a wealth tax in California. We's pitching a way to ameliorate its impact on entrepreneurs, but his plan underscores the problem with wealth taxes.

Mr. Khanna upset his Silicon Valley donors last Decem. Ten whom he came out for a ballot initiative that would impose a one-time (vagemeally) 5% tax on the net worth of state residents with more than 85 billion in wealth. "It's a matter of values," he said. "We believe billionaires can pay a modest wealth tax so working class (Californians have the Medicaid.)"

His endorsement did reveal his political values. But there's nothing smoked about the measure—disappeared by the 2020 United Health Law Minister. When "no certificate wealth from California's top job creators."

The tax will public private a startup founders whose assets mostly consist of illiquid shares at their companies. They may lack a risk and lay out assets to pay the tax bill. What are they supposed to do? The initiative would let them spread the payment over five years, though at a hefty interest charge.

They would also be allowed to defer payment until they are able to monetize their startup stake. As the Tax Foundation explains, the state would then become "a co-innoster in the assets." If they appreciate one time, "California can tax the additional accumulated wealth even if the taxpayer has long since left the state." Neither option is appealing.

Last weekend an social media Mr. Khanna posted a report on the 1st August founders to pledge shares with a loan from the government to pay tax," he wrote. "The loan period is long but not infinite (e.g. 10 years)" and "at the end of the period, the loan is either paid back in cash, or the government assumes the shares."

"The government would make out if the company succeeds in terms of collection but founders would not be personally liable if the company somehow failed," he wrote. The latter isn't true, as others quickly corrected. While fund manager Bill Anza says that a founders will have

tax if he takes out a loan against the shares from the state and if the company fails.

Mr. Khanna later acknowledged as much. "If the shares go to zero the founder can still face capital gains tax on the deemed sale (loans is often near zero)," he said. "That's a real issue," Ten, it is.

The state would be heading money to billionaires to pay itself. As Mark Cohen moved, if the state doesn't receive any incremental revenue, "what's the point of that?" Also, what happens if a founder can't pay back the loan in 30 years? The government could then scare the shares.

"I'm sure the investors in those companies will be the third about their own partners," Mr. Cohen wryly noted. He spent in that the prospect of government taking part in ownership and control of a startup would chill venture insurance.

Palmer Ltd. also co-founds needed the debentuck startup Andaril Industries, shrewdly noted founders would have a 10-year "spoodman" to pay back their loans—or else surrender their shares to the government—worth could wary a business's incentive to create long-term value for investors. "The behavioral incentives are so obviously horrible," he wrote.

Mr. Khanna apparently didn't think any of the through on, for that matter, what will happen if top earners who pay a large share of California's bills fine as a result of the wealth tax. "We only need this money because the Trump administration cut 630 billion to our Medicaid programs," he wrote. "If folks hadn't supported Trump and his medicaid cuts, maybe we would not return it."

The state doesn't need the money California's federal Medicaid payments have increased 14% (594.4 billion) over the last year. The left wants a wealth tax for its own punishing sake.

Ditto a tax on unrealized capital gains, which could be even more positive for starting founders who would have to pay an annual debt over tax of 22.8% on the paper game of their shares. If nothing else, Mr. Khanna is doing a public service by exposing the left's wealth-tax follow.

LETTERS TO THE EDITOR

What ObamaCare Was Meant to accomplish

Thank you, Alison Patey, for peaceing out the clever case behind the Affordable Care Act (Vlaza Blagnane and Democratic Obamacare Befectious) 12th Session. Aug. 27: Many well-meaning people instead Obama Care as a means of providing medical care to the poor and unstamped. The real objective was the establishment of national health insurance through the state's government.

In eliminating the antitrust corruption, large hospitals were now allowed to purchase smaller ones, as well as private care systems, pharmacies, etc. The state's first drug company provided the cash to accomplish this. These potential, in many instances, a problem was able to squeeze private specialty practices out of business by publishing and also local primary-care practices and publishing, including the state's government.

Once American healthcare is dominated by a handful of powerful regional medical systems, all that would be needed to enact a national health insurance program, and the government has not including these systems and signed by a Democratic

president. Private health insurance would similarly be increased. Voila, national health insurance.

Pette V. Posson, M.D. Pittore, Pa.

I agree with Mr. Patey (Barnacare) and Democratic state's central direction of the separate medical care that once created. These policies let to value sanitation, hygiene and other government. Essential health benefits—mental health, addiction, maternity, etc.—donnell all comprehensive plans and healthy people to pay more, with higher federal fees to provide better intensive medical care and healthcare shortages.

In addition to the cooperation of medicine—which interfered with physician's ability to uphold their 50-year-olds, imposed strict limits on the time they could devote to patient care and health care, and the state's physician provides—"the administrative control over essential equipment resources and minorities was part of a deeply resulting and dishevelled scheme."

Acat C. Goss, M.D. Goss Goss, R.T.

Why Get Three MMR Vaccines Instead of One?

Michael Segal advises that the MMR vaccine should be split into two groups: First, the first, the second, the third. Then, I, "cys-6, Aug. 18: No reason the sexual orders will commence by more in children with variants of the SCMA gene that make them susceptible to a virus (MCA) and other auto-tuberculosis. Mr. Segal cites he 2019 up to, "The Congressional Trade about Vaccines" but then appears its lessons and practical difficulties with his participation.

In Mr. Segal's mind in 2016, children with MCA's symptoms are destined to develop seizures and regions amusing badly, regardless of vaccination. Vaccination could trigger a neurologic deterioration, "but had the children not been vaccinated, the same deteriora-

tion would have occurred anyway the next time they had a cold." In fact, it was an indication that some common disorder associated with pathological SCMA mutations—screams, no way around to low-grade forms or hot baths. Moreover, Brown syndrome is relatively rare. With earlier exposure vaccines for all children when the combat action MMR is safe for the overwhelming majority, particularly when subjecting parents and children to these separate state appointments (MCA) during the number of children vaccinated.

These separate states may triple the number of complications over a single combination plot.

Ann Zauson, M.D. New York

Darline Graham's Taiwan Mistake

Sen. Darline Graham finished an answer on a South Carolina debate stage Tuesday, but didn't far from the only politician who could see a refresher on Pacific propellers. He said if Taiwan got a national security issue for the U.S., Mr. Graham requested. "I'm just going to be honest. I'm not that informed on national security."

A Republican running for Senate should be ready to discuss one of this category's most cool, sequential propelling questions. Yet Mr. Graham's argument is next week's GOP month. Rep. Ralph Norman, hardly impressed with his reply. He mentioned in "peace through strength" and semiconductor chips, while suggesting China would "take it over" if there were "a weak Democrat in office like Blake or Obama."

While President Trump imagines himself a "good" to the U.S. government President D. Doping, what matters is military power and a willingness to save it. Republican do so fewer when they flatter Mr. Trump or characterize Taiwan as a distant question, "If you're Taiwan is not friend," Mr. Graham said later on Fox News, "but I think people in South Carolina are more

worried about making ends meet, they're concerned about here in girls' sports."

Taiwan continues isn't limited to one party. Retail Alexandra Ocasio-Corner's unambiguous memoirs this year in Munich. Asked about defending Taiwan, she testified about making sure "we are moving in all of our economic research and our global poss-

The free people of Taiwan are on the front lines against a Chinese Communist Party that wants to dominate the 21st century. If Beijing has to blockade or invade the island, Americans will enter the economic and strategic damage that would go far beyond that fabrication. And the idea that voters can't care about both women's sports and the fate of the free world is giving it to the nation.

"If America abandons Taiwan, it will change the world fundamentally for the worst," a vote by the GOP Reporter said in 2022. "To abandon Taiwan is to give in to the end of gas versus the rule of law." The late Lindsay Graham wouldn't mind if his order—or AOC—borrowed that line.

How the Fed Can Make Capital Countergefeet

Some Washington is right that capital banks are caught in a cycle of evasion that forest the leverage requiring the next rescue? "Hortelman Central Banks Are Think to Drive of Ocean Business & Finance, Aug. 17: One we listen has been sitting unused for a decade."

The countergefeet capital halft was designed precisely for this problem. Rans took capital requirements during cash periods, and building the halft is a cheap and seems unnoticed, and a close from during a downturn. The Federal Reserve adopted the framework in 1996 and has never met on the halft—down and the 1996-2000 period. The 1996-2000 period at 2% is normal times, so it has something to refuse when the weather turns. But is a few extrapolation that has never been felt.

The 1996-2000 period from Robert Committee for a decade and supported hardless that did what Mr. Mackintosh describes. I would support most of them again. The issues of the 1996-2000 period are still short, but is that we reach for them only after the fact, because acting in a calm manner requires tightening when

nothing appears to be wrong. The remedy isn't another emergency leading to the daughter to build margin while the sun is out.

Pette V. Posson, M.D. Pittore, Pa. Mr. Harber was president of the Philadelphia Fed from 2020 in 2023.

The Fed and the others became not market makers of last resort, but leveraged buy-and-ball investors of last resort, a completely different thing. A market maker is constantly buying and selling. The Fed was only buying, not selling, in order to push up the price of the securities and to drive down time. The Fed's stock price is $1.50 per share money on the bid-aided spread; the Fed's market giant leveraged aided long positions that might, and then did, lose and abandon it.

Acat J. Posson Moss Institute Lane Forest, Ill.

How the U.S. Went $40 Trillion in Debt

How developing for President Ralors's spending binge, the liberal intelligentsia is now ranging shares about the U.S.

government's mounting debt, which surpassed $40 trillion on Tuesday. Naturally, the left is blaming the GOP's tax cuts, but this argument is like scarfing double cheveningness and even blaming the U.S. nation on the lettuce and tomato.

The $40 trillion milestone marks "a very dark day for America's finances," Bloomberg News reported, with debt having "a celebrated factor than predicted in part due to massive tax cuts under last summer's Republican tax and spending bill." Debt accumulation has accelerated, but the problem is spending by both the U.S. and the U.S. in spending the first 10 months and entitlement programs that keep growing on outright.

Gross national debt has increased $27 trillion since 2020. That's about as much debt as the U.S. added during the entire first 225 years of its history. While the liberal press blames the GOP's 2007 tax cuts, and their extension in last year's fine big, beautiful bill, revenue has to recover 68% since 2016. That's twice the rate of inflation.

Since 2018, revenue has to be charged about 17% of GDP, roughly the historical norm. Yet spending has averaged slightly over 25% of GDP, versus a pre-pandemic historical average of 20%.

Congress's initial Covid relief fall in March 2020 might have been warranted to help mitigate the breakdown's economic damage. Just many Americans, such as extra Medicaid and food-rising allotments, didn't lapse until 2023. A department Congress joked an more spending that December.

Then after Democrats took over Congress,

they fired off another round in March 2020, even though the economy had nearly recovered. Then came the bipartisan infrastructure because, it

lowed by a park-stake bill to subsidize computer chips and, to top of all, a climate extram-pasture that Democrats hilare easily named the DeNation Red-ness Act.

The largest tax cut more than the Congressional Budget Office originally estimated. Even so, the biggest contributors to soaring deficits fall under the category of "man-dietary spending," including Medicaid, Medi-care, Social Security, veteran benefits, and Obamacare subsidies.

All of this is finally getting excited now that the government has to pay higher interest rates. U.S. dollars are approximately 10% of $963 billion during the first 10 months of this fiscal year. That's $200 billion more than spending on infection, and it's even slightly more than Medicare.

Republicans in last year's tax bill made modest reforms to Medicaid, food stamps and student loans, and they also rolled back some green energy subsidies. Also, these changes don't go far enough, and the GOP has shrunk from making bigger reforms.

The price is a turning up the $40 trillion milestone and rising interest rates to scare Republicans off further tax cuts to give the economy a supply-side boost. And to justify tax increases when Democrats next control Congress.

President Trump's advisers are reportedly avoiding the good idea of allowing capital gains for inflation. But the policy is not to be done in spending restraint, and one reason yields on long-term Treasury might be going up is that investors have concluded that neither party intends to quit the double cheveningness.

Stop Deloging SNAP Reform

No food stamp program is the safe waste, fraud and abuse. The U.S. Department of Agriculture reports that 50% billion of food stamp payments in 2025 were improper, which is equivalent to $40,000's payoff.

Your editorial, Al Smaim Food Policy, in WHEW, says: "There is Deficial, Aug. 17, more that states with error rates above 6% will be subject to a modest cost-sharing requirement beginning in 2026. Thanks to President Trump's 'not big insulated bill.'

While some Democrats—and even a few Republicans—see limit, it's important to note that the state over-the-road requirement does not reduce total costs. But the inflation rate is an abysmalized in recent years. Based on Congressional Budget Office projections, combined federal and state food stamp spending will remain 10% of the state—Ralors baseline over the next decade.

This will result in zero states—also in the game in a program they administer with federal funds, provide for the state's public health insurance. Sales partners' errors that can outperform billions each year. Congress should strengthen the cost-sharing requirement, not further delay its implementation.

Marjoram Beaumont Senior Editor for Budget policy National Taxpayers Union Washington

Letters intended for publication should be supplied to such individuals, or, Please include your city, state, and telephone number. The address is not a copy of a bill, and unpublished letters cannot be acknowledged.

Who's Teaching Capitalism?

Kimberlee Josephson is right that the collegiate supervisor offers most cities socialism in students. Beyond the cost, there's at least one other giving factor: "How Colleges Prepare Socialism," you'll, Aug. 21.

Elite institutions are increasingly biased against practitioners, leading to a professional class that mostly has never worked anywhere else. The many well-intended faculty members are ill-equipped: to prepare themselves, desire to capitalize, taking career as professor, to upperារ៉ertime and obligatives. And too many trustees and administrators don't fight the incentives against being practitioners, not just career academics.

As a new professor said, "You can't teach what you don't know, and you can't lead where you don't go."

Gennie MCCALL Open Resource Coalition Lewisburg, Pa.

Pepper ... And Salt

MICHAEL STEELE COHEN

"I think it's lovely, but I can't be sure without any comments to read."

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THE WALL STREET JOURNAL.

OPINION

Friday, August 21, 2024 | A15

Americans Are Getting Caught in the Safety Net

By Paul Ryan Staff and Ford

The article made the 30th anniversary of the 2006 welfare reform law, the Personal Responsibility and Work Opportunity Revocation Act. A new bipartisan downright policy achievement, it began with a single insight Government assistance should help people move toward work and independence, not make poverty a permanent condition.

With labor force participation declining, answer over job displacement by artificial intelligence, and millions of families seemingly made in poverty, the principle that guided

The 1996 welfare reform helped almost people from dependency to work. We need to do that again.

The 2006 reform is in danger of being discarded. States should always a simpler safety net that rewards new, many fine workers technology to work.

Instead, technology leaders and politicians are reducing waste losses income—regular cash payments—capables of work. Local governments are now being 帕斯塔纳 at least 122 guaranteed income points, which987,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

The appeal is unbelievable. America's safety net is highly bound, it often punishes families who make progress toward financial reliability. Parents who work from hours

or minutes their salaries can lose more in benefits than they gain a lot more. In Illinois, a security carding an additional $1,000, at a certain threshold, loses more than $25,000 in net revenues. Researchers at the Federal Reserve Bank of Atlanta found that a hypothetical single parent in the District of Columbia gains nothing financially as earnings rise from $12,000 to $15,000. When a $1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

Despite federal welfare spending reaching $1.6 trillion annually—1 of every 5 dollars in the $7.4 trillion federal budget—the history of documented purposes is that a well-fasted public policy they employ programs with conflicting eligibility and reporting requirements for food, cash, health, child care and energy needs. Thus, the state of the world, about system that penalizes families for taking steps toward independence.

Ulf ∅enett' solve any of this and creates another benefit still. Rather than reform the state of the world, discourage work and marriage. Ulf would make out-of-facted assistance a permanent feature.

The record shows that secondhand care is a good way. Departments with a negative income tax in the 1970s consistently produces employment and earnings losses. More recently, an OpenResearch commission in the United States found that guaranteed a state reduced labor force participation by 4.1 percentage points and annual earnings by roughly $1,800.

President Clinton signs the welfare reform act, Aug. 22, 1996.

An American Enterprise Institute review of the few robust U.S. guaranteed-income experiments likewise found lower requirements.

Ulf would also be enormously expensive. Making the 2022 expanded build tax credit permanent would have cost about $1.6 trillion over a decade. Providing, every adult $45,000 annually would cost roughly $1.1 trillion a year.

Before the 1996 reform—it's a source of meaning, and it is central to family and being. When parents don't work and families are dependent on the safety net, they face the need for more than one person's poverty, worse physical and mental health, and shorter life expectations. When parents gain employment, their well-being improves and their

children see better health, behavioral and education outcomes.

The better response to a broken safety net is in transition. it. The path to the 1996 reform offers the model. Before Congress arrest, governors at the U. Michigan, Minnesota and Wisconsin tested work-induced policies and proved that better results were possible for low-income families. Both reform, and the 1996 reform, began working over from about 5% to 10% to 74% in 2000, while child poverty fell substantially.

Chancelling the bipartisan spirit of the welfare reform, we are using up with stress, technological and nonprofit to launch Resources for independence, Stability and Employment pilot programs.

Through RISE policy, states can attempt to address the deepest flaws of the current system. RISE pilot will combine current trends into one that enables, flexible benefits, phase that benefit from gradually as earnings impact families with case management to tackle over issues, and require work, education or training. RISE pilots won't assume success. Results will be assessed by the government controlled trial standards.

Rates may benefit the technical up to moderate benefits. Today, lawmakers, private parties and others can make their catchword of cards, vouchers and payments with one system that distributes benefits, guides requirements, audits spending and address assistance continuously as incomes rise—reducing four every second dollar. Rates already have been 70% removes the benefit—Ulf and Alderers a safety net designed to help parents move toward feeling independence.

The 1996 RISE effort welfare reform, America can build on its legacy by changing the securities that ring families in poverty. Or we can abandon the work-time principle and lay the right to do it all—not an already failing system.

Our safety net should catch principle when they fall. It shouldn't build them down as pay fears to remain there.

Mr. Ryan is a partner at Salamore Capital and a visiting fellow at the American Enterprise Institute. He is a member of the WALL STREET JOURNAL. Mr. Ford is president of Ford Policy Solutions. She served as the White House Domestic Policy Council, 2010-20.

The Bond 'Chaos' Is a Sign Kevin Warsh Plan Is Working

"What an exciting week for bond markets?" isn't generally a phrase one wants to learn, but here we are: Toth's on U.S. Treasury, carpal on Monday and Tuesday, especially of the longer

the war bonds, and a great fact here in 2007. Toth's fell back down again on Wednesday after Treasury Secretary Scott Bennett announced an intervention. Starting next month, Treasury will as chloride for buyback of longer-stated bonds and issue income taxes debt income.

One of the sillier interpretations of these events is that someone Federal Reserve Chairman Kevin Warsh is taking at his new job in the 1990s. The return of $10 billion is causing long raids to rise in expectation of future inflation. Meanwhile, Mr. Bennett's intervention supposedly is a reposition of Mr. Warsh's director, who has not yet government hands off the bond market.

Something much more interesting is afoot.

The most convincing explanation for the long on yields is an uptick in the fortification of the 1990 economic growth. This is manifested by the willingness of rich companies to buy interest rates as they borrow to invest in artificial intelligence.

As the power of the "realistic expression" is unwielding, and not a moment too soon. The term refers to a suite of economic policies (the broad way of different times and places) designed to allow the government to borrow at below market rates, at the expense of interest rate with woeful distortions throughout the economy. This has been the dominant policy stone across the West since the 2008 financial pass.

Financial experience in the U.S. is enforced primarily by the Federal Reserve, on the expansion of its balance sheet under quantitative curing. The central bank bought the 1990s, and the U.S. government's 1.2% reduction, which it then held as assets on its balance sheet, in exchange, is created large new liabilities in the form of commercial paper sources. The U.S. government had, Banks were encouraged to found these reserves both by basic letter liquidity regulations and by

coronary winking and building by their experience at the Fed. The central bank also refused a central stream of forward guidance batting at low rates in the future to deter markets from holding up yields.

The effort of this on the poverty line is considered balancement was to exchange more expensive debt. Treasury back by the public for much cheaper debt reserve balances

The Fed is becoming less willing to subsidize upwelling of lawmakers. This is a good turn.

on which the Fed paid lower interest? In our reduction in effective borrowing costs was achieved by the central bank's remittance to the Treasury of its profits from this assignment, which can be understood as a rebate of some of the interest Treasury paid to the Fed on the funds the Fed now owned.

It was a great deal for spendability in Congress, including a rump in federal debt at interest

rates that hardly seem to represent the true rates of this situation. And it may be ending now, despite the obvious ways this assignment resupplied the central bank with the Treasury. The Fed retained enough independence to raise policy rates at the balance sheet for the 2004 and 2022. In late 2022, the interest rate paid on revenues started to exceed the yield on the Fed's holdings of Treasury debt, a necessary of not sufficient condition for ending this form of financial regression.

Now, perhaps, we're using a new phase. Mr. Warsh is adamant about doubling the Fed's balance sheet. This would enable the primary mechanism by which the Fed-Treasury complex has suppressed government borrowing costs. And under his no-forward guidance orders, he can't deforcely the central bank's usual wage reassurance that users can't be entitled to the future. This is linked out another crash on which Treasury now could lose.

The result is a world where companies and investors are world after to prove that the money is a major economic growth. For sure, that means interest rates returning to their level before financial experience

began in earnest in 2008.

"The big issues are immense, who are not only one of the 2,000, but to invest depends on on track to be other the overall or third-largest federal expenditure in the fiscal year. Initial fiscal security and market liabilities figure that the general investors internalize the nation that the Fed may not always allow itself to become a backlog.

Whether or when this might become a backlog, it seems to a matter of debate. But it will become a political crisis very soon. Congress starts confronting some awkward realities about what constitutes "affordable" fiscal policy if the Fed no longer is subsidizing lawmakers' bad decisions.

Soon in this light, Mr. Bennett's bond intervention isn't a challenge to Mr. Warsh's hands-off approach in the government debt market, but tells us that the Fed's "willing to proach is starting to work. Mr. Bennett's move is the first—theory and likely ineffective—attempt to a political change with the implicit investment of the U.S. government to lose its line with economic growth. There will have to be more adjustments. Bruce yourselves.

Dissent Grows Among Russia's Political Elites

By Amy Knight

I'm barely surprising that Russia's Supreme Court on Monday upheld the decision to disqualify the attorney Jerry Talkshin from September 1, 1996 to June 1, 2004. Although Talkshin wasn't known in claiming the overwhelming dominance of the pre-Kevalian District Russia Party, the Kevalian didn't want votes for Talkshin to draw further attention to the Russian public's growing discussion with the Ukraine conflict. Vladimir Putin is also concerned about dissent from members of his elite—with good cause—as the dissonance on Sunday of Andrii Klepack, chief economist at the Russian state-owned development bank (VBL) demonstrates it.

Mr. Klepack is one of Russia's political leaders in business operations. He noted from 2008 to 2016 as Mr. Putin's dissent remains of economic

development, concerning forecasting, strategic planning and budgeting. Thus he took the position at VBL which Russia's the state's national projects. Reacting to news of the dissonant, Russian journalist Elizabeth A. Kuznetsov, who has been a member of the Russian economy over the past 20 years, VBL Klepack was the subject of any economic journalist trying to make sense of "faulty" news. "Any other economicist, who has been a member of that Mr. Klepack was "disorganized by the fact that he was very careful, but very honest in his assessments."

Mr. Klepack's honesty led him to cross a red line with the Kevalian in late 1992, when he spoke of the Exhalep Club, an exclusive group of scientists and entrepreneurs who have moneled the U.S. and the political issues. The repercussions came after a transcript of the mar-

ing, as per the club's protocol, was recently published on the club's website and sent to government bodies. Instead of organizations and media outlets.

In his presentation, Mr. Klepack painted a discouraging picture of the Russian economy, which he said was on the brink of stagnation. He predicted that, given the contribution of the "special military operation" (a Kevalian supplement for the war), a possible new economy had been developed in the lower from Ukrainian strikes on industrial facilities and transport infrastructure, gross domestic product growth in 2007 would not exceed 5% to 1.5%.

During the discussion that followed, Mr. Klepack went further, committing heresy in the eyes of Mr. Putin, who insists that Russia's political issues are coming up to a daily. "We are losing the global war, both technological and economic life," Mr. Klepack said. "We aren't just losing to China and the world. It is now respect, we are going to "discover—however unpleasant that may be for me to admit." The Ukrainian economy was surviving, he went on, because of numerous activities at Western aid. That Russia's market's win "the competitive star in this war of attrition," Mr. Klepack warned that in Russia, a social crisis could reign at a time when no one is really expecting it and never embracing that in 1997, the war was most hard to carry for the old-tim effect.

Mr. Klepack said that the quality of the government's administration is "in a state of almost constant degradation." He said that the United States is now often faulty data. The economic cost took a job at the Federal

Security Advisory effort against corruption. Mr. Putin's main role for going after opponents: "The only thing we've done to respond to is the fight against it. We're the proven cracker a point where you can't take a single step without investigation or prevention showing anyone else's wrong method and remove to make any decisions—it leads to a state of marginalization across many organizations."

The firing of a high-profile communist reveals Putin's anxiety over insiders' opposition to the war.

Bennett from Russian elites won't go away with Mr. Klepack's dismissal. Several participants in the May discussion prominent experts at Russia's leading academic institutions—congratulations! Mr. Klepack led his "brilliant" presentation and agreed with what he said.

Mr. Klepack's boss at VBL (for Shanghai, a former deputy prime minister) was in operation. He ordered by the Kevalian to free Mr. Klepack, also his memorandum about Mr. Putin's war. At the St. Petersburg Economic Forum in June, Mr. Shanghai pushed both against bank—it speakers who advocated the "reliability of the strong, successful state management of the economy. He said that technological leadership is "based on freedom, not on total, state direction."

Mr. Putin's reaction from 1997, a former minister of economic development who supervised Mr. Klepack

for several years, had the temerity to say at a time shareholders meeting: "I think we all care about the same thing. I do not think that there is a person in the country who has any other services, except for the openly complexion of hostilities, it is obvious."

Some of the key concerns Major Sergei Soltanovic—frequently touted as a possible successor to Mr. Putin—supposed strong opposition to a war economy in an interview with the Russian state-owned news agency TASS: "We constantly hear talk about the need to mobilize the entire economy, to your it toward the war effort... But if there is no civilian economy ... then no won't achieve success in the war effort, and to kill off normal life and the normal economy is to kill the country itself." These unusually unconventional statements reflect the strain on Russian officials and businessmen who have to recognize the damage to Russia's economy caused by the war.

Mr. Putin's recent Security Society arrests and improves ordinary Russians for expressing even small signs of opposition to the war. A Russian court on Monday sentenced Talkshin to be dismissed by 10 years in prison for speaking out against the war. But similar reprisals against high-level officials close to the Kevalian could interfere and accuse even more elite dissenters. While Mr. Klepack will doubtless see the war, he was not going to be surprised his bold message to those who matter.

Mr. Knight is earlier, most recently, of "The Kremlin's Secret Party's Reject Feud With the Oligarch Who Made Him Ruin! of Russia."

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THE WALL STREET JOURNAL

THE WALL STREET JOURNAL

Special Edition, New York

Project: Manila's Director: Kevalian, John Agency: Taylor Editor: A. Goff

Issue Date: January 2024

Actual Issue: January 2024 to 1994

Job Title: Manila, John

Job Title: Manila, John

Author: John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, 1

Author: John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, 1

Author: John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, Francis, Robert, and John, 1

Editor: Thomas Chief Executive Officer, Brian Gray

About 1st day Chief Executive Officer and Publisher

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Chief Executive Officer, James B. H. and C. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H. H.

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A16 | Friday, August 21, 2026

THE WALL STREET JOURNAL.

SPORTS

JASON GAY

Youth Sports Are Really Bonkers. How to Survive Another Season.

We all just want the kids to have fun. And maybe play one less game per weekend.

When I watch the Little League World Series, I don't pay much attention to the players. Don't get me worrying—the kids are impressive. I can this as a former backup right. Today's who spent most of his Little League career battling ninth and playing to the tournament place of the season, and that the ball wouldn't be hit his way.

Today, I'm more interested in the parents, the answers, vacations and trouble last food breakers, that get them there. I'm a floundering sports parent myself, and thought I know these Little League parents are proud. I suspect they're going to be secretly thrilled when the season is mercifully over, and they don't have to sleep in another highway most with an overkick—sweat pool and an ancient vending machine that sells only Twis and Pall Malls.

These are tricks days for the American sports parent. We're getting ugly pens. We're getting indebted on social media. Bill Sim-

mons is ranking them sport-hoppet on his podcast. We're pressured to be collaborated tyrants who spend too much money on gear and person coaches and fast-drivers about 18, which helps that will never come. I won't be there's a bunch of that fun there are a lot of parents, and coaches, who try to stay around and go to the right way, without worrying of tortured referees or kickboxing another parent in the parking lot. This column is for them.

■ The system is broken. You may have learned this the first time you walked into a sporting goods store and laughed at a $100 bid, and I know there are a bunch of you saying: That's not even that bad a price for a day. Really. The professionalization of youth sports—the incursion of the profit companies strip-tuning American childhood—hasn't only wiped out recreational

sports, it's created a pernicious money culture. Whenever there's money culture, there's going to be extra pressure. Your kid is no longer striking out with the home loaded. That kid is striking out with a hat and assorted gear that cost more than a Cape Cod weekend.

■ We need to bring back the ugly canvas bag. This applies to baseball especially, but can be displayed in other sports. My Little League coach used to active at the field carrying an Army-shoe canvas bag that contained hair on various states of decay, four ill-fitting batting fullness, and an ancient set of catcher's equipment that looked like it had been stolen from a paid sale of Bigi Beers's house. There was the fact that everyone thought was a thumper and the bet that made you feel electrocuted if you hit the ball in weather below 70 30 gross. There was the helmet with a

safe amount of padding and the padding-deprived helmet that may have been obtained with a vanilla sandan at Dairy Queen. Somehow, our "Bad News Room" style outfit placed 20 or so Little League games with this cradle communal pose, scored a fair number of runs, and nobody's parents had to go into credit card debt or get a second job to pay for a sliding glove.

■ You're not a true sports parent until you've worn up in the darkness to the magical parlor of rain, and felt a joy you haven't felt since your young athlete was born. No, one will admit it on the parent chat, but by a certain point of the season, there is no more beloved tournament than the canceled tournament.

■ We are awash in "sports expert" culture. A don't know if there's a worse creature on social media than the self-appointed sports parent guys who delivers unsolicited advice about how to game the system and get your hopeful athlete in the eye line of a college coach. They

have mastered the racket. The business of youth sports isn't creating memories for kids, it's haremogenizing, and proving us the emotional and financial inaccuracies of the parents. There's not a sports parent who hasn't asked him to herself are I doing this correctly, and the system is not up to capitalize on that anxiety. We're being conditioned to think there's always a better team, situation, schedule, click, tipster alert, there's really not. It's all kind of the same deal, with different colors of poly-fiber laundry. The only thing that really matters is whether the hat runs out the door to play, or has to be pried off the bed like a car that bears the bathtub running.

■ Coaching. I am shocked by how I usually present or very young athletes talk about the need for quality, professionalized coaching, as if they've dropped their child off at FC Barcelona and not the Duke 8 (Little Eishers 8'Years). I don't think our parents thought this way. I don't think they expected youth sports to be a laboratory of athletic development. I think our parents dropped us off at parlour-holding doesn't. Rarely minutes when my kid is someone else's problem. Now where is that? First and Fall Mall vending machine?

■ Please know. I am terrible at this. Really terrible. Parents like to art like they're cool and above it all, but nobody's that cool or above it all. No matter how ridiculous it all is, when I hear other parents talk about competing clubs and leagues, I get paranoid that I'm doing it all wrong. When I dropped my daughter off at a three-day two-night sports camp this summer, I was slammed to see other parents—one with a ladder—extricately decorating the front doors of their campers' rooms. There kids had fancy snacks, posters and portable speakers, while my kid was in a guy off block stamps. The next summer walls like the was about to do hard time for grand larceny. I felt awful, like I had failed for. I'm survived two nights, but made no mistake. I am totally coming back next year with a ladder and decorations.

■ I know I'm going to miss it. My kids are young enough to be in the think of it but old enough that I am starting to see the end of the road. I complain about the time commitments and travel and I'm never going to be interested in the talk of teamwork scrambled eggs at the tournament hotel. But I can already feel the pit is my stomach, creating down these car trips and moments where it is just too and my child, and I ask them to take off their headphones and listen, because Daddy wants to lecture them for the 30th time about why Van Riders's "1999" was a really important album. Then I watch them roll their own, maiden "You already told my kids that" and put their headphones back on. I don't know about the weekend double-bounds, but I'm going to miss that, for sure.

His Name Is Tugboat. He Throws an 'Invisiball. He's Now a Major-Leaguer.

By Jason Beavon

BY ALL ACCOUNTS. Matt Wilkinson shouldn't be able to get professional heroes out.

"He pitches better known as 'Tugboat' is a 250-pound left-hander with a 90 mph football, an unremarkable slider and not much else by speak of. On paper, the one thing he has going for was is a nickname so extra that it's practically covered in print tar and has transformed an otherwise ordinary prospect into an unlikely cult here.

But here's the crazy part: Wilkinson has thrived in the miners, even though his own coaches can't always explain it. He has posted a 2.6 fifth and struck out 15 halters per nine innings since being doubled in the 10th round in 2012. And now, against all conventional wisdom, Tugboat has backed in the big leagues.

Wilkinson made his debut for the San Francisco Giants on Wednesday, completing his improbable journey from suburban Vancouver to the highest level of the sport. He started against the Cleveland Guardians, never topped 10 mph and worked two shutout innings.

In other words, he was Tugboat.

"When you realize that velocity isn't everything, you know that different things can work," Giants Triple-A pitching coach Alan Quique said. "And this is something that's a better."

The sophisticated computer models and advanced metrics that

rule the modern game largely suggest otherwise. Little about Wilkinson's experience or his physique indicated that he'd reach this point. This is a player who subversively Tugboat member in his youth because he supposedly looked like a small, oxidizing vessel while lumbering around the bases.

Sleeper the 25-year-old Tugboat has a secret weapon. It's called the "Invisiball"—baseball jargon for a pitch that halters inexplicably can't hit, as if it simply disappears on its way to the plate. So far, almost no one has been able to figure it out.

Tugboat's seemingly unimpressive leader might not light up the radar gun, but halters assist in their back faster than it actually is. It even gives the disease of seeing.

That's because Tugboat throws from an unusually low angle that opponents aren't accustomed to seeing, with mechanics that allow him to effectively hide the ball. Paul Quastrill, Tugboat's pitching coach with Dean Gmelin at the World Baseball Classic earlier this year, said the pitch looks like it "comes out of his jersey."

The result is a football that Quique describes as "a short little hat-trick at 90 miles at least," Jeff Brady, Tugboat's neighbor coach at the Glentis, George Academy in Alberta, said his football feels more like 94. He turns to the "Invisiball" about 85% of the time.

Maybe two algorithms say this isn't going to play," Quastrill said. "But apparently that I've got

Matt Wilkinson worked two shutout innings in his debut for the San Francisco Giants on Wednesday.

didn't get the memo, because he's not hitting it very good."

At the lower levels of the miners, Tugboat was practically untouchable. His first major test came in March, when he had the opportunity to pitch for Canada in the WNC. He worked two innings against Team USA's star-studded lineup without surrendering a lot, veteran the likes of Alex Bregman, Gal Raleigh and Pete Crow Armstrong. Tugboat finished his coming by striking out two-time MVP Bryce Harper.

It was just one game, but it was meaningful. At every turn, from his appearance in the Little League World Series to junior outings to the miners, Tugboat was

told his magic trick wouldn't work at the next level. He has proved his doubters wrong at every ring.

"That's heard that more than he came to head it," Quastrill said. "But it's how true."

Back in May, the Giants acquired Tugboat in a trade with the Guardians, the organization that drafted him. It cost them catcher Patrick Baker, a two-time Gold Glove winner.

With the Giants far out of the playoff race and in danger of having Tugboat if they didn't add him to their 40-man roster soon, they decided to promote him. Brady learned the news directly from Tugboat in a late-night phone call on Sunday.

And he isn't the only one costing for Tugboat to succeed. He has trumpet as such a popular figure because it seems like he belongs to a previous generation of baseball.

Tugboat doesn't throw hard at a time when pitchers throw harder than ever before. His nickname bothers back to an era of fans. Lethan and Pee Wees, the alan has the body of exactly the sort of person who would be one way Tugboat.

Of course, that doesn't make facing him any easier.

"You are them take zennies on his football," Quique said. "And you just go, 'Yeah, that is different.'"

WALL STREET JOURNAL

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BUSINESS & FINANCE

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THE WALL STREET JOURNAL.

Friday, August 21, 2020 | B1

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DJ/TRANS ▼ 0.375

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Walmart's Sales Gain Hits 6-Year-Low

New pharmacy pricing requirement eats into consumer spending growth

By Simeon Mousser

Walmart reported its smallest sales growth in more than six years as some Americans continue to spend constantly—especially when shopping at the retailer's physical stores.

On Thursday, Walmart said it's comparable sales, those from store and digital channels operating for the past 12 months, over 2.5%. That is, the smallest quarterly increase the retailer has reported since 2020: The number was hurt by new pharmacy pricing regulations, without which Walmart would have had a 5.4% lift, the company said. That is below another's estimate of a 5.4% gain, according to FactSet.

Shares of Walmart fell $10.44, or 9.25 to $10.64. It was their largest percent decrease since May 17, 2022.

Walmart's slower growth came as some consumers continue to watch their wallets amid higher gasoline prices and the company navigates a shift to sales growth driven by new channels—increasingly a consensus, membership and advertising sales, not on-cure big-box bars. It is a marked transition for the blue818. Ark-based retailer that still owes the bulk of its sales and profits from sprawling experiences.

Much of the growth came from a 24% increase in U.S.-commerce sales, a figure that includes Walmart's increase.

Please turn to page B2

Walmart's U.S. sales, change from a year earlier

¹Vapans compare channels spending for all local 12 months. ²Change from a year earlier than 5 year based on an average variable rate.³

Net profit/loss

Share price, past week

Source: U.S. Department of Commerce, FactSet (2020) (1)

The retailer says some consumers watch their wallets amid higher gasoline prices. A store in Teterboro, N.J.

Weil Stars In Talks To Leave Amid Wave Of Exits

Departures come as law firm prepares to navigate a transition in its leadership

By Cara Lomanzo

And Sara McQueen

Weil, football & fiberglass, a Weil Street law firm known for disobeying companies through bankruptcies and advising the private-equity market, including a wave of partner defections.

Two groups that include star lawyers are as discussions to leave for rivals, said the company said: "We have been including some of the finest, highest revenue producers."

One group, which includes the former Marlboro, co-head of Weil's private-equity group and a member of its management committee, is headed to Paul Weiss, they said.

Other lawyers, including Brian Forrest, a partner in Westmorland equity practice whose clients have included Broadfield and TPG, are exploring a move to Simpson Theater & Bartlett, the people said, with some cautioning the plan isn't final.

It is the latest tremor in the world of Big Law, which is being disrupted by aggressive lawsuits, and that the company's revenue of artificial intelligence and law-loyal clients. Earlier this summer, a team of six litigation partners, including a firm leader, left Wachtell in an almost-unheard-of defective from the marquee firm.

Hundreds of partners have made lateral moves this year across the industry. Rivals are losing big talent with pay packages that can stretch to $20 million a year or more.

Weil, which has 1,200 lawyers, has also faced partners with a new business. The firm said it has added more than 50 lateral partners since the start of 2025.

"Weil is not back to achieve their record revenue and profitability in 2026 that will result in a very significant increase in profits per equity partner," the firm said. "The company's share of the firm's deliberate growth strategy focused on the practices and markets where it has long been a leader."

According to 2020, as a Jewish law firm outside the white-blue side, Weil built its reputation handling bankruptcy.

Weil's new manager #3

Employers, Workers Face Rise in Healthcare Costs

By JOHN WILDE MICHEN

And Peter Lorrin

Healthcare costs are walloping U.S. workers, and they will only worsen next year. For 2027, employers may be facing the biggest health-incidence increase in at least two decades.

Americans with workplace coverage are expected to spend an average $5,297 this year on insurance, 2,646 more than 2025, according to a new estimate from benefits consulting firm Ann. The spending requirement is a combination of growth inflation for the premiums and out-of-pocket charges like deductibles and copiers.

The burden is likely to grow against society next year, when U.S. employers expect their healthcare costs to go up by 15%, according to a new survey from WTP, another big busi-

Annual change in cost of employer health plans

fits consultant—the steepest rise in more than 20 years.

That would represent the fifth year of escalating increases, according to WTP. "Employers are telling us that this is utterly unsustainable,"

said Jeff Levin-Sobers, popularist health leader at WTP. Experience cancer treatments and wide adoption of weight loss drugs are among the factors pushing up spending.

At larger companies, the

rapid rise has moved decisions around health benefits from the domain of human resources executives into the Cointe, said Mike Pasterick, North America health+dieticians leader at Ann. "We're seeing a lot of interest now from the Ontario organization and even the CEO and the board."

As companies are forced to pay more for insurance, their workers, who typically pay a share of the premium, are seeing their own costs rise roughly in tandem. That means more dollars are held out of their paychecks each month.

At Paul Wisconsin Glass Co., which employs 35 people in Fulton City, WIS, co-owner Jason Wilkins said he has been hit by double-digit premium increases such year since his family bought the company in 2023. Health-in-

nurance expenses now consume about 5% of the family revenue—more than its profit margin.

This year, the company raised the three-day payroll deduction for a single worker to 20% from 24% (Though the employer is still paying about 30% of the total premium, a few workers decided to drop their coverage when their costs went up.

"It's frustrating and sad," Wilkins said. "Something's got to change."

Americans are paying more out of pocket for healthcare on the form of deductibles, co-payments and coinsurance, as well as expenses not covered by their insurance, according to federal data.

"Healthcare spending recently has risen more quickly than income," said Michael Cherisew, a healthcare-policy. Please turn to page B2

Private Credit Looks To British Pensions

By Jim Wengler

LONDON—Private credit giants have found a 12 trillion-plus source of capital to invest, docile old British pensions.

London's Standard Life said in Thursday it found a deal to invest in private market assets supplied by honest company CVC Capital Partners, Goldman Sachs and FGM's asset management services. The U.S. insurer said the partnership would help boost its business taking over the management of dollars' premium plans from 2017 to 2022.

The deal, in which investors will account $3 billion, is the latest example where U.S. life insurers managing pensions are turned into a source of funding for private credit.

Spain's American and Hasbrouck did their own deals over the past year, according to an a booming market for legacy pensions plans that far more than 10% of the U.S. than over from the companies that first sponsored them.

Britain is home to thousands of these old defined-benefit plans, which fell out of favor 25 years ago and are mostly closed to new members. The biggest still manage tens of billions of dollars in active.

Defined-benefit plans in the U.S. have more than $3 billion, or $1.95 trillion, of liabilities they haven't offloaded to insurers, said Stephen Petrow, a consulting firm RPI, who advises on transfer deals. "It's a big price," he said.

Insurers are betting they can earn more than they have to shell out to retirees by adding private assets to the mix of government and corporate bonds most pension plans own before being taken over. The model was pioneered by Audit and its competitors in the U.S. It means firms will increasingly depend on private markets—at home and in the big-per American market—to help retirement income.

That could push capital into Finance to re-page B2

INSIDE

BUSINESS NEWS

Starbucks will lay off more than 200 corporate staff as part of turnaround effort. $9

HEARD ON

THE STREET

Off-grid energy systems, tested by demand for power. $10

Stripe Sets Stronger AI Footing In $7 Billion OpenRouter Deal

By Kent Coate

When Stripe co-founder Patrick Collison took the edge of the payment company's annual conference in April, he declared it "has 10% of its page-lance."

Collison, among the more well-known billionaire entrepreneurs in Silicon Valley, had long been a prominent voice about the mathematical potential of AI.

But his payments company, which had aggressively sought to embrace and adapt AI, wasn't where to the action as foundational startups like OpenAI and Antelope.

That changed with Stripe's purchase of OpenBooies, a company with 90 employees, that helps developers cut costs by covering their supplies in a variety of AI models. Stripe paid more than $7 billion for the company, which had been valued at $3.5 billion earlier this year.

On Wednesday, the two companies announced the deal.

Stripe CEO Patrick Collison

In a statement, Collison said that "tokens are the central currency for companies holding with AI, and it's clear that the real-world economic potential will depend on making good use of scarce complex resources."

It is the largest ever suggestion for Stripe, which was founded in 2010 and has remained a private company. In a letter to investors, Collison suggested Stripe is better off as

a private company because of the "neoplastic" web space for the moment when AI becomes more capable than humans.

The deal will expand 20 parts AI business, giving the payments company a bigger risk in the rapidly growing market for AI tokens, the central unit of measurement for processing AI queries.

Owning OpenBooies gives a good-selling provider's payment processing software, helping companies accept interest payments—a way to profit directly in businesses and other sectors. The ability to bring of the revenue it generates from processing their payments.

It also represents the successful second art for New York-based OpenBooies again. "We've been a very visually co-founded a marketplace for marketable tokens. OpenBooies, during the cryptocurrency crisis, OpenBooies second a new feature in the 2020, and before its business plummeted.

Please turn to page B2

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82 | Friday, August 25, 2026

...

THE WALL STREET JOURNAL.

INDEX TO BUSINESSES

These indexes are reliable reference to most recent companies and/and copyrights in today's edition. Articles on a capital page should aren't total or these indexes.

Abbott	81
Adkins	84
Alphard	84
Archiv School Management	85
Atlas Energy Solutions	85
Bandana, Hathaway	85
B/A Wholesale Club	85
Bankroom	85
British American Tobacco	85
Goodfield	85
J	85
J M McDonald	85
C/K Capital Partners	85
J	85
Dover	85

Goldman Sachs	81
J	81
Hummelan Enterprises	81
J	81
Jigman	84
J. Spade	85
K	85
Kodak International	85
L	85
Lamar	85
Liberty Energy	85
McGill	85
McHale	84
McGill	85
Norby	84
O'R	85
O'R	85

Pay Mart	85
Reilly-Rogers	82
R	85
R Hynes	85
REXON Energy	85
Schultz-Oxley	85
Spirell	85
Standard-Cole	85
Schultz-Oxley	85
Texas	85
Super Micro Companies	85
T	85
US Business	85
W	85
Wynne	85
Williams	85

BUSINESS & FINANCE

Sales of groceries, toys, fashion and private brands were strong in the most recent quarter.

INDEX TO PEOPLE

A
Aeth, Michael
Auger, Lora
Augers, Ann
J
Buffett, Marvin
J
Callahan, Ricardo
Case, Lester
Cheng, Brian
Cole, Cora
Callahan, Patrick
J
Elliott, Martin
Elliott, James
Gilbert, Lawrence
Garcia, Brian
M
Herbert, Sato
Herbert, Fred

Hamming, Ann	81
K	81
Kalman, Tanya	84
L	84
Lampage, Susan	84
Lam, The Great	84
Lee, The Great	84
M	84
Marine, Christopher	84
May, John	83
Mead, James	83
Mead, John	83
McGill	83
Nay, Ramona	85
Neal, Ryan	85
Neig, Mary	85
O'R	85
Pathway, Charnell	84
Pearson, Mike	85
Perkins, Troy	85

Payton, Stephen	85
Perry, William	85
Perry, William	85
Philip, Philip	85
Powell, Paul	85
Weissell, Deacon	85
Weissell, Deacon	85
W	85
Wynne, John	82
Wynne, John	82
Wynne, John	82
Wynne, John	82
Wynne, John	82
Wynne, John	82
Wynne, John	82
Wynne, John	82
Wynne, John	82
Wynne, John	82
Wynne, John	82

Walmart Sales Grow Slower

Continued from page 82 Highly prominent advertising revenue business. Walmart sells ads that run in its digital channels and stores.

In-store comparable sales, meanwhile, declined in the "low single digits," following a result of the previous two quarters. Walmart Chief Fu- mercial Officer John David Raisney said on a conference call Thursday. Many pharmacy purchases are made in stores, so the weakness of that business has to be impact, he said.

But, more broadly, "the net risks of store crops, I think, is not as pertinent as it was a decade ago," said Raisney in a separate interview. For example, items ordered online and picked up in store parking lots are counted at e-commerce sales, he said, so increasingly stores are a digital full-flames node that enable opening dis- ters. "It's a happy! Charles," he said. "We are not the Walmart of a decade ago."

Top executives are discussing if they should report these more additional sales differently

to better reflect Walmart's current business model, he said. E-commerce accounts for mainly a quarter of several sales, and 80% of these orders are 4,000,000 from its stores.

The online and offline char- min "are blaming, but slow- down in its store crops, is going to be important to watch," said Spencer Raines, retail an- alect at Wolfe Research. Over- all Walmart's quarterly results are solid, even with slightly weaker sales, he said, but that weakness means "results will be more scrutinized going forward."

Sales of groceries, toys, fashion and private brands were strong in the most recent quarter, and Walmart said it is among market share broadly, but especially among higher income households, a term the retailer uses to describe households that earn $500,000 a year or above. Lower-income shoppers continue to spend continuity, but they are spend- ing, said Raisney. "It appears there were choices between necessities within the quarter because of where gas prices are," he said.

Walmart also lowered some prices in the quarter, using some of the windfall of its $2.9 billion in tariff refunds. Prices during the quarter were still slightly higher than the same period last year after overall cost increases, said Raisney, but

the company put in place addi- tional price cuts near the end of the period and is giving pro- perty to price investments on items that have been particu- larity affected, such as beef. Walmart is "nutting what was otherwise a higher price in- crease where consumers were feeling pressure," he said.

The quarterly sales $37 was enough for Walmart to raise its net sales and operating in- come estimates. In the fall year, it now reports net sales to increase 4% to 5% for the fall year, up from a previous estimate of 2.5% to 4.5%. Oper- ating income from the year, 6.5% for the fall year, up from a 5% to 8% range set earlier this year, the company said.

Walmart's latest results add to a string of mixed-quarter sales reports from retailers in recent days. Target said its quarterly comparable sales rose 10%, reversing last year's declines. ETR, which owns Hants, such as T.J. Munn and Macmillan, said that its compa- rable sales rose 4% in the most recent quarter, but that its flagship U.S. store sales grew by just 3% after it made some against earnings.

Walmart's net sales rose 3.5% to $286.2 billion in the most recent quarter ended up 3% for the year. All U.S. to $6.37 billion in the decline at some supply investments ate- tate profits.

Stripe Sets

Stronger At Footing

Continued from page 82 because of a crash in NPT sales volume.

Abalah is among a wave of entrepreneurs from the crypto bases who have peered to Al- part of a migration of finalists from the கொண்டிருந்த end- ents the industry. Airbnb co- banded Brian Chasky, former fabulative co-CEO Bret Taylor, then co-founder Travis Kalun- ich and LinkedIn co-founder Reed Hoffman are all working on new air companies.

People close to Abalah de- scales late as someone with a knack for spotting emerging technology trends early Early in 2000, he worked as a forward-deployed engineer at Palestro before winning through a pair of startups, one in his own presence and another in cased on an expensive micro- pollage that he describes on LinkedIn as a "millennial Rob- ers."

As the popularity of crypto customers reached new heights in 2026, he started OpenSea. The startup's value skyrocketed thanks to the surge in trading of digital artwork.

As in peak, OpenSea crossed $5 billion in total monthly trad- ling volumes, but a total the crypto collapse in 2022. NPT sales volumes dried and never reserved as investors soared on the assets.

Abalah started OpenSource in 2023 with Chris Clark and Louis Vichy. OpenAI had re- cently launched ChatGPT, and Anthropic had put introduced smart large language model. As his startup grew, Abalah be- gan referring to OpenSource as the "Village of AI."

The startup rose as much of Alicon Valley was betting that OpenAI and Anthropic would dominate the market. Open- Source had the opposite view that no single model would win, and developers would do crossingly see many of them for different tasks.

Private

Credit Woos Pensions

Continued from page 82 Investing, money systems and infrastructure, possibly giving Britain's sluggish economy a boost.

But regulators and analysts want to construe and closing complex offshore investments that introduce new risks into the industry as part of the pensions boom.

About 40% of the assets backing U.K. insurers' fast- growing retirement books come from private markets and other sources, where an artic don't trade frequently or on exchanges, analyze at 600 bonds estimate of 60x2, around one-third are private- credit investments such as loans to minimize companies, more than in trade shoppers countries.

The caveat, the ratings agency said in the back of standardized data made it hard to exku- late insurers' interest to different types of assets.

Transfers of U.K. pension plans to insurers aren't new. But they have proliferated since rising rates pulled down pension plans' obligations factor than their assets. Many plans flipped to a surplus for the first time in one a decade. All of a sudden, they could afford to pay insurers to take on their obligations through a constant known as a bulk an- nalty. The first step is to hand a plan's assets over to an in- surer, which starts to manage them. Eventually, it adminis- ters the whole thing.

Insurers like private-market assets because they are a good match for long-dated liabilities. Crowd's Trowm, the Bank of England offices were super- stars insurers, said this spring pensions to secure profit rate

Healthcare

Costs Keep Increasing

Continued from page 82 professor at Harvard Medical School.

The accounting increase in health insurance costs—and workers' expenses—is faded by a society of factors, acced- ing its benefits consultants

gins is encouraging some in- surers to take into without sufficient compensation, though he added that there are no overwhelmingly in- vestment goods.

Brochures and bills bought life insurer. And today, which it plans to fund with affru- struction, energy and real-en- tire investments.

Interest is rising as in- surer, Blackstone agreed to supply private-credit assets for Legal & General to buy against its huge bank of retirement de- ligations. One each deal, trust- ing to a grocery-distribution center in North Carolina.

"The U.K. is one of our most important markets," said Phil Sherrill, an insurance execu- tive at Blackstone.

Blackstone also is tapping in to Britain's booming pensions market indirectly through a bivemain extension if pro- vides with private-credit in- vestments.

The Bank of England, how- ever, says U.K. insurers don't hold enough loss-albocमैing

capital against less kind of offi- shore arrange- ment and plans to make them built more.

Of the North American plan- ters in the U.K., Apulia is taking the biggest

losses coming

Athens, a Eu- ropans insurer in which it owns a minority stake, recently bought Britain's Pension Insur- ance Corp., which specializes in taking pension plans over from companies. Combined, the past form one of Europe's biggest life-insurance groups, with $238 billion in assets for U.S. million assets and returns. They include current and future pensioners from Rollo- Boyce and British American Tobacco, which Pension Insur- ance Corp. took over before Athens swooped in. Among its latest deals to take on all 253 members of the pension plan for the Associated Board of the Retail Friends of Africa.

"It's one of the largest and most vibrant in Europe," Athens 2025 Todd Solado said at Britain's market for pension transfers.

and insurers. Hospitals have been able to win price in- creases and are increasingly using artificial intelligence tools to boost their billing, leading to higher payments. Workers are also using more medical services and taking high-cost drugs for an array of conditions. Among the major causes for rising costs are cancer treatments and the popular diabetes and weight-loss drugs known as GLP-15. Employee satisfaction of GLP's drugs for weight loss grow 75% in 2023 across Ann's clients, the firm said.

Hong Kong

Company Files For Panama Arbitration

By Minsaw Cossan

Hong Kong conglomerate of the Hutchinson Sun launched international arbitration pro- ceedings against Panama, ex- calating a dispute over two strategically important ports that have become caught up in U.S.-China tensions.

The conglomerate said it is making more than US$1.5 bil- ion in damages for the "de- struction of the company's in- vestments" in the country.

Hutchinson alleged that Pan- ama breached an investment protection (more through a series of measures taken by fewes 2025 and 2026, which it said resulted in the "de- struction" of the concession contract for the ports of Bal- bon and Crenshaw, located on either end of the Panama Ce- ral, and Panama taking over these terminals.

Afferra to reach a resolu- tion before initiating arbitra- tion were unsuccessful, the company added.

The board added it "strongly disagrees" with the measures taken by Panama and will continue to seek eye- sketters with the country while parusing its rights under the mercy and international law.

The more intensifies a dis- pute that began in January, when a Panamanian court visited US (Hutchinson's con- tents to run two terminals at either end of the Panama Ce- ral. Hutchinson has been in dispute over the concession since Panama's Supreme Court ruled its port opera- tions unconstitutional.

The ruling was sent as a win for the Trump adminis- tration amid rising China-U.S. tensions, as the U.S. contin- ued efforts to curb China's in- flames on the Western Homa- sphere.

—Fabianus Soper defied confounded to this article.

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THE WALL STREET JOURNAL.

...

BUSINESS NEWS

Starbucks Plans More Layoffs

Tech, development teams targeted as investments in cafes will continue

By REEVEN HANSON

Starbucks will buy off more than 200 corporate staff, continuing a strategy to expand its operations two years into a turnaround effort pursued by Chief Executive Brian Mccoll.

The Seattle company plans to cut about 320 technology workers, according to the company, after those staff declined to relocate to Nashville. Then, where a new corporate office is being built, Starbucks is cutting an additional 20% into its office-house design and development.

Starbucks, the world's largest coffee chain, is working toward Mccoll's goal of eliminating $2 billion in costs by the end of its 2020 fiscal year. It is also investing more heavily in its call operations.

The company recently estimated that its U.S. stores are nearly all fully staffed, and must in-store and drive-through stores are being delivered within four minutes a target set by Mccoll.

Under Mccoll, Starbucks has

The job cuts, detailed in a blog in Washington state, don't involve shutting down cafes.

accustomed its store base, closing locations that haven't performed, don't provide the right store environment or should be relocated. Mccoll has said that Starbucks needs to focus its operations to better serve this strategy.

Starbucks last month re-

ported quarterly earnings and sales that required market expectations, and increased its forecast for full-text sales since sales and earnings. Executives have said the turnaround efforts are gaining traction.

Earlier this year, Starbucks said off 100 U.S. corporate employees, while closing regional corporate offices in Chicago, Atlanta, Dallas and Burbank.

Call The company is developing a 100M million corporate office in Nashville, which will house 2,000 employees, including technology and supply-chain functions.

Starbucks in 2023 laid off around 2,000 corporate workers, while eliminating hundreds of open positions and closing hundreds of U.S. stores.

Deere's Profit Rises As Revenue Climbs

By CONNIE HART

Deere posted higher profit and sales in its fiscal third quarter, as continued growth in the company's construction equipment business helped to offset continuing weakness in its production agriculture run.

The company posted a profit of $1.38 billion for its three months ended Aug. 2, compared with $1.29 billion in last year's comparable period. On a per-share basis, quarterly earnings of $1.31 a share topped the $4.69 a share that analysis pulled by Pacifici expected.

Net sales and revenue climbed 6.2% to $21 billion, ahead of Wall Street models for 120-50 billion. The total top four figure came in at $12.62 billion.

Sales across the company's production and premium agriculture divisions—its largest business unit—came in at $4 billion, down 6.6% from a year ago. The company attributed the decrease primarily to lower shipment volumes.

The decline was offset by construction and forestry sales, which jumped 38% to

Deere's quarterly net income

Sales sales from quarter ended Aug. 2

$7.82 billion, and small agriculture and turf sales, which rose 12% to $2.28 billion.

Chief Executive John May said Deere continues to believe 2024 will mark the bottom of the current agriculture equipment cycle.

Deere raised the low end of its net income outlook to $4.75 billion from $6 billion, while maintaining the high end of $5 billion.

Shares advanced nearly 7% to $620.94 in Thursday's trading.

JD Sports Shares Tumble After Profit-Guidance Cut

By MICHAEL BERNSTEIN

JD Sports Fashion shares dropped after the retailer cut the last-year profit guidance in second-quarter sales fell due to pricing pressure and a weak U.S. performance.

Shares did 14% in London Thursday.

JD Sports cut its fiscal 2027 guidance for adjusted

proton profit—the company's preferred metric, which striped an exceptional and other one-off stores—due to underlying sales trends and a promotional backdrop in the sector.

The company now expects adjusted proton profit of between $700 million and $800 million, at $992.5 million to $1.09 billion, for fiscal 2027. It previously forecast adjusted

proton profit between $750 million and $800 million, after reporting adjusted proton profit of $982 million for the year ended Jan. 31, 2028.

Analytical and forecast adjusted proton profit of $700 million for fiscal 2027, according to the consensus provided by the company.

JD Sports said group sales to 25 second quarter ended

Aug. 1 fell 31.5% as a like-for-like basis to 15.09 billion. On an organic basis, sales were down 1.3%.

"Trading in the second quarter remained tough. The market stared highly promotional, reflecting the consumer and business product cycle leadership not industry has faced in recent quarters, whilst not core consumer was

impacted by incremental cost-of-living pressures," said Chief Executive Bogis Schultz.

World America sales in the second quarter were down 6.8% as a comparable basis, an incremental cost-of-living pressures hit particularly strongly in the region. The region generates around 35% of group sales.

"Merit, America's sales per-

formance reflects weaker core consumer sentiment, a slower quarter for high-heat footwear product, and delivered 'back-knocked' demand from only into the first half of August," the company said.

Sales for the U.S. were notable weaker than expected, partly due to a soft profit-mance for retail chain Finish Line, Revenues analysis noted.

Abbott To Put $670M in Settlement

By KELLY CLOWMAN

Abbott agreed to pay $670 million to receive a lawsuit over its specialty formulas for geomnase infants as well as about 2,000 related claims.

The bulk settlement relates to the Gill lawsuit, in which a lawsuit jury ordered Abbott to pay $480 million in damages after determining the company failed to warn that its formula for preterm infants increased the risk for a bowel disease. Abbott's appeal to the 2024 verdict was denied.

Abbott said it opted to receive agreements to resolve both the Gill case and other increasingly unres達able claims to avoid continuing to appeal or paying about $600 million for part that all case, which represents the initial judgment plus accrued interest to date.

Abbott said the agreements aren't an admission of liability, and it stands by the safety of the products.

Following the agreements, there are roughly 4,700 lawsuits pending in federal and state courts involving claims on behalf of about 12,700 individual infants, Abbott said.

Pop Mart Warns Of Revenue Miss

By DEBBY GIN

And MCCOLL CHINN

Since the Laboba camp began, investors have wondered if the outcome too of Pop Mart, the maker of the ugly-size dolls, was just a lot.

Pop Mart's first-half earnings will do little to convince the shayler. Top-line growth slowed sharply and Chief Executive Wang Xing warned the company will likely miss its annual target. Speaking on an earnings call Thursday, Wang said the top company encountered more difficulties than expected in the first six months, and probably won't deliver the 25% revenue growth it hoped for this year.

Revenue climbed 15% during the first half to 17.17 billion years, equivalent to $2.25 billion, developing from the threefold increase seen a year earlier and missing expectations for a 17% loss, according to a Youthe Alpha poll.

Net profit rose 10% to 5.04 billion years, also undershocking consensus views.

The results mark an acute downturn after a real growth that sparked a rally at Pop Mart's stock, catapulting its market capitalization past $56 billion at one point.

For two years, the Beijing company was on a roll, winning the hearts of consumers

with the gromite-like Laboba dolls. But as the hype wanes, it too has market enthusiasm.

Pop Mart's Hong Kong listed share are down nearly 20% so far this year. During 2025 and 2024, they doubled and more than quadrupled in value, respectively.

Wang attributed the weaker-than-expected performance during the first half to rapid demand and difficulties stemming from geopolymorphisms. Revenue from overseas shoppers 51%, weighing on gross profit margin. International sales generally offer higher margins than those in Pop Mart's home market.

The Revenues collection—which includes the juggled-tooth Labobao—remained the biggest revenue contributor, accounting for about a quarter of overall sales in the first half, down from roughly one-third a year earlier.

Analytical remain right on the durability of Pop Mart's business model.

Deutsche Bank's Searsen Ka noted that demand for the tar-off generation of Labobao sporting Iraq, virtually last, has been much faster than the previous timetimes, while social media have has fudded.

If that continues, Pop Mart might need a new product format or another, thereby re-derived character to reignite

The Mountain collection—which includes Laboba dolls—was the biggest revenue contributor.

consumer interest and the scarcity number that understated its earlier successes, the matter was.

The company is betting it can do just that with a new character. Youthe Youtche Management said that the last-skept character has been a far with heart customers and has huge potential.

Youtche Youtche was Pop Mart's fastest-growing intellectual property in the first half, with sales ranging over fivefold, contributing around

35% of group revenue.

The company also announced that the tar-off of billion yuan to 5 billion yuan, which Wang said was a drive of confidence in its outlook.

While Pop Mart might scale down its revenue growth ambitions, the chief executive said the business is now much healthier and focused on prioritizing long-term development over sales growth.

Whether Pop Mart can re-post the success of Laboba remains to be seen, but some

analysts think the company could become a Chinese organization. "We believe Pop Mart has strong potential to become an IP powerhouse," Morningstar's Jeff Zhang said in a recent note.

Concern over slowing revenue growth and declining youth prices for Labobao have dropped on Pop Mart's valuation, but Zhang remains investors are reading the wrong signal. "Would prices do not reflect the underlying strength of Pop Mart's business," he said.

Share of the home builder tumbled 12% on Thursday after it swung to a bus in its most recent quarter.

Weak Housing Market Hits Hovnanian

By CONNIE HART

Hovnanian Enterprises continues to cope with a stagnant housing market, plagued by cautious consumers who are too anxious to buy new homes.

"Would events, as well as high mortgage rates, high gas prices, inflation and other factors have caused potential home buyers to hesitate," Hovnanian has Hovnanian said on a call with analysts Thursday.

The hesitancy has forced the home builder to offer no more opportunities for new sales, cutting into its bottom line and prompting the com-

party to post its second consecutive quarterly loss. Contracts also declined, hurting its top line as well.

Shares tumbled 7.5% to 6.08.21 in Thursday's trading, despite the drug that stock is up 22% in the year to date.

Other home builders are looking the pressure, too. Tall Brothers a luxury home builder, earlier this week reported lower sales in the last net quarter, as it achieved fewer homes. And Lemnar in June cut its full-year delivery into outlets after it similarly reported declining revenue. Hovnanian said, underlying demand for housing remains strong, noting that the com-

party's website continues to see solid traffic and that consumers continue to tear its commanders. However, Hovnanian Enterprises is having a hard time connecting interest into these sales.

"Compared with last year's third-quarter, our results continue to reflect the reality of a housing market operating under substantially higher mortgage rates, elevated investments and concern about global instability," Hovnanian said.

Quarterly contracts declined roughly 4% to 1,169 homes. The decrease in one year's total sales in the year, which fell 12% to $705.7 million.

The company swung to a bus of $18 million for its three months ended July 31, from a profit of $554 million a year earlier. On a per-share basis, the company expected a loss of 7% over a share, compared with earnings of $1.09 a share the year prior.

While the housing market by and large is still heavily reliant on incentives to push new home contracts, the incentives are cheated to come down.

Investors levels have declined sequentially for the past two quarters, Hovnanian said. "We have been able to bring the new home to the next year."

---

84 | Friday, August 21, 2026

THE WALL STREET JOURNAL

TECHNOLOGY

Alibaba Invests Heavily In A Hitting Earning

E-commerce giant continues to upgrade and integrate its Queen model series

BY TRACY QU

Alibaba's earnings changed as its fiscal first quarter as the Chinese e-commerce plan continued to invest heavily in artificial intelligence, racing to preserve its lead in the fast-growing sector.

The results come at a pivotal point for Alibaba, which has been sharpening its assets on AI. The company has continued to upgrade its Queen model series and integrate it into its core economies. It recently reflected the success of Max, one of the largest open-source models globally.

The Banglioni, China-based computer said Thursday that net profit dropped 76% to 10.54 billion yuan, equivalent to $3.07 billion, while revenue grew about 8.6% from a year earlier to 28.6% billion yuan. Profit fell short of market expectations, though revenue beat estimated.

The company attributed the sharp drop in earnings to more specific growth, and shared net gains from the disposal of investments and other factors.

"We achieved a strong quarter, driven by the improving communication of our business," he explained. Chief Executive Eddie Wu said.

Alibaba Cloud's external revenue growth continued to 63%, with AI-related product revenue delivering triple-digit growth for the 12th straight quarter, he said.

For the three months ended, Japan, a revenue from the company's e-commerce busi-

Alibaba, headed by CEO Eddie Wu, said the company had delivered a strong quarter.

ness rose 6%, 2% in total and compute services division-in-trial of the fastest growth, with revenue jumping 45%, while AI labs and applications revenues climbed 65%.

Adjusted net profit—a new closely watched key to efforts, as it reflects—grow business—optimism prefunded—to fall 10% to 20.72% billion yuan. The new and excludes the effects of

share-based compensation expenses, investment gains and losses, some impairments and other items.

The company said continued investments in AI data structure pushed capital expenditure for the quarter to 2026 billion yuan, a 27% increase from a year earlier. The

rise was due to fluctuations in procurement cycles, increased CPU-compute capacity and higher pricing of a range of chip components, it said.

The history speeding consoles with an unmodelling AI race in China as model data starts as create releases of new mass powerful models.

"This trend reduces the de-fondability of any single model, shifting

the competitive focus in the platforms and infrastructure that can seamlessly feed and manage them," CD wrote in a note.

Alibaba on Thursday said its 28seven days, developed by dog and T-bank, achieved brand commitment, skeptics through Alibaba Cloud ser-

vices from more than 650 external customers in industries spanning autonomous driving, internet and financial services.

As the company boasts spending on AI and e-commerce, it has an recent news pushed to make its insecure businesses profitable on sell down to strengthen its finances.

It reached an agreement to sell its videogame business, Liagui Games, to Asian private-supply item Trusha Capital, according to an internal memo The Wall Street Journal viewed this week. The deal would value the gaming studio at more than $1.5 billion.

The company has also been battling Methan and Bloom in the food-delivery industry, though competition has raised its recent months.

Alibaba's American depositary receipts rose 2.5% in New York after the results.

Super Micro Clears Its Top Management

BY CONNOL BLATT

Super Micro Computer completed its investigation into an alleged scheme from earlier this year in which two employees and a contractor were said to have managed to get out. Media, type to China

The series makes the financials said a team led by independent members of its board reviewed the transactions that were the subject of a federal indictment. They didn't find evidence that any current member of Super Micro's senior management team had knowledge of the alleged all-overuse scheme, or of any actual diversion of restricted products.

The finding comes after Super Micro co-founder The Blyam "Wally" Luse resigned from the company in March, as he was one of the people indicted for his alleged role in the scheme.

The alleged scheme—which involved billions of dollars of service and domestic services used to deceive an American inspector—also resulted in Super Micro placing a second engineer on leave and flying a new contract.

Super Micro on Thursday said its investigation into the

matter additionally didn't find any evidence that the company directly sold report controlled products to known or oriented parties or locations; nor evidence that its previously issued financial statements can't be relied upon due to the principal diversion of restricted products.

The company said it took several personnel actions with respect to employees within the sales, technical support and business development functions, including terminations, for failure to follow company policies or the company's code of conduct.

Taking recommendations from the investigation team, which was led by both the company's lead independent directors, and Tada Lin, chair of the Tenaid's audit committee—Super Micro said it has taken steps to further enhance its expert compliance program.

"We are pleased to report the conclusions of this independent investigation," Soga said. "The independent directors support the actions the company has already taken to believe its internal policies and procedures that it is the additional enhancements that will be implemented."

Super Micro did its own review of an alleged smuggling scheme.

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Flight Attendants Fight

Google Bid for Spirit Data

BY ALESSAND GUARNTREE

A bankruptcy court delayed approval of Google's $20 million loan purchase of Spirit Airlines' data after former flight attendants objected, warning that the deal could violate another privacy to their artificial intelligence models.

A labor union representing thousands of former Spirit flight attendants asked the court to declare the transaction unless the agreement co-ponds provides that all confidential flight attendant information is excluded from the sale or at least receives the same protection as consumer information, according to an injunctive filed with the U.S. Bankruptcy Court in Manhattan on Tuesday.

Alphas' Google bid week was the auction of Spirit's digital archives that include decades of payroll, travel and recruiting files, being with about 100 million emails, 40,000 email accounts and millions of additional digital items. Google said it plans to use the data to improve its products and AI models, and that personal customer information wouldn't be included in the purchase.

The flight attendants' acno-

ciation said in its objection that while customer data might be protected, the deal does adequate safeguards to protect information about attendants who worked for the default airline.

"We will not receive any personal information from this data on," said a Google spokesperson. "Any data we receive will be vigorously scratched of any personality identifiable in-

formation by a third party before receipt."

Spirit said it "implying a third party to disidentify the data and certify that the data sold at auction

is compliant with applicable privacy laws and regulations."

Judge Sean Lane, who is reviewing the bankruptcy case, postponed the sale hearing to Spirit 4 to give the court time to evaluate the claims.

The sale agreement between Google and Spirit mandates that the data be "desired/lost" to remove elements that would link the information to a consumer or otherwise be consid-

ered personal data.

The union examined that "desired/lost addresses whether a record is issued to a named individual. It does not address whether the contents of the record are confidential."

The union said there is an asymmetry in how the transaction treats customer information versus employee information. While customer profiles,

email addresses, length data and chat invoices were largely "not included" nearly every request to former employees, including time card information, paycheck cards, tax forms

Google is buying

Spirit's digital archives to improve its AI models.

and business travel records, is part of the sale, it said.

The privacy architecture of this transaction is consumer-facing, its payload is disproportionately employee-facing." The flight attendant association said in the objection.

Alexander Gladstone writes for WSJ Pro Bankruptcy.

Google won an auction of Spirit's digital archives that include payroll, travel and other files.

---

THE WALL STREET JOURNAL.

Friday, August 21, 2026 | 85

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86 | Friday, August 22, 2026

▶

THE WALL STREET JOURNAL.

MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average

52759.22	▼755.04	41.52%
High, low, open and close for each trading day of the past three months.

	Last	Year ago
Trading 916 ratio	21.67	24.42
916 standard	25.68	25.36
Dividend yield	1.42	2.54
All time high	54749.22	50190.24

S&P 500 Index

7641.26	▼964.02	41.03%
High, low, open and close for each trading day of the past three months.

	Last	Year ago
Trading 916 ratio	24.49	25.20
916 standard	21.42	24.56
Dividend yield	2.34	3.29
All time high	7798.39	86.52%

Nasdaq Composite Index

2610.12	▼ 243.92	41.10%
High, low, open and close for each trading day of the past three months.

	Last	Year ago
Trading 916 ratio	19.18	23.53
916 standard	22.03	29.59
Dividend yield	0.33	0.29
All time high	27593.90	86.92%

Current share: US$10000000000

Share change in the period change from previous report
May	July 2016
Pretax	1.0
Pretax	1.0

Major U.S. Stock-Market Indexes

	High	Low	Low	Total	Trading
Dow Jones
Industrial Average	53392.22	52795.98	52799.22	53525.94	4.24%
Transportation Avg.	22192.07	22272.39	22282.20	23139	4.19%
UOM Average	3.24	3.14	3.24	3.24	4.27
Total Stock Market	76257.24	75675.25	75692.29	76192.24	40.90%
Interest Rate	1.67	1.67	1.67	1.67	4.76%
Nasdaq Stock Market
Net Rev. Change	25143.47	26023.12	26067.22	26310.0	4.86%
Net Rev. 2008	2935.81	2912.0	2925.0	2.1	4.75%
S&P
WTI Index	7699.56	7699.56	7699.56	7699.56	4.42%
WTI Index 2008	2304.45	2302.44	2302.44	2302.44	4.06%
Total (in €)	1791.29	1777.0	1777.0	1777.0	4.19%
S&P (in millions)
Passat 2009	3029.30	2999.22	2999.00	4.91	4.34%
WTI Index (out of 2009)	2975.26	2974.26	2974.26	2974.26	4.04%
Value Line	1494.89	1437.94	1437.94	4.79	4.97%
WTI Price/Billards	9462.62	9324.48	9328.48	10.57	4.41%
WTI Price/Billards	1123.39	1207.74	1207.74	1.7	4.33%
WTI Price	1871.81	1954.57	1954.57	1954.57	4.86%
PreLip Fund/Index	409.26	397.21	400.00	9.03	22.14%
PreLip Fund/Index	1205.59	1204.59	1204.59	4.19	4.34%
PreLip Fund/Index	1136.73	1169.45	1200.00	4.79	3.43%
Dividend Index	30.24	14.91	16.00	3.12	3.00%

Treasury Yield

	Last	Year ago	Trading	YTD	YTD
Trading 1	2.46	2.46	2.46	2.46	2.46
Trading 2	2.46	2.46	2.46	2.46	2.46
Trading 3	2.46	2.46	2.46	2.46	2.46
Trading 4	2.46	2.46	2.46	2.46	2.46
Trading 5	2.46	2.46	2.46	2.46	2.46
Trading 6	2.46	2.46	2.46	2.46	2.46
Trading 7	2.46	2.46	2.46	2.46	2.46
Trading 8	2.46	2.46	2.46	2.46	2.46
Trading 9	2.46	2.46	2.46	2.46	2.46
Trading 10	2.46	2.46	2.46	2.46	2.46
Trading 11	2.46	2.46	2.46	2.46	2.46
Trading 12	2.46	2.46	2.46	2.46	2.46
Trading 13	2.46	2.46	2.46	2.46	2.46
Trading 14	2.46	2.46	2.46	2.46	2.46
Trading 15	2.46	2.46	2.46	2.46	2.46
Trading 16	2.46	2.46	2.46	2.46	2.46
Trading 17	2.46	2.46	2.46	2.46	2.46
Trading 18	2.46	2.46	2.46	2.46	2.46
Trading 19	2.46	2.46	2.46	2.46	2.46
Trading 20	2.46	2.46	2.46	2.46	2.46
Trading 21	2.46	2.46	2.46	2.46	2.46
Trading 22	2.46	2.46	2.46	2.46	2.46
Trading 23	2.46	2.46	2.46	2.46	2.46
Trading 24	2.46	2.46	2.46	2.46	2.46
Trading 25	2.46	2.46	2.46	2.46	2.46
Trading 26	2.46	2.46	2.46	2.46	2.46
Trading 27	2.46	2.46	2.46	2.46	2.46
Trading 28	2.46	2.46	2.46	2.46	2.46
Trading 29	2.46	2.46	2.46	2.46	2.46
Trading 30	2.46	2.46	2.46	2.46	2.46
Trading 31	2.46	2.46	2.46	2.46	2.46
Trading 32	2.46	2.46	2.46	2.46	2.46
Trading 33	2.46	2.46	2.46	2.46	2.46
Trading 34	2.46	2.46	2.46	2.46	2.46
Trading 35	2.46	2.46	2.46	2.46	2.46
Trading 36	2.46	2.46	2.46	2.46	2.46
Trading 37	2.46	2.46	2.46	2.46	2.46
Trading 38	2.46	2.46	2.46	2.46	2.46
Trading 39	2.46	2.46	2.46	2.46	2.46
Trading 40	2.46	2.46	2.46	2.46	2.46
Trading 41	2.46	2.46	2.46	2.46	2.46
Trading 42	2.46	2.46	2.46	2.46	2.46
Trading 43	2.46	2.46	2.46	2.46	2.46
Trading 44	2.46	2.46	2.46	2.46	2.46
Trading 45	2.46	2.46	2.46	2.46	2.46
Trading 46	2.46	2.46	2.46	2.46	2.46
Trading 47	2.46	2.46	2.46	2.46	2.46
Trading 48	2.46	2.46	2.46	2.46	2.46
Trading 49	2.46	2.46	2.46	2.46	2.46
Trading 50	2.46	2.46	2.46	2.46	2.46

Percentage Gainers

Company	Quarter	Close	Net Rev	% Chg	High	Low	Total
Asusil & A&M	91.24	6.69	22.29	33.64	24.62	2.35	-55.8
Merger & Borden	68.93	27.91	6.37	32.59	25.00	2.35	-48.6
AMEX & Co.	44.68	1.00	1.00	12.27	20.00	1.71	-36.8
Procter & Gamble A/B	44.68	22.05	5.25	31.69	100.26	0.67	-92.6
Wright & Co.	44.67	26.75	6.56	31.59	100.40	0.56	-94.0
Archer & Co. (NASA)	44.66	36.40	9.06	30.06	166.30	22.28	-70.3
Panama & Co. (NASA)	44.68	23.62	6.27	29.59	62.29	27.91	-91.2
Shutterstock	44.68	9.00	9.01	29.05	30.12	2.05	-71.8
WTI	43.71	5.71	9.33	20.25	3.27	3.69	28.8
WTI (High Tech)	40.94	5.75	1.28	23.06	26.27	1.56	-4.8
All of the	149	10.21	5.71	51.76	135.00	1.21	-51.4
All of the	39.77	30.33	1.26	33.00	52.00	2.04	94.2
Brinco & Co. (NASA)	41.90	23.01	4.05	21.12	25.20	21.39	-1.1
Procter & Gamble A/B	21.97	26.20	2.43	20.02	131.39	19.57	-45.6
West Technology Holding	54.97	0.00	1.79	20.00	2700.00	5.22	-99.95

Volumes Movers

Ranked by change from 0-day average

Company	Quarter	Close	Net Rev		% Chg		High		Low		Total
			1-2024	3-2024	1-2024	3-2024	1-2024	3-2024	1-2024	3-2024	1-2024	3-2024
Next Technology Holding	54.97	6.36	9.91	1.08	26.40	2700.00	5.22	-99.95
Trading (LIGAT)	41.66	9.16	9.86	1.16	26.40	2700.00	5.22	-99.95
Trading (Northwestern Res.)	51.68	0.00	2.63	2.19	6.82	26.36	2.16	-9.24
Dividend (LIGAT)	49.66	1.00	2.96	7.15	47.04	2013.0	31.95
GS (Long Term)	51.66	1.00	2.95	4.92	4.38	32.07	49.46
Allของ (Northwest)	0.00	0.00	2.04	1.62	4.28	26.40	10.10
Country (Northwest)	0.00	0.00	2.09	1.57	4.09	20.59	9.19
GS (South Central)	0.00	0.00	3.02	1.62	4.09	19.57	7.79
Trading (Northwest)	0.00	0.00	3.01	1.52	4.28	26.27	9.28
NP	0.00	0.00	2.01	1.54	3.29	20.00	6.42

1. Current share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of

International Stock Indexes

Implied Country Index		Close	Net Rev	% Chg	High	Low
World	MSCI ACMI	2242.58	6.24	-4.20	12.7
	MSCI ACMI w/USA	430.23	3.71	-3.77	24.8
	MSCI W/UK	497.26	19.27	-4.27	13.7
	MSCI (nonprofitable)	3699.97	11.99	-11.89	21.8
American	MSCI AC America	2956.00	13.24	-8.85	12.4
Canada	S&P/TSX Corp.	3202.62	15.57	-4.33	14.7
Latin America	MSCI (S&P) America	2962.29	2.26	-0.05	1.1
China	MSCI (S&P) China	3202.62	2.26	-0.05	1.1
China	S&P/PSA	3602.63	1.71	-4.03	4.4
Mexico	S&P/PSA (P)	4059.08	93.96	0.03	9.1
EMBA	STOCK Europe MTR	678.29	-0.01	-4.12	0.8
Eurozone	Box STOCK	678.29	-0.01	-4.12	0.8
Belgium	BM-B	5592.62	-4.27	-8.07	13.1
Denmark	DBR (Cyanobogus)	3632.64	-0.05	-0.85	0.8
Finland	DBR (Cyanobogus)	3632.64	-0.05	-0.85	0.8
Germany	DBR (Cyanobogus)	3632.64	-0.05	-0.85	0.8
Germany	DBR (Cyanobogus)	3632.64	-0.05	-0.85	0.8
Germany	DBR (Cyanobogus)	3632.64	-0.05	-0.85	0.8
Germany	DBR (Cyanobogus)	3632.64	-0.05	-0.85	0.8
Germany	DBR (Cyanobogus)	3632.64	-0.05	-0.85	0.8
Germany	DBR (Cyanobogus)	3632.64	-0.05	-0.85	0.8
Germany	DBR (Cyanobogus)	3632.64	-0.05	-0.85	0.8
Germany	DBR (Cyanobogus)	3632.64	-0.05	-0.85	0.8

Percentage Losers

Company	Quarter	Close	Net Rev	% Chg	High	Low	Total
First Market	7787	4.23	20.35	25.22	10.00	2.01	1.00
Dividend (NASA)	4904	39.31	10.17	10.74	102.01	24.79	1.00
Procter	9734	7.37	6.20	44.12	100.00	1.22	39.12
GT (South Central)	10791	1.10	1.21	29.29	33.25	8.75	40.12
Trinidad (NASA)	7676	7.37	4.39	23.04	54.91	4.10	46.12
Gerber	10871	1.07	4.30	42.76	23.92	1.40	46.18
Advance & A&M	6667	42.79	23.79	18.59	10.21	37.59	20.11
Brinco (NASA)	6666	6.45	1.27	14.24	23.95	4.59	18.95
Trading	6666	10.70	10.26	10.59	10.21	21.29	20.11
Trading (NASA)	6666	10.70	10.26	10.59	10.21	21.29	20.11
Trading (NASA)	6666	10.70	10.26	10.59	10.21	21.29	20.11
Trading (NASA)	6666	10.70	10.26	10.59	10.21	21.29	20.11

CURRENCES & COMMODITIES

Currencies

U.S. dollar foreign exchange rates at 5 yrs. ET
Country (current)	1-2024	3-2024	1-2024
Americas	1.00	1.00	1.00
Amerikines	0.97 (0.97)	0.97 (0.97)	0.97 (0.97)
Brazil	0.97 (0.97)	0.97 (0.97)	0.97 (0.97)
Canada (US)	1.00 (1.00)	1.00 (1.00)	1.00 (1.00)
China (US)	0.97 (0.97)	0.97 (0.97)	0.97 (0.97)
France (US)	0.97 (0.97)	0.97 (0.97)	0.97 (0.97)
Asia-Pacific	0.97 (0.97)	0.97 (0.97)	0.97 (0.97)
Asia-Pacific	0.97 (0.97)	0.97 (0.97)	0.97 (0.97)
China (US)	0.97 (0.97)	0.97 (0.97)	0.97 (0.97)
Hong Kong (Asia)	1.00 (1.00)	1.00 (1.00)	1.00 (1.00)
India (US)	0.97 (0.97)	0.97 (0.97)	0.97 (0.97)
Indonesia (US)	0.97 (0.97)	0.97 (0.97)	0.97 (0.97)
Japan (US)	0.97 (0.97)	0.97 (0.97)	0.97 (0.97)
Malaysia (US)	0.97 (0.97)	0.97 (0.97)	0.97 (0.97)
Malaysia (US)	0.97 (0.97)	0.97 (0.97)	0.97 (0.97)
Malaysia (US)	0.97 (0.97)	0.97 (0.97)	0.97 (0.97)
Malaysia (US)	0.97 (0.97)	0.97 (0.97)	0.97 (0.97)
Malaysia (US)	0.97 (0.97)	0.97 (0.97)	0.97 (0.97)
Malaysia (US)	0.97 (0.97)	0.97 (0.97)	0.97 (0.97)
Malaysia (US)	0.97 (0.97)	0.97 (0.97)	0.97 (0.97)
Malaysia (US)	0.97 (0.97)	0.97 (0.97)	0.97 (0.97)
Malaysia (US)	0.97 (0.97)	0.97 (0.97)	0.97 (0.97)

Commodities

	Close	Net Rev	% Chg	High	Low	Total	% Chg
GS (Commodity)	3035.26	20.99	6.79	19.67	20.54	20.20	10.46
FTSEX/CODI Index	103.81	1.19	0.51	0.61	1.19	19.28	19.82
Goodwill, Euro (loss)	17.01	1.00	2.21	11.95	10.17	20.27	12.96
Natural gas, LVA (loss)	1.73	0.92	0.00	1.64	1.52	1.28	25.25
Total (in euro)	1.73	0.92	0.00	1.64	1.52	1.28	25.25

Polymarket : A Dow Jones partner

Predictors Markets: What will the first rate be at the end of 2024? The most common market is the most common rate of the two years.

2024
	2015
	2014
	2013
	2012
	2011
	2010
	2009
	2008
	2007
	2006
	2005
	2004
	2003
	2002
	2001
	2000
	2000
	2000
	2000
	2000
	2000
	2000
	2000
	2000
	2000
	2000
	2000
	2

Gini New Doc Jars Full Size For May Just Jul Aug

Mortgage and Real Estate

Company	Quarter	Close	Net Rev	% Chg	High	Low	Total
Residential (Lorillard)	0.97	0.97	2.00	2.02	2.00	2.00	2.00
Subtotal (Northeast)	0.97	0.97	2.00	2.02	2.00	2.00	2.00
Total (in euro)	0.97	0.97	2.00	2.02	2.00	2.00	2.00
Total (in euro)	0.97	0.97	2.00	2.02	2.00	2.00	2.00
Residential (Lorillard)	0.97	0.97	2.00	2.02	2.00	2.00	2.00
Subtotal (Northeast)	0.97	0.97	2.00	2.02	2.00	2.00	2.00
Total (in euro)	0.97	0.97	2.00	2.02	2.00	2.00	2.00
Total (in euro)	0.97	0.97	2.00	2.02	2.00	2.00	2.00
Total (in euro)	0.97	0.97	2.00	2.02	2.00	2.00	2.00

Dividend (2013) Shares of 1000,000 shares of 1000,000 shares of 1000,000 shares of 1000,000 shares of 1000,000 shares of 1000,000 shares of 1000,000 shares of 1000,000 shares of 1000,000 shares of 1000

CREDIT MARKETS

Consumer Rates and Returns to Investor

U.S. consumer rates - Selected rates

A consumer rate agent is

Sendment over the past year

New or less

Residential (non exp)		4.9%
Residential (non exp)		4.9%
Residential (non exp)		4.9%
Residential (non exp)		4.9%
Residential (non exp)		4.9%
Residential (non exp)		4.9%
Residential (non exp)		4.9%
Residential (non exp)		4.9%
Residential (non exp)		4.9%
Residential (non exp)		4.9%
Residential (non exp)		4.9%

---

THE WALL STREET JOURNAL.

• •

COMMODITIES

Friday, August 21, 2026 | 87

Future Contracts

Agriculture Futures
	2025	2026	2027	2028	2029	2030
Total	6,000	6,000	6,000	6,000	6,000	6,000
Total	6,000	6,000	6,000	6,000	6,000	6,000
Total	6,000	6,000	6,000	6,000	6,000	6,000
Total	6,000	6,000

Cash Prices | 1 and 2 are based on the following:

These are the following: 1.0% of the 1st quarter of the year, 2.0% of the 2nd quarter of the year, 3.0% of the 3rd quarter of the year, 4.0% of the 4th quarter of the year, 5.0% of the 5th quarter of the year, 6.0% of the 6th quarter of the year, 7.0% of the 7th quarter of the year, 8.0% of the 8th quarter of the year, 9.0% of the 9th quarter of the year, 10.0% of the 10th quarter of the year, 11.0% of the 11th quarter of the year, 12.0% of the 12th quarter of the year, 13.0% of the 13th quarter of the year, 14.0% of the 14th quarter of the year, 15.0% of the 15th quarter of the year, 16.0% of the 16th quarter of the year, 17.0% of the 17th quarter of the year, 18.0% of the 18th quarter of the year, 19.0% of the 19th quarter of the year, 20.0% of the 20th quarter of the year, 21.0% of the 21st quarter of the year, 22.0% of the 22nd quarter of the year, 23.0% of the 23rd quarter of the year, 24.0% of the 24th quarter of the year, 25.0% of the 25th quarter of the year, 26.0% of the 26th quarter of the year, 27.0% of the 27th quarter of the year, 28.0% of the 28th quarter of the year, 29.0% of the 29th quarter of the year, 30.0% of the 30th quarter of the year, 31.0% of the 31st quarter of the year, 32.0% of the 32nd quarter of the year, 33.0% of the 33rd quarter of the year, 34.0% of the 34th quarter of the year, 35.0% of the 35th quarter of the year, 36.0% of the 36th quarter of the year, 37.0% of the 37th quarter of the year, 38.0% of the 38th quarter of the year, 39.0% of the 39th quarter of the year, 40.0% of the 40th quarter of the year, 41.0% of the 41st quarter of the year, 42.0% of the 42nd quarter of the year, 43.0% of the 43rd quarter of the year, 44.0% of the 44th quarter of the year, 45.0% of the 45th quarter of the year, 46.0% of the 46th quarter of the year, 47.0% of the 47th quarter of the year, 48.0% of the 48th quarter of the year, 49.0% of the 49th quarter of the year, 50.0% of the 50th quarter of the year, 51.0% of the 51st quarter of the year, 52.0% of the 52nd quarter of the year, 53.0% of the 53rd quarter of the year, 54.0% of the 54th quarter of the year, 55.0% of the 55th quarter of the year, 56.0% of the 56th quarter of the year, 57.0% of the 57th quarter of the year, 58.0% of the 58th quarter of the year, 59.0% of the 59th quarter of the year, 60.0% of the 60th quarter of the year, 61.0% of the 61st quarter of the year, 62.0% of the 62nd quarter of the year, 63.0% of the 63rd quarter of the year, 64.0% of the 64th quarter of the year, 65.0% of the 65th quarter of the year, 66.0% of the 66th quarter of the year, 67.0% of the 67th quarter of the year, 68.0% of the 68th quarter of the year, 69.0% of the 69th quarter of the year, 70.0% of the 70th quarter of the year, 71.0% of the 71st quarter of the year, 72.0% of the 72nd quarter of the year, 73.0% of the 73rd quarter of the year, 74.0% of the 74th quarter of the year, 75.0% of the 75th quarter of the year, 76.0% of the 76th quarter of the year, 77.0% of the 77th quarter of the year, 78.0% of the 78th quarter of the year, 79.0% of the 79th quarter of the year, 80.0% of the 80th quarter of the year, 81.0% of the 81st quarter of the year, 82.0% of the 82nd quarter of the year, 83.0% of the 83rd quarter of the year, 84.0% of the 84th quarter of the year, 85.0% of the 85th quarter of the year, 86.0% of the 86th quarter of the year, 87.0% of the 87th quarter of the year, 88.0% of the 88th quarter of the year, 89.0% of the 89th quarter of the year, 90.0% of the 90th quarter of the year, 91.0% of the 91st quarter of the year, 92.0% of the 92nd quarter of the year, 93.0% of the 93rd quarter of the year, 94.0% of the 94th quarter of the year, 95.0% of the 95th quarter of the year, 96.0% of the 96th quarter of the year, 97.0% of the 97th quarter of the year, 98.0% of the 98th quarter of the year, 99.0% of the 99th quarter of the year, 100.

Financial Statements
	2025	2026	2027
Total	6,000	6,000	6,000
Total	6,000	6,000	6,000
Total	6,000	6,000	6,000
Total	6,000	6,000	6,000
Total	6,000	6,000	6,000
Total	6,000	6,000

KEY: 1.0% of the 1st quarter of the year, 2.0% of the 2nd quarter of the year, 3.0% of the 3rd quarter of the year, 4.0% of the 4th quarter of the year, 5.0% of the 5th quarter of the year, 6.0% of the 6th quarter of the year, 7.0% of the 7th quarter of the year, 8.0% of the 8th quarter of the year, 9.0% of the 9th quarter of the year, 10.0% of the 10th quarter of the year, 11.0% of the 11st quarter of the year, 12.0% of the 12nd quarter of the year, 13.0% of the 13rd quarter of the year, 14.0% of the 14th quarter of the year, 15.0% of the 15th quarter of the year, 16.0% of the 16th quarter of the year, 17.0% of the 17th quarter of the year, 18.0% of the 18th quarter of the year, 19.0% of the 19th quarter of the year, 20.0% of the 20th quarter of the year, 21.0% of the 21st quarter of the year, 22.0% of the 22nd quarter of the year, 23.0% of the 23rd quarter of the year, 24.0% of the 24th quarter of the year, 25.0% of the 25th quarter of the year, 26.0% of the 26th quarter of the year, 27.0% of the 27th quarter of the year, 28.0% of the 28th quarter of the year, 29.0% of the 29th quarter of the year, 30.0% of the 30th quarter of the year, 31.0% of the 31st quarter of the year, 32.0% of the 32nd quarter of the year, 33.0% of the 33rd quarter of the year, 34.0% of the 34th quarter of the year, 35.0% of the 35th quarter of the year, 36.0% of the 36th quarter of the year, 37.0% of the 37th quarter of the year, 38.0% of the 38th quarter of the year, 39.0% of the 39th quarter of the year, 40.0% of the 40th quarter of the year, 41.0% of the 41st quarter of the year, 42.0% of the 42nd quarter of the year, 43.0% of the 43rd quarter of the year, 44.0% of the 44th quarter of the year, 45.0% of the 45th quarter of the year, 46.0% of the 46th quarter of the year, 47.0% of the 47th quarter of the year, 48.0% of the 48th quarter of the year, 49.0% of the 49th quarter of the year, 50.0% of the 50th quarter of the year, 51.0% of the 51st quarter of the year, 52.0% of the 52nd quarter of the year, 53.0% of the 53rd quarter of the year, 54.0% of the 54th quarter of the year, 55.0% of the 55th quarter of the year, 56.0% of the 56th quarter of the year, 57.0% of the 57th quarter of the year, 58.0% of the 58th quarter of the year, 59.0% of the 59th quarter of the year, 60.0% of the 60th quarter of the year, 61.0% of the 61st quarter of the year, 62.0% of the 62nd quarter of the year, 63.0% of the 63rd quarter of the year, 64.0% of the 64th quarter of the year, 65.0% of the 65th quarter of the year, 66.0% of the 66th quarter of the year, 67.0% of the 67th quarter of the year, 68.0% of the 68th quarter of the year, 69.0% of the 69th quarter of the year, 70.0% of the 70th quarter of the year, 71.0% of the 71st quarter of the year, 72.0% of the 72nd quarter of the year, 73.0% of the 73rd quarter of the year, 74.0% of the 74th quarter of the year, 75.0% of the 75th quarter of the year, 76.0% of the 76th quarter of the year, 77.0% of the 77th quarter of the year, 78.0% of the 78th quarter of the year, 79.0% of the 79th quarter of the year, 80.0% of the 80th quarter of the year, 81.0% of the 81st quarter of the year, 82.0% of the 82nd quarter of the year, 83.0% of the 83rd quarter of the year, 84.0% of the 84th quarter of the year, 85.0% of the 85th quarter of the year, 86.0% of the 86th quarter of the year, 87.0% of the 87th quarter of the year, 88.0% of the 88th quarter of the year, 89.0% of the 89th quarter of the year, 90.0% of the 90th quarter of the year, 91.0% of the 91st quarter of the year, 92.0% of the 92nd quarter of the year, 93.0% of the 93rd quarter of the year, 94.0% of the 94th quarter of the year, 95.0% of the 95th quarter of the year, 96.0% of the 96th quarter of the year, 97.0% of the 97th quarter of the year, 98.0% of the 98th quarter of the year, 99.0% of the 99th quarter of the year, 100.

Exchange-Traded Portfolios | and, one, two, three, four, five, six, seven, eight, nine, ten, ten

Treasury, August 20, 2026
	2025	2026
ETF	2025	2026
Investments in the United States	1,000	1,000
Investments in the United States	1,000	1,000
Investments in the United States	1,000	1,000
Investments in the United States	1,000	1,000
Investments in the United States	1,000	1,000
Investments in the United States	1,000	1,000
Investments in the United States	1,000	1,000
Investments in the United States	1,000	1,000
Investments in the United States	1,000	1,000
Investments in the United States	1,000	1,000
Investments in the United States	1,000	1,000
Investments in the United States	1,000	1,000
Investments in the United States	1,000	1,000
Investments in the United States	1,000	1,000
Investments in the United States	1,000	1,000

Borrowing Benchmarks | and, one, two, three, four, five, six, seven, eight, nine, ten

Money Rates

Treasury, August 20, 2026
	2025	2026	2027
ETF	2025	2026	2027
Investments in the United States	1,000	1,000	1,000
Investments in the United States	1,000	1,000	1,000
Investments in the United States	1,000	1,000	1,000
Investments in the United States	1,000	1,000	1,000
Investments in the United States	1,000	1,000	1,000
Investments in the United States	1,000	1,000	1,000
Investments in the United States	1,000	1,000	1,000

ETF	Change Day YTD			2025	2026	2027	2028	2029
	2025	2026	2027
INTERNATIONAL	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
INTERNATIONAL	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
INTERNATIONAL	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000
INTERNATIONAL	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000

	2025
	2026	2027	2028
ETF	2025	2026	2027
Investments in the United States	1,000	1,000	1,000
Investments in the United States	1,000	1,000	1,000
Investments in the United States	1,000	1,000	1,000
Investments in the United States	1,000	1,000	1,000
Investments in the United States	1,000	1,000	1,000

	2025			2026	2027	2028	2029	2030
	2025	2026	2027
Total	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000
Total	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000
Total	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000

Bonds | and, one, two, three, four, five, six, seven, eight, nine, ten

Total	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000
Total	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000

Total	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000

ETF	2025	2026	2027	2028	2029	2030	2031	2032
Investments in the United States	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000

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88 | Friday, August 23, 2026

...

THE WALL STREET JOURNAL.

New to Road the Stock Tables

New to Road the Stock Tables
New to Road to 2000's new 2000's 2000's new 2000's new 2000's new 2000's new 2000's new 2000's new 2000's new 2000's new 2000's new 2000's new 2000's new 2000's new 2000's new 2

Northwest and West Virginia, 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1

Northwest and West Virginia, 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1

Northwest and West Virginia, 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1980. 1

Thousands, Amount (M)				Total
Stock	Item Price	Price	Stock	Item Price	Price	Stock	Item Price
1	2000	2000	2000	2000	2000	2000	2000
2	2000	2000	2000	2000	2000	2000	2000
3	2000	2000	2000	2000	2000	2000	2000
4	2000	2000	2000	2000	2000	2000	2000
5	2000	2000	2000	2000	2000	2000	2000
6	2000	2000	2000	2000	2000	2000	2000
7	2000	2000	2000	2000	2000	2000	2000
8	2000	2000	2000	2000	2000	2000	2000
9	2000	2000	2000	2000	2000	2000	2000
10	2000	2000	2000	2000	2000	2000	2000
11	2000	2000	2000	2000	2000	2000	2000
12	2000	2000	2000	2000	2000	2000	2000
13	2000	2000	2000	2000	2000	2000	2000
14	2000	2000	2000	2000	2000	2000	2000
15	2000	2000	2000	2000	2000	2000	2000
16	2000	2000	2000	2000	2000	2000	2000
17	2000	2000	2000	2000	2000	2000	2000
18	2000	2000	2000	2000	2000	2000	2000
19	2000	2000	2000	2000	2000	2000	2000
20	2000	2000	2000	2000	2000	2000	2000
21	2000	2000	2000	2000	2000	2000	2000
22	2000	2000	2000	2000	2000	2000	2000
23	2000	2000	2000	2000	2000	2000	2000
24	2000	2000	2000	2000	2000	2000	2000
25	2000	2000	2000	2000	2000	2000	2000
26	2000	2000	2000	2000	2000	2000	2000
27	2000	2000	2000	2000	2000	2000	2000
28	2000	2000	2000	2000	2000	2000	2000
29	2000	2000	2000	2000	2000	2000	2000
30	2000	2000	2000	2000	2000	2000	2000
31	2000	2000	2000	2000	2000	2000	2000
32	2000	2000	2000	2000	2000	2000	2000
33	2000	2000	2000	2000	2000	2000	2000
34	2000	2000	2000	2000	2000	2000	2000
35	2000	2000	2000	2000	2000	2000	2000
36	2000	2000	2000	2000	2000	2000	2000
37	2000	2000	2000	2000	2000	2000	2000
38	2000	2000	2000	2000	2000	2000	2000
39	2000	2000	2000	2000	2000	2000	2000
40	2000	2000	2000	2000	2000	2000	2000
41	2000	2000	2000	2000	2000	2000	2000
42	2000	2000	2000	2000	2000	2000	2000
43	2000	2000	2000	2000	2000	2000	2000
44	2000	2000	2000	2000	2000	2000	2000
45	2000	2000	2000	2000	2000	2000	2000
46	2000	2000	2000	2000	2000	2000	2000
47	2000	2000	2000	2000	2000	2000	2000
48	2000	2000	2000	2000	2000	2000	2000
49	2000	2000	2000	2000	2000	2000	2000
50	2000	2000	2000	2000	2000	2000	2000

Dividend Changes

Criteria	Level	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	21	22	23	24	25	26	27	28	29	30	31	32	33	34	35	36	37	38	39	40	41	42	43	44	45	46	47	48	49	50	51	52	53	54	55	56	57	58	59	60	61	62	63	64	65	66	67	68	69	70	71	72	73	74	75	76	77	78	79	80	81	82	83	84	85	86	87	88	89	90	91	92	93	94	95	96	97	98	99	100	101	102	103	104	105	106	107	108	109	110	111	112	113	114	115	116	117	118	119	120	121	122	123	124	125	126	127	128	129	130	131	132	133	134	135	136	137	138	139	140	141	142	143	144	145	146	147	148	149	150	151	152	153	154	155	156	157	158	159	160	161	162	163	164	165	166	167	168	169	170	171	172	173	174	175	176	177	178	179	180	181	182	183	184	185	186	187	188	189	190	191	192	193	194	195	196	197	198	199	200	201	202	203	204	205	206	207	208	209	210	211	212	213	214	215	216	217	218	219	220	221	222	223	224	225	226	227	228	229	230	231	232	233	234	235	236	237	238	239	240	241	242	243	244	245	246	247	248	249	250	251	252	253	254	255	256	257	258	259	260	261	262	263	264	265	266	267	268	269	270	271	272	273	274	275	276	277	278	279	280	281	282	283	284	285	286	287	288	289	290	291	292	293	294	295	296	297	298	299	300	301	302	303	304	305	306	307	308	309	310	311	312	313	314	315	316	317	318	319	320	321	322	323	324	325	326	327	328	329	330	331	332	333	334	335	336	337	338	339	340	341	342	343	344	345	346	347	348	349	350	351	352	353	354	355	356	357	358	359	360	361	362	363	364	365	366	367	368	369	370	371	372	373	374	375	376	377	378	379	380	381	382	383	384	385	386	387	388	389	390	391	392	393	394	395	396	397	398	399	400	401	402	403	404	405	406	407	408	409	410	411	412	413	414	415	416	417	418	419	420	421	422	423	424	425	426	427	428	429	430	431	432	433	434	435	436	437	438	439	440	441	442	443	444	445	446	447	448	449	450	451	452	453	454	455	456	457	458	459	460	461	462	463	464	465	466	467	468	469	470	471	472	473	474	475	476	477	478	479	480	481	482	483	484	485	486	487	488	489	490	491	492	493	494	495	496	497	498	499	500	501	502	503	504	505	506	507	508	509	510	511	512	513	514	515	516	517	518	519	520	521	522	523	524	525	526	527	528	529	530	531	532	533	534	535	536	537	538	539	540	541	542	543	544	545	546	547	548	549	550	551	552	553	554	555	556	557	558	559	560	561	562	563	564	565	566	567	568	569	570	571	572	573	574	575	576	577	578	579	580	581	582	583	584	585	586	587	588	589	590	591	592	593	594	595	596	597	598	599	600	601	602	603	604	605	606	607	608	609	610	611	612	613	614	615	616	617	618	619	620	621	622	623	624	625	626	627	628	629	630	631	632	633	634	635	636	637	638	639	640	641	642	643	644	645	646	647	648	649	650	651	652	653	654	655	656	657	658	659	660	661	662	663	664	665	666	667	668	669	670	671	672	673	674	675	676	677	678	679	680	681	682	683	684	685	686	687	688	689	690	691	692	693	694	695	696	697	698	699	700	701	702	703	704	705	706	707	708	709	710	711	712	713	714	715	716	717	718	719	720	721	722	723	724	725	726	727	728	729	730	731	732	733	734	735	736	737	738	739	740	741	742	743	744	745	746	747	748	749	750	751	752	753	754	755	756	757	758	759	760	761	762	763	764	765	766	767	768	769	770	771	772	773	774	775	776	777	778	779	780	781	782	783	784	785	786	787	788	789	790	791	792	793	794	795	796	797	798	799	800	801	802	803	804	805	806	807	808	809	810	811	812	813	814	815	816	817	818	819	820	821	822	823	824	825	826	827	828	829	830	831	832	833	834	835	836	837	838	839	840	841	842	843	844	845	846	847	848	849	850	851	852	853	854	855	856	857	858	859	860	861	862	863	864	865	866	867	868	869	870	871	872	873	874	875	876	877	878	879	880	881	882	883	884	885	886	887	888	889	890	891	892	893	894	895	896	897	898	899	900	901	902	903	904	905	906	907	908	909	910	911	912	913	914	915	916	917	918	919	920	921	922	923	924	925	926	927	928	929	930	931	932	933	934	935	936	937	938	939	940	941	942	943	944	945	946	947	948	949	950	951	952	953	954	955	956	957	958	959	960	961	962	963	964	965	966	967	968	969	970	971	972	973	974	975	976	977	978	979	980	981	982	983	984	985	986	987	988	989	990	991	992	993	994	995	996	997	998	999	1000

New Highs and Lows

The following table provides the information in English:

Stock	12/06		12/06	12/06		12/06	12/06
	2008	2009		2008	2009		2008	2009
Highs
All Shares	1	1	1	1	1	1	1	1
All Shares	1	1	1	1	1	1	1	1
All Shares	1	1	1	1	1	1	1	1
All Shares	1	1	1	1	1	1	1	1
All Shares	1	1	1	1	1	1	1	1
All Shares	1	1	1	1	1	1	1	1
All Shares	1	1	1	1	1	1	1	1

Mutual Funds

The 2011 mutual fund is being of the mutual fund in the company. The stock is not a stock.
Any individual, firm, and a general or business, and a stock. (Provisional) is not a stock.
Any individual, firm, and a general or business, and a stock. (Provisional) is not a stock.
Any individual, firm, and a general or business, and a stock. (Provisional) is not a stock.
Any individual, firm, and a general or business, and a stock. (Provisional) is not a stock.

Stock	Periods, March 30, 2009
	2009	2010	2011	2012
First	1,000	1,000	1,000	1,000
First	1,000	1,000	1,000	1,000
First	1,000	1,000	1,000	1,000
First	1,000	1,000	1,000	1,000
First	1,000	1,000	1,000	1,000

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

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THE WALL STREET JOURNAL

Friday, August 21, 2026 | 89

MARKETS & FINANCE

EverBank Investors Seek an Exit

Five private-equity owners of Florida-based lender clashed over its strategy

By Gina Blum Asis Bite GLUCANES

Florida-based EverBank is up for sale three years after a group of private-equity firms banded together to buy the entire bank, according to people familiar with the matter.

The bank, the sponsor of the Jacksonville (square) dividend and brand partner of quarterback Trevor Lawrence, could pursue an initial public offering if it isn't able to reach a deal to sell itself, the people said. The sales process has been a mentholing slug, according to some of the people.

"We've always considered a number of options for the bank's future—including acquisition, a potential sale of the bank or merger, or an initial public offering," the bank said in a statement. "We continue to be enormously optimistic about the bank's potential for growth and performance."

EverBank operates mostly as a digital bank, with a few dozen branches, primarily in Florida and California. It had about $47 billion in assets as of midyear, making us the 57th-largest bank's bank company in the U.S. It had around $18 billion in deposits.

The five private-equity firms—those Point Capital, Warburg Pancos, Reverence

EverBank operates mostly as a digital bank, with a few dozen branches, primarily in Florida and California.

Capital Partners, Sixth Street and Rayview Asset Management—bought the bank in 2023 from TIAA, the enormous pension fund serving academics. The price of that deal wasn't disclosed.

The deal was watched closely across the banking industry. Federal law limits how much of a bank a firm can own without becoming a bank holding company, meaning that private investors usually take minority stakes only.

The Federal Deposit Insurance Corp. earlier this year

moved to make it easier for private-equity investors to get involved in acquisitions of failed banks.

With EverBank, the firms split the ownership and, as a group, were considering gobbling up more banks after the TIAA deal, similar to how they often seek to sell up industries. The Wall Street Journal reported.

In 2026, EverBank agreed to acquire Sterling Bank & Trust for $285 million, gaining 25 branches in California, and one in Queens, NY.

But, the few firms struggled to form a cohesive strategy at EverBank, leading to tension between the owners and banks the boardroom, the people familiar with the matter said.

Now, reverse of investment leaders and corporate lawyers are circling around a possible deal, further complicating these dynamics, the people said.

EverBank has sought to aggressively grow its balance sheet. It focused on its middle-age service and loaned in to high-yield savings for consum-

ers, which bring in new customers but are less profitable. Meanwhile, EverBank roughly doubled its loans to nonbank financial institutions, a category that includes much scrutinized private credit firms as well as firms such as real estate investors and insurance companies.

"We've significantly improved the bank's profitability, grown our retail presence across the country, and expanded our commercial banking capabilities," the bank's statement said.

Weil Stars

In Talks To Leave

Continued from page 82 stay for Lehman Brothers, General Motors and Exxon. The New York-based firm also has a significant corporate practice with more than 600 lawyers that advises big clients on Lehman and other matters and is chaired by long-time stockmaker Michael Karlis.

The departures come at a sensitive moment, as Weil proposes to navigate a leadership transition. After a more

The industry is being disrupted by poaching.

than 36-year run, executive partner Barry Weil will retire next year and license partner Ramona Nee will succeed him as the firm's leader. See, who serves as re-managing partner, will become the first woman to lead the firm.

The firm has foreword in the top 20 for gross revenue, with over $2 billion last year, but has slipped in the rankings as it lost ground to larger rivals such as Lehman & Watkins and Kirkland & Ellis. Its profit per equity partner was about $5.4 million last year, compared with more than $12 million at the most profitable.

MONEY & INVESTING

Stock Spotlight

Strategy, Coinbase and American Bitcoin

Shares in the crypto-related companies jumped after President Trump had a friendly meeting with digital-currency leaders at the White House. Strategy gained 73%, Coinbase rose 73% and American Bitcoin increased 72%.

Walmart

The retailer posted its weakest sales growth in over six years, shares declined 9.2%.

Advance Auto Parts

Shares closed down nearly 25% after the car parts seller reported a decline in both same-store and net sales, noting fewer people were picking up 3W projects for their automobiles.

Alibaba

The Chinese company's U.S.-listed shares rose 13%.

slightly reversing an earlier slight fall after it reported a steep drop in profit amid heavy investments in artificial intelligence.

Caty

The beauty company reported a bigger loss and forecast a drop in sales in the current quarter. Shares dropped 9.2%.

Deere

Shares climbed 6.9% after the machinery maker's quarterly profit topped expectations despite continued weakness in its large farm equipment business.

FRIDAY'S EVENTS:

● Economic data S&P Flash U.S. services PMI, S&P Flash U.S. manufacturing PMI

EARNINGS EXPECTED:

B.J's Wholesale Club

Bitcoin Leaps on Bond Intervention, Crypto Summit

Bitcoin has broken out of its summer doldrums, rallying more than 32% over the past two days, in the wake of Treasury Secretary Scott Bennett's intervention in the bond market and an upbeat White House cryptocurrency summit.

The digital currency rose above $73,000 on Thursday. It was the first time bitcoin traded above the $70,000 level since early June.

Bennett's plan to stop up buybacks of long-dated U.S. government bonds pushed down borrowing costs, which tends to benefit risky assets like bitcoin.

Separately, President Trump urged Congress to pass legislation desired by the digital-currency industry during a friendly meeting with crypto executives on Wednesday.

—Alexander Segenoch

Bitcoin price, past three months

3.80.00

On This Day

In Market History

On this day in 1999, a record price of $2.65 million was paid for a membership seat on the New York Stock Exchange. It was quite a rise from the record one year for a seat, set in 1942, of $17,000. Five years later, seats would fetch only around $1 million.

After Day of Exuberance

For Moderna, Investors Pull Back

The day after Moderna's stock posted its biggest one-day gain on record, the shares plunged more than 25% as investors digested Wednesday's trial news and adjusted their positions.

Prior to Wednesday's rally on positive mRNA cancer-species data, Moderna's stock had substantial short interest at 12.7%.

A so-called short squeeze, wherein short sellers buy bank stock to moderate losses, likely contributed to the stock's meteoric Wednesday rise, analysts said. Thursday's move reflects the market cooling off they said.

"Probably you had a lot of shorts who got it wrong covering, which put a lot of benefits on the frame," said Brookline Capital Markets analyst Leah Conn. "In the days after, they moderate a bit, and it settles down."

UBS said its clients sold a record 546 million in Moderna shares Wednesday, suggesting some investors were cashing out after the rally. "The stock traded nearly 200 million shares yesterday, roughly half of shares outstanding, suggesting a significant amount of short covering and fast-money repositioning likely occurred in a single session," said UBS analyst Michael Yes. "Once that buying demand was exhausted, some pullback was to be expected."

—Alice Janin

---

820 | Friday, August 21, 2026

THE WALL STREET JOURNAL.

HEALTHCARE STREET

FINANCIAL ANALYSIS & COMMENTARY

Hyperscalers' Off-Grid Power Push Has Risks

Data centers' huge, fluctuating power demand is testing off-grid energy systems

Big technology companies are cobbling together off-grid power systems to match their rushed timelines for artificial intelligence development. What if these systems are glitches?

Off-grid power centers with hotly price tags and upcoming risks. Each giant are pursuing them anyway. Power providers, some of whom don't have much data center experience, are jumping at the chance to sign deals with deep-probated customers. But cracks have shown at the low on one power projects that started up, highlighting potential costs to both companies and their power providers.

In the U.S., there are four operational data centers with off-grid or partially grid-connected power, according to data provider Clive-Vers. These are AR's Colossus and Colossus II, Crusco's Stargate-Abilene and Vantage Data Centers Vantage VA 2. Three of these all made reported issues.

This month, Bloomberg reported some data centers experienced cracks breaking off on combustion engines. The report said cracks had formed at gas-fired systems powering AR's Colossus data center in Memphis, Tenn.

In response to the report, Solaris Energy Infrastructure, which operates twitches for the campus, didn't directly confirm or drop the existence of twitches. Cracks on its earnings call but said its turbines were "in great shape." In an emailed statement, Solaris co-Chef Executive Bill Earlier said the company has "not own any extraordinary operating assets or failure rates on our generation equipment."

Cracked turbines and broken engine cracks are major failures that require replacement, according to Nika Sadighi, founder of Exelch Power Consulting, an electrical engineer who formerly worked at Amazon and Tesla.

In late January 2026, Solaris experienced a critical power failure at its data center campus in Loudoun County, Va., forcing the operator to switch over to direct backup power for about a day, a spokesperson confirmed. Distributed Power Solutions, which Suddah Gas Services bought earlier this year, operates the on-site power. Cruses also ran into twitches glitches and other technical problems at Stargate-Abilene, according to the Information Stargate partner Ornela cans service for Opalats.

What's causing these problems? First, Al data centers' power commands can be incredibly taxing on

The AR Colossus data center in Memphis, Tenn., is one of four in the U.S. using behind-the-motor power.

power systems. Al worldwide cause massive power-demand spikes during computation, and a drop-off as these computations result are gathered, according to a paper from Columbia Electric. Al data centers get bigger, oscillo-tions could reach hundreds of megawatts or even gigawatts, according to the paper. By energy can steror and interfere the 1200 engines and turbines, and can even cause shaft fractures, according to the energy research and consulting Tom Wood Mackenzie.

The same problem centered on power grids, when grid-connected data centers suddenly drop power usage. Grid operators have had to scramble to take power supply off-line to make sure the sudden excess of supply doesn't damage power plants and infrastructure.

Troy Patton, general manager at on-site power provider Alpha-Strunson, said in an interview that he spoke to a potential hyperscaler client who required a very short power response time—tons of milliseconds, rather than hundreds of milliseconds as the industry is used to. These are responses taken that no rotating equipment, or a lithium battery, has ever had to respond to, he said.

Second, many off-grid power systems use a minimum of different power equipment, depending

Planned power capacity of operating U.S. data centers with behind-the-motor power

Source: Clive-Vers.

on what was available to buy. It can be challenging to make sure all the different pieces work together.

Downtime can be costly for everyone involved. Anthropo is paying 50¢ a monthly fee of $1.25 for less for computing capacity on Colossus and Colossus II. While the contract details aren't public, the monthly fee implies that one day's worth of energy could be worth on much as tens of millions of dollars a day—either in lost fees for a lot or the cost to Anthropo of not having that computing power.

Autages can be costly for power providers. These providers typically don't get paid for electricity they

did to provide, and in some cases must pay penalties for failing to deliver, according to industry experts. They are typically on the back for repairing and replacing broken power equipment. Sadighi said that at one of her power systems on-site data-center power systems, a power provider had to replace equipment worth millions of dollars after a multiday outage.

Power failures are the most acute risk, but a more insidious problem is it equipment keeps depending more quickly than expected. Higher replacement costs would hurt power providers' margins.

Power providers do try to limit

their maximum damages. Take Solaris Energy Infrastructure, the power provider to AR's Colossus campuses. In its contracts, Solaris must reload the customer's fees when it fails to deliver power and must store the costs of building or replacing equipment, according to a public lobby. But it can't be held liable for the customer's lost revenue from that downtime.

Of course, power providers build its infrastructure to make up for these risks and model their best guesses for how long each piece of equipment will last. It is too costly to tell if these are short-term financing plans or structural changes. Nobody has enough operating history yet to say how this equipment holds up," Sadighi said. What is clear is that these data-center power leads are challenging to make up for these risks and model their best guesses for how long each piece of equipment will last. It is too costly to tell if these are short-term financing plans or structural changes. Nobody has enough operating history yet to say how this equipment holds up," Sadighi said.

What is clear is that these data-center power leads are challenging to make up for these risks and model their best guesses for how long each piece of equipment will last. It is too costly to tell if these are short-term financing plans or structural changes. Nobody has enough operating history yet to say how this equipment holds up," Sadighi said. What is clear is that these data-center power leads are challenging to make up for these risks and model their best guesses for how long each piece of equipment will last.

If these off-grid glitches are finally burning years, then power providers might only take a slight hit on their margins. But at worst, they are not sure what they are carrying up of data-center business if hyperscalers scrap their off-grid power plans. At least hyperscalers have highly profitable business models and strong balance sheets, many of these now power providers don't.

In addition to early players such as Solaris and Schofield, many companies have been using an industry—including Liberty Energy Williams Co., Atlas Energy Solutions and Kodak Gas Services—associated business units. The company provides on-site power for data centers. Investors are willing to pay up for these with contracts. Solaris, which signed on two additional customers after 4/6, fetches an enterprise value that is 10 times forward earnings before interest, taxes, depreciation and amortization. We higher than its old field service year group.

Tech customers contracts are on-timing submit, but investors need to keep in mind that off-grid power at this scale is still an important. Technical challenges to day can turn into financial problems in the future.

—Joppa Lee

Here's the Real Problem With Stock Buybacks

Warren Buffett is normally cautioned, but he had some choice earlier on critics of stock buybacks a few years ago.

"When you are told that all no purchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic distrust or a silver-tongued demagogue (chanceller) that are not mutually exclusive," he wrote.

Sole Buffett's emphasis on the word "all" Companies need to return cash to investors eventually to be worth owning. For the most part, the differences between doing that via dividends or buybacks are minor. Butback's give long-term investors a larger stake in a smaller company instead of handing them

cash they may not need and a dividend tax bill they definitely don't. For management, dividends create future expectations whereas buybacks can be turned on and off.

But buybacks aren't always a good data because sometimes stocks are expensive. Companies that grant lots of stock options can be indifferent because they want to soak up those cheaply issued shares. Buffett's Berkshire Birthaway, which doesn't pay dividends, suspended buybacks for nearly two years, amazing a record cash-based. Red-bat chip maker SR Brakes announcement Wednesday that it would conduct South Korea's largest ever buyback sent its shares higher. It's a head-scrutcher, though.

Even after a recent slump, the stock was up 470% from a year earlier. Management has ample financial forgoover to buy during that recent and didn't. Even swirling in that they sold nearly the same amount of stock to U.S. investors last month in the biggest share sale ever by a foreign company at an effective price (6% higher than today).

At least SR Brakes will high and is buying lower. U.S. companies often get that backward. S&P 500 members marked what was then a record for buybacks in the same quarter. The 60 cent bubble pooled. The 40-better buyback yield—the value of repurchase as a ratio of the S&P 500's value—was 3.2% (three years later, they spent about 30% less, yet the yield was a third higher.

The contrast was even more extreme during the financial crisis. Butback did a record not as stocks did in 2007. By the spring of 2005, when the market was shot cheap, buybacks dropped by 85%.

Buybacks aren't accounting trickens and they don't charge companies of capital unless done seriously. The share of profits returned to investors one way or another has been pretty steady over many decades. But paying a double-a-bending debt or building up assets in a long way can be better choices sometimes. Executives can't control the business cycle or share prices. They're in the best position to know when they're. Softly and don't always act like it.

—Spencer Adult

S&P 500 stock buybacks by quarter

Source: S&P 500, Inter-Index.

Swiss watch exports in July, change from a year earlier

Source: S&P 500, Inter-Index.

Swiss Watches Are on U.S. Time Now

Demand for lottery watches varies a lot depending on which time over you are in. Companies like Watches of Switzerland that do most of their business in the U.S. are big owners?

Data (Almaty) Thursday by the Federation of the Swiss Watch Industry shows that exports of Swiss watches to the U.S. rose 27% in July compared with the same month of last year. The booming U.S. stock market, and the wealth created by artificial intelligence, is driving demand for expensive watches.

The U.K., where pre-capita spending on lottery watches is high, and the US were also high spots. Meanwhile, watch exports to China fell 18.5% in July and

Japan was weak.

Swiss watch exports were also very skewed by price.

Exports of watches that cost roughly $350 to $600 rose 26%. This price range is probably getting a boost from the vital data—more figure a Swatch Royal Pop watch that launched earlier this year and costs around $800 in the U.S.

Exports of watches that cost more than $300 Swiss francs, especially in $5,000, rose 12%. In hand for midpriced Swiss watches is weak.

Getting expensive to the parts of the luxury watch industry that are growing a way to keep the public market investors. The most coveted watch brands such as Patch

Philippe, Rolex and Audemars.

Figure, are privately owned. Listed companies, including YAG Bizarri's name LYMEZ, either have a lot of exposure to China, or they will end-priced watches that aren't being sold these days.

Watches of Switzerland is in a sweet spot. The London-based retailer is an official dealer for Patch Philippe and Rolex, so owning the stock is a way for investors to get indirect exposure to these names.

The new company has been the clear of China altogether. It gets half of its sales from the U.S., and the net from the U.K. That is turning out for a winning strategy. It's likely to up more than 50% so far this year.

—Carol Ryan

---

Teen Hang

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Friday, August 21, 2020 | M1

HOMES MARKETS PEOPLE BEDOS SALES

Lauren Sánchez Bezos, left, Jeff Bezos, Jared Kushner and Ivanka Trump. The island, top.

Miami's Hardest Country Club To Get Into

Jeff Bezos and Jared Kushner have yet to secure membership at the exclusive Indian Creek Country Club

350 Mansions at the Indian Creek Country Club

$1 MILLION inflation fee

$44,000 annual dues

Indian Creek, left, is accessible by boat or by a gated bridge.

By DEONAR ACCTS

Miami Jeff Bezos and his wife, Lauren Sánchez Bezos, were special guests in February for the annual deck party at Indian Creek Country Club, where members gathered to meet the famed entrepreneur.

Miami's nearby century-old, exclusive membership outfit sits in the heart of Indian Creek, a private island beginning with so many abnormally residents it is known as the Billionaire Banker. The club features a private golf course, a clubhouse modeled on a Mediterranean villa, and a swimming pool with hayfront views of the Miami skyline. Members dressed in white could be seen playing croquet on the lawn overlooking Rocayne Bay that day, attendees said. Jeff Bezos went to the event hoping to persuade board members to admit him to the club, according to people who attended

the event. The Amazon.com founder, one of the world's wealthiest individuals, owns three properties on Indian Creek island and has spent about $234 million combined to acquire them, public records show.

He worked the scene, engaging in small talk with members, said some of those who engaged with him. A few club members who indicated to South Florida or spend time there lined up to shake Bezos's hand. Yet to gain admission to the country club, Bezos would have to win over the longtime members whose roots often went back generations.

Six months later, Bezos still hasn't received an invitation to join the club.

Florida has become one of the world's strongest magnets for the billionaire jet set. Between 2010 and 2023, the Sunshine State swallowed $237 billion in income from out-Please turn to page M4

HISTORIC HOMES

It Did Time as a 'Jail' During the Revolution

The Connecticut home, parts of which date back to 1695, was once used to confine Benjamin Franklin's Loyalist son

By SARAH PROWNS

WINEN JAMES and Kelsey Shutts planned their move to Connecticut from Georgia, they had a single goal to buy a really old house. "Where else are you going to be able to own a home that was built prior to the 1770s?" Kelsey asks, referring to New England's historic properties.

In 2024, they bought a home in South Windsor for $3960.00. According to the National Register of Historic Places, Loyalist William Franklin was once confined at the house, which features sections dating to an early as 1695.

For the Shutters, taking

The home's front, with the elaborate, off-photographed door

on an ambitious renovation was part of the charm of Connecticut living—and it was a good thing they felt

that way. Most of the plumbing didn't work, and unstable support beams put. Please turn to page M2

realtor.com

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M2 | Friday, August 21, 2026

THE WALL STREET JOURNAL.

MANSION

This Old House Has a Revolutionary War Past

Continued from page M1 a second-floor bathroom at risk of collapsing into the dining room, says Reboy, 32, who works in marketing. The couple spent $1 mil- lion and two years resur- ting the house, says James, 41, whose job as CEO of a generals company brought them to Connecticut.

The history Carpenter Samuel Grant built a small house on the

site in 1695. Around 1757, his son, Ebenezer, built a large Georgian home on the property, incorporating the original structure, accord- ing to the National Register. During the American Revolution, the house served as an alternate prison for William Franklin, the son of Benjamin Frank- lin and New Jersey's last royal governor. Franklin's health deteriorated inside a Connecticut

jail, so Revolutionary lead- ers eventually relocated him to the Grant house. In October 1778, the Patriots traded him for another prisoner, according to the Journal of the American Revolution.

The Grant family sold the house in 1915, and it traded hands several times over the next few decades, re- cords show. Owners moved the house 25 foot further from the road, destroyed historic outbuildings and removed part of the 1696

structure, according to the National Register.

In 1917, psychiatrist and history half Constantine Da- rights Jr. fell in love with the house's elaborate front door and bought it with his wife, Demetra Zarigbes, says their son Alex Za- rigbes, who grew up there. They paid about $10,000, according to property re- cords, restoring the front door while preserving ele- ments such as wood panel- ing and fireplace mantels. They moved out around

The arrest of Loyalist William Franklin (son of Benjamin); in a 1969 century engraving, top. The primary bedroom, above.

2020 before both died in 2024, Alex says.

Modern day

The Shuttoes shored up the structural problems and ap- dated mechanicals, install- ing air conditioning and new plumbing, electricity and heating. That meant cutting hundreds of holes in the walls and ceilings, which James says he instruc- ulously repaired by hand.

Historic details

Tourists take pictures of the doorway, Reboy says. The entrance is an elaborate example of a Connecticut River Valley Doorway, a style created by elite New England homeowners to display their wealth, says Christopher Wigren, deputy director of Preservation Connecticut. "It's just a wham-long statement of power and wealth," says Wigren. "They're actually pretty rare."

The best part of

owning a historic house

"Being able to live in a home with so much charac- ter and improving it and passing it on to the next steward," Reboy says.

The hardest part of owning a historic home "Living through the renova- tion," Reboy says. The two lived with their two large dogs in an R.V. in the drive- way for much of the first year, showering at the gym and using a portable toilet.

Reason for sailing?

The Shuttoes finished the renovation in June. Though

The house, circa 1890-1930, top left. The grand staircase, above James and Reboy Shutts display a cold sign at their newly purchased property in 2024, below.

they planned to stay longer, they are moving to Florida to be closer to James's three children.

Market snapshot

Jacob Wint of William Pitt Sotheby's International Re- alty is marketing the prop- erty not as a historic house but as a turnkey home with high-end finishes and ame- nities. Still, he believes its historic designation will motivate buyers to pay more than they would for a new-construction house with equivalent finishes and square footage.

The median sale price in South Windsor was $477,000 in July, up about 10% from last year, accord- ing to Realize.com, which is operated by News Corp, parent of The Wall Street Journal.

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THE WALL STREET JOURNAL.

Friday, August 21, 2020 | M3

MANSION

INSIDE STORY

A Home Where Teens Want to Hang

A couple didn't want their kids 'disappearing into their rooms,' so they built a house with a sports room and swimming pool

By NANCY KASTIN

Yuri and Michelle Sagatov wanted to make their home the go-to spot for their teenage children before and after football and soccer games, as well as press parties. But the family also wanted to spend quality time with them while giving everyone enough privacy.

Their solutions to build a striking contemporary $2.8 million house with four interconnected peril-zone—each with its own bedroom and bathroom—to provide both communal and individual spaces.

The 7,000-square-foot house has a large open kitchen and a separate living room taken up entirely by a circular sunken conversation pit. For separation, the perilome angle away from each other, connected by a central staircase.

They bought the property as Arlington, Va., in 2010 for $875,000 and now down the existing small ranch-style house. Then they started the new build, finishing in 2015. The house was close to the high school their kids attended, to encourage their teenagers' friends to spend time there, the Sagatovs put in a swimming pool with an adjacent heated outdoor lounge and a sports room with a 12-foot-high ceiling in the basement for playing

soccer, basketball and tennis.

"We didn't want our kids just disappearing into their rooms," said Yuri, 40, founder and principal designer of 1000 Design, a design-build company based in Palo Church, Va.

"We wanted places where they would want to hang out with us and their friends."

The plan worked, said Alina, now 19 and a rising sophomore at the University of Virginia. "My friends at high school loved coming over," she said. "Now, all my college friends have been here." James, 17, a rising high-school senior, said his friends are at the house at least

once a week during the school year, playing board games in the corner-sation pit and soccer in the basement, and in the pool all summer. He's looking forward going to college nearby so he can come home often.

Yuri grew up working on construction projects in Northern Virginia with his father, a prewar contractor, and the couple have built or renovated five homes for themselves, all within a few miles of each other in Arlington. "It's our side health," said Michelle, a real-estate agent.

In past homes, they always thought about resale value, so they shied away from design choices that might shrink buyers. "In this house, we wanted to do what we really wanted," Yuri said.

When the Sagatovs saw the ranch house where their house now stands, they knew they had to pounce. Its lot was unusually large for the neighborhood, where developers routinely scoop up oversize lots.

Michelle spent six years as an Arlington police officer, which she said helped give her a thorough understanding of the city.

Alina said this house is her favorite, which makes her worry about losing it. That feeling comes from having moved so often as her parents renovated and built new homes. "They say this is their forever home, but I think they could move again," she said.

Above, the front exterior of the Sagatov home. The 7,000-square-foot house replaced a ranch house. Below, a bedroom overlooks the swimming pool. James and Alina Sagatov work in the family's home office, bottom.

The Sagatov family in the kitchen with their dog, Roxy, above. At top, the house includes a sports room with 12-foot ceilings.

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M4 | Friday, August 25, 2026

MANSION

THE WALL STREET JOURNAL.

Miami's Most Exclusive Club

Continued from page 50

of state minors—nearly four times that of runner-up Texas, according to data from the Internal Revenue Service analyzed by trade association Miami Realtors—#Honda.

When the club was founded in 1929, Miami was just starting to emerge as a real estate boomtown. Since then, the country club has carved to the four-hood families who spend time in South Florida and Kansas residents, such as Julie Iglesias.

Owning a property on the island doesn't guarantee admission to the country club. And people who love outside the island can still apply for membership. Starting the island requires an invitation from either a homeowner or a member of the country club. While members have been living on the island might have views of the golf course, they cannot play on it without an invitation from a club member.

Indian Creek represents one of South Florida's major battlefields, where the region's newly-named billionaires are clashing with those of more modest affiliates who often trace their Miami roots back generations.

"Most communities, you buy a

Source: United Bureau Family, Florida Road Board of Governors, 1600 South Lake, Arroy, Texas 78, (2025)

Two of the three properties that Jeff Burns owns on the island.

The nearly century-old Indian Creek Country Club features a private golf course and a clubhouse modeled on a Mediterranean villa, Below, former AutoNation CEO Mike Jackson is president of the club.

home, you become a member of the club, and this community doesn't fall in line with that," said Dina Goldenmyer, a real-estate agent who has sold homes on the island. "It's the most exclusive single-family home community, it's the most exclusive private members club."

The club's six membership committee members determine the nominees. Then, the board of directors, consisting of 15 members and led by the country club's president, former AutoNation CEO Mike Jackson, votes up or down, one member said.

These older statesmen have witnessed leaders of the world's tech, finance and real estate businesses flock to South Florida, often attracted by lower taxes. They are taking over its top restaurants and best private schools while gobbling up much of the most desirable waterfront property.

Now, the old guard—many of them retirees—is mounting a last stand against what it often wares as billionaire interlopers. They are the gatekeepers for Indian Creek Country Club and don't offer membership to just anyone who has struck it rich.

The wealth and power of this

old guard, by most measures, is astronomical—except when compared with the island's more recent residents, which include Jared Kushner and Ivanka Trump. Below, the Qatar royal family and Meta Platforms CEO Mark Zuckerberg. None are members of the club.

The roughly 550-member club charges an initiation fee that is close to $6 million and annual dues of about $64,000, people connected to the club said.

The old guard is mounting a last stand against what it views as billionaire interlopers.

Admission to this kingdom on the sea usually requires a long courtship. It starts with sponsorship from two current members and letters of recommendation from five others. Then, applicants need to mingle with existing members to make a good impression. That means showing up to club events, throwing back a drink at cocktail meet-and-govets and teeing off at the golf course, some members said.

As with many private country clubs, admission often comes down to hitting it off with members. And while social status and name recognition can help, they are hardly a guarantee, according to some people connected to the club. In fact, too much wealth or notoriety has become a deterrent, as wealthy new applicants arriving in Florida are learning.

Developers acquired and enlarged the island in the 1930s, with the golf course and clubhouse developed at the center. The home lots were organized in a ring, so each could face both the hay and the William S. Flynn-designed course.

Traditionally, its membership

roster included local doctors, real-estate developers, entrepreneurs, attorneys and financiers such as Carl Kuhn. Some powerful politicians have also been members, including former U.S. Senate Majority Leader Howard Baker, and sports figures such as basketball coaching legend Rick Piting.

Beyond the matter of prestige, celebrities and the uber wealthy say they like the country club because of its creative security.

Indian Creek Village, which operates independently from the country club, is an entire incorporated municipality with its own legislative powers. The 100-acre island is accessible only by boat or by a single gated bridge and maintains its own private police

bows. The vast majority of the land belongs to the country club, but is a lateral citadel with a natural, crystal-blue meat surrounding it.

For some of the world's wealthiest people, that kind of security and privacy is priceless. Club member Lampert survived a kidnapping in Greenwich, Conn., in 2003, where he was held for ransom at a motel. He now lives on Indian Creek island behind dense hedges that prevent even his wealthy neighbors from peering into his estate—the only home like that on the island, one club member said. He paid $58.4 million for his property, public records show, setting a record for the most expensive home sale in Miami-Dade County at the time.

Kuhn got in early, paying $7.5 million for his Indian Creek mansion in 1997. For the legendary value investor, the island wasn't a status symbol; it was an undervalued asset. In late 2010, Kuhn became the prophet of the modern media: He told his employees, pack your bags for Florida.

Certain new homeowners, such as Jersey Mike's fountain Peter Canave and NFL legend Tom Brady, had no trouble getting into the club, some members said. But others haven't had it so easy.

Jared and Ivanka Kushner bought 1.35 acres on the island and transformed a Spanish-style mansion into a more modern estate. Mary Anne Hilda, the widow of famed Delphian coach from Hilda, sponsored the couple for club membership, club members said. She hosted a cocktail party at her home on the island to introduce the couple to the club's board. But when the Kushners hosted a housewarming cocktail party at their own compound, only about half the board showed up, these members said.

While some board members were out of town, the signal still seemed clear: The Kushners weren't about to get in.

Dr. Karen Rollins, a celebrity plastic surgeon who was building a home on the island, got frustrated after four years of failed efforts to receive membership to the club. He put his unfinished estate on the market late last year for $250 million. Four months later, Merck Zuckerberg studied out a record-shattering $170 million to purchase the in-prognos fortress.

"I determined after being there for a while that it wasn't the right place for me to raise a family," Rollins said.

Meanwhile, the Kushners are hiding their time. Since their initial ends, Jared has taken on the role of unofficial envoy under his father-in-law, President Trump.

But he has also turned his diplomatic skills inward. For a period of time, he took on a role as council member on Indian Creek.

Village's governing board. His diplomacy created fixing a heated sewage system might prove to be crucial to passing club membership, members said. For years, the islands' obsolete septic systems have been leaking waste into the pristine waters of Baroque Bay. A new sewage pump station will be built and installed across from Kushner's home, and the club will allow landscaping on the golf course. A person familiar with the matter said this is a compromise with the club, which owns the golf course.

Meanwhile, the couple have built a relationship with the community, attending some of the club's events, and a person familiar with the matter. Ivanka plays golf with members.

With victories on both the political and social forces, the social tide is turning. Jared and Ivanka are signing over closer to club membership, according to a person familiar with the club's current thinking.

Photo by: JACKSON, M. (2025) © 2025, 1000-1000, 1000-1000, 1000-1000, 1000-1000, 1000-1000, 1000-1000, 1000-1000, 1000-1000, 1000-1000, 1000-1000, 1000-1000

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THE WALL STREET JOURNAL.

Friday, August 21, 2008 | 105

MANSION

HOUSE CALL | JARED HARRIS

Free Beer in College Lured 'Mad Men' Actor Onto the Stage

'Brink of War' co-star on his famous father, Richard Harris, coping with a double rejection and his house in Ireland

The best advice my father gave me when I was young is that life's a little bit mad. He was the acclaimed Irish actor Richard Harris, and what he meant was that if you're not willing to accept chaos and along it off, you'll be ground down. I didn't fully appreciate what he meant until later.

My family first lived in the Kensington section of London and then in Rotting Hill, in a spacious

row house with a cherry tree out front. My mother, Elizabeth, was Welsh and had a warm personality. She always wanted to be an actress but gave up that dream because she had three kids to care for by age 23.

In the 1960s and '70s, when I grew up, my father was busy with Hollywood films, including 'Military on the Bounty,' 'Cavalet,' 'The Molly Magazine' and 'Cornwell.' The chaos Dad was talking

about began for me at age 7, when my parents divorced. My younger brother, Jamie, was 5, and my older brother, Damian, was 10.

Shortly after the split, Damian and I were sent away to a strict boarding school, which seemed like a double parental rejection. They loved us, but they were no longer together and I was no longer with them.

My mother came to school each half-semester. My father didn't

come as often. In 1975, my mother married actor Ben Harrison, who was in his early 40s. He wasn't fond of kids and we were millions. My mother finally hired a female Israeli country sergeant-mate as a nanny. She got us in line. Mom and foes divorced in 1975.

When I was 9, I began visiting my

father in the summer on Paradise Island in the Bahamas. He had bought a house on 1½ acres, with the ocean on one side and the harbor on the other. My brothers and I loved it there.

On our first visit, we kicked around a soccer ball in the living room and smashed a vase, followed by admonishment from my seven-to-be-stepmom. My father said, 'Boys, if you can break the matching one, I'll give you a hundred

Jared Harris in 2022. Below, the family in London in 1964, with Jared seated on the couch.

spud. If you can do it with a header, I'll give you 200.'

Back at school, every one was drafted into school plays. I was shy but

liked the smell of the grease paint. I attended Duke University in the U.S. to get a clean slate. During Orientation Week, before classes began, I saw a campus-flier offering free beer at Duke's theater.

I went and decided to audition for Agatha Christie's 'A Murder Is Announced.' Richard Aumiller, who was the program's director, cast me. I enjoyed the camaraderie and being in front of an audience trying to figure out what they were paying attention to and what they weren't. My mother came to see me and was supportive.

At the end of four years, Aumiller said, 'I never encourage students to go into this business because of the high failure rate. But maybe you should think about it.' Following graduation, I stuck around at Duke to appear in the dark comedy 'Entertaining Mr

Sloane.' My father finally came to see me perform. I had no idea where he was seated, but about 15 minutes in, I heard him laugh. I thought, 'Oh, I get him.'

Afterward, his face expressed surprise and excitement: 'Oh, my God, you've got it. You've got it!' He was thrilled that he could now share his passion for acting with someone who was interested. I took a year off and then attended London's Central School of Speech and Drama.

The first project that raised my American visibility was the 2008 film 'The Curious Case of Benjamin Batten.' Matt Weiner, the creator of 'Mad Men,' saw it and cast me in 2003 as Lane Pryce, the ad agency's financial officer.

Today, my wife, lighting designer and TV host Allegra Riggio, and I divide our time between

homes in Los Angeles and New York. We also have a place in Ireland.

In LA, we live in a cozy, ivy-covered, shabby-thin house I bought in 2004. There, I have pieces from my father's Bahamas house. In Manhattan, we have a downtown duplex with art-deco furniture.

In Ireland, our home is on the west coast and has great big windows that look old at the ocean. My father's family had spent summers in the town. When we're there, he's definitely in the air.

—As told in Marc Myers Jared Harris, 64, is a British actor known for TV's 'Mad Men,' 'The Crown' and 'Chronicle' series, and the movie 'Skamantering.' He co-stars in the newly released film 'The Brink of War.'

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MANSION

Real-estate agent Jamie Peva passes in a house he is selling in the neighborhood.

THE TRADE

Today's Lesson in Georgetown History...

Real-estate agent Jamie Peva has become a hit on Instagram with his lively stories about the D.C. neighborhood's past

By Gailyn Rasmussen

On a recent morning in Georgetown—Washington, D.C.'s oldest neighborhood—real-estate agent Jamie Peva strode down leafy St Street, brimming with historical tallots.

Jackie Kennedy once lived on the street, he said. So did Ben Bradley, former executive editor of the Washington Post, along with a former Miss America and a powerful U.S. senator. Bradley's widow, author Sally Quinn, and Eric Schmidt, former CEO of Google, own homes there. "I've seen a picture of

Lyndon Johnson coming out of this house," Peva said, passing a Federal-style brick mansion. "Also, the Beatles went to a lawn party here."

Peva, a 60-year-old agent with Washington Fine Properties, has sold Georgetown real estate for over three decades, often traversing the area by bicycle. Of the roughly 2,500 houses in the neighborhood, he has been involved in the sale of 600, he estimated. A self-styled historian of the area, he knows stories behind its houses and their owners going back generations. With a knack for lively storytelling, he shares his

knowledge with some 37,500 Instagram followers, who have made Peva—sporting the bow two he has worn since boarding school—an unlikely social-media influencer. Many of his followers are locals, and most have no plans to buy or sell real estate—until they do. It is then, Peva says, that his spirited reels bring him to mind. "It's the digital version of a refrigerator magnet," he said.

After Peva's first video in November 2023, his spunny-moss Instagram account sparked a 10% increase in sales volume in the first year, and an additional 20% the next, he estimated. "It's

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THE WALL STREET JOURNAL.

Friday, August 21, 2020

M7

MANSION

been very good for business, there is no question about it," he said.

But Pexa's posts have also made him a local celebrity. As he walked down St Street, the driver of a Mercedes station wagon slowed down to Bank and wine. A lady walking a large gray dog stopped to ask what he was filming (a reel about a Colonial-era battling plant). Pexa knew the dog from walking his two springers, Jumpe and Peggy-O, in the neighborhood.

A growing number of real-estate agents now use social media to sell, and some have millions of followers with reels featuring ultraluxury pads, selling tips or reality TV-style reports on their daily lives. While Pexa posts about his listings—and sometimes those of other agents—he mostly focuses on Georgetown history, local businesses and community events, saying his goal is to benefit both his business and the neighborhood.

"If we don't find something genuinely interesting and worth sharing, we won't do it," said Pexa's daughter, Violet Pexa, a New York social-media strategist who films, edits and posts his reels.

Pexa is from Connecticut but has lived in Georgetown for more than 30 years. Over the years, the neighborhood has changed. The Georgetown Art, a powerful group of Cold War-era residents whose Sunday-night pitfalls are said to have swiped U.S. policy, has long faded away. The community is still home to high-profile Washingtonians, including a Republican senator and several cabinet members. But it increasingly also attracts technology and finance executives, Pexa says. He now routinely signs nondisclosure agreements, ensuring privacy for wealthy clients.

The shift has made him trekkah his marketing approach. "For years, a big part of our Georgetown business was made up of people who maintained a low profile," he said. Agents were low-key, too. Today, each appeal is more important, he said, and agents are promoting themselves more. "As this change was underfoot, I was thinking that I needed to evolve myself, too," he said.

Though his own social-media use is mostly limited to sailing accounts, he asked his daughter Violet,

he said, but he turns them down, feeling that followers would lose interest in constant commercials. One exception is a recent paid post on Mount Vernon, the former home of George Washington. Pexa wanted to share its history, he said, and didn't want to lose the opportunity to another Instagrammer.

Anthony Arend, a professor at Georgetown University, has lived in his current home for 19 years without any plans to sell or buy real estate. But he follows Pexa and has referred house-hunting friends to him.

The Georgetown neighborhood in Washington, D.C.

now 26, to help him post his listings online. After a video done by Violet, her sister Pera called to report: "Daddy's blowing up on Instagram." The reel got over 50,000 views. The next two each drew over 300,000. Pexa's most popular post ever, with over 800,000 views, was about the Grateful Dead playing in Georgetown. Sometimes, Pexa interviews Georgetowners such as Quinn, the author, or Jamie Blackowitz, a local butcher shop owner.

Pexa, who majored in history in college, spends up to two hours a day on research. He also has a collection of articles and books about Georgetown.

Companies often approach Pexa for promotional posts,

One of Pexa's biggest deals—the $10.5 million sale of a 10th-century Italianate mansion—came after he made two $321 reels featuring it. Last year, Kate Watts, 48, a digital consultant, called Pexa to sell her late father's three-bedroom house on Q Street, her husband had seen Pexa on Instagram. In an October reel, Pexa praised the architecture of the house, designed by modernist Hugh Newell Jacobson. Halfway through, he mentioned an open house the next day, ending with an upbeat: "But I also mention this house is for sale" $3.75 million!" The reel got 27,000 views, the open house was parked, and the buyers made an offer at the hot price the same day.

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THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

'Arthur' Creator Sells Martha's Vineyard Home

"Arthur" creator Marc Brown and his wife, artist Laurene Kransy Brown, sold their 7.8-acre Martha's

Vineyard property for $4.4 million, a year after listing the Vineyard Haven property for $4.9 million. It was

most recently listed for $4,485 million before going into contract in June.

An author illustrates: Marc created an austhrak character named Arthur who anchored a popular lulu' book series and TV show of the same name. He and his wife, who goes by Laurie, spent years and millions of dollars venturing the property before deciding their wanted another project closer to their main home in New York City.

After a price drop in October, there were multiple builders, said listing agent Alena Holden of Tea Lane Associates/Torthea Global Properties, who marketed the property with colleague Elle Lash. The buyer from California was represented by Julie Flanders of Flanders Up-bland Real Estate. She didn't respond to requests for comment.

Located in the Pilot Hill Farm enclave, the Brown property was originally part of a 225-acre dairy farm. There is a roughly 1,700-square-foot main house and a pool.

GOLD

$6.4 MILLION

3,700 sq. ft. main house, 5 bedrooms, pool, carriage house

"The high-end has definitely been pretty active this spring," said Holden. While the number of home sales on Martha's Vineyard slipped 5% during the first half of the year, compared with the first half of 2025, dollar volume rose 23% year-over-year, driven by demand for high-end properties, according to data from Tea Lane Associates. The average sale price rose 29% year-over-year to a record $2.53 million.

-E.B. Solomon

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To Advertise Visit WSJ.com: Gannibal, Email: adoperations@dowjones.com or Call: 800-965-9739

NAPLES, FLORIDA

A rare beachfront gem, this .07-acre estate boasts 100 feet of pristine shoreline. The art show inspired masterpiece maximizes water mixes and smelters indoor outdoor living. A seating foyer, grand-great room, chef's kitchen, private hotel front suite, and sack gardens, create the ultimate sanctuary—just blocks from Fifth Avenue and the Four Seasons.

$33,000,000

michelle.thomsonlaeroflorida.com

Premier Sotheby's International Realty

Michelle Thomas

phone: 230.802.7176 michelle.thomas@premierstr.com

MCCALL, IDAHO

Clearwater Gables at Whitetail Club - 305 Sunshine Drive. A secluded cabin on 1.10 acres in the mountains of Western, Idaho. 3,471 sq. ft. w/4 beds, 4.5 baths & 3 car garage. Main floor features spacious great room with a chef's kitchen, complete windproof, expansive outdoor living area. All bedrooms feature no suite baths. Located with the premier private community of Whitetail Club.

$2,748,000 WhitetailClub.com

Whitetail Club Realty, LLC.

phone: 877.834.1725 email: realestate@whitetailclub.com

WAVERLY TOWNSHIP, PENNSYLVANIA

Great 10,000+ of contemporary estate on 24.8 private acres of mountain vistas. Beyond the mantle foyer & infortested staircase, the residence features 5 beds, 7 baths, a chef's kitchen, 29-8 limestone fireplace, private office, media room, elevator & labile privacy suite. Enjoy remarkable outdoor living without the shoreline & a kestrel 4-car garage.

$3,480,000

www.luskandassociates.com

Lusk & Associates Sotheby's International Realty Anne M. Lusk

phone: 717.291.0031 or 717.271.0330 email: alsakhomss@gmail.com

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THE WALL STREET JOURNAL.

Friday, August 21, 2026 | M9

Sarasota, FL : 39,930,000 Michael Saunders & Company Ken Zygma & John Miano +1 941 376 1717

Sarasota, FL : 369,000,000 Michael Saunders & Company Karen Chandler +1 941 564 4970

Sarasota, FL : 369,000,000 Michael Saunders & Company Barbara May & Paul Sasser +1 424 822 9264

St Petersburg, FL : 39,200,000 Michael Saunders & Company Karl Thagard & Alvin Warburton +1 727 423 4932

Sarasota, FL : 39,395,000 Michael Saunders & Company Paul Sasser & Barbara May +1 424 428 9356

Sarasota, FL : 39,995,000 Michael Saunders & Company Steve Johnson +1 941 859 1700

Longboat Key, FL : 39,630,000 Michael Saunders & Company Juliana Menasca & Cathy Mokbell +1 941 302 4912

Beco Grande, FL : 39,500,000 Michael Saunders & Company Carol Stewart & John Harms +1 941 276 1162

Longboat Key, FL : 39,350,000 Michael Saunders & Company John Kidd & Beverly B. Miano +1 941 780 4201

Longboat Key, FL : 39,395,000 Michael Saunders & Company John Hoggins & Jeff Walker +1 941 324 1770

University Park, FL : 39,220,000 Michael Saunders & Company Benedict Connell +1 941 320 8265

Sarasota, FL : 39,495,000 Michael Saunders & Company Tom Conquegnon +1 941 288 3549

St Petersburg, FL : 39,800,000 Michael Saunders & Company Laurie Krawczyk & Nikki Pagano +1 904 537 0318

Bradenton, FL : 39,495,000 Michael Saunders & Company Deborah D'Mann +1 941 733 0777

St Petersburg, FL : 39,200,000 Michael Saunders & Company Greg McWilliams +1 727 643 6876

Sarasota, FL : 39,875,000 Michael Saunders & Company Jean Dickinson & Beth Afflebach +1 941 914 0496

Myshka City, FL : 39,400,000 Michael Saunders & Company Mark Boehring +1 941 807 6934

Sarasota, FL : 39,400,000 Michael Saunders & Company Lisa Allen & Lindsay Neill +1 312 848 1636

Sarasota, FL : 39,245,000 Michael Saunders & Company Bradey King +1 646 734 5214

Lakewood Ranch, FL : 39,295,000 Michael Saunders & Company Mark Boehring +1 941 807 6936

Longboat Key, FL : 39,050,000 Michael Saunders & Company Ian Addy +1 941 581 8833

Captiva, FL : 39,995,000 Michael Saunders & Company Karen Bell & David Deherbelt +1 239 801 0168

Longboat Key, FL : 39,800,000 Michael Saunders & Company Beverly B. Miano & Julia Kidd +1 818 436 2523

Longboat Key, FL : 39,790,000 Michael Saunders & Company Tom Conquegnon +1 941 288 3549

Nread Island, FL : 39,496,000 Michael Saunders & Company Susan Kettens +1 941 630 5407

Lakewood Ranch, FL : 39,895,000 Michael Saunders & Company Tony Garcia +1 941 645 8420

Deputy, FL : 39,500,000 Michael Saunders & Company Susan Pelton +1 941 321 9588

Captiva, FL : 39,875,000 Michael Saunders & Company Karen Bell +1 239 801 0168

Vassar, FL : 39,350,000 Michael Saunders & Company Tracy Panza +1 941 275 1570

Longboat Key, FL : 39,450,000 Michael Saunders & Company Bruce Mayer & Janine Mayer +1 941 266 8152

CHICAGO +1 312 424 0400

LONDON +44 20 7484 5000

NEW YORK +1 212 521 4390

SINGAPORE +65 6408 0507

WELL CONNECTED™

© 2026 WALL STREET JOURNAL. All rights reserved. This publication is a registered trademark of WALL STREET JOURNAL. WALL STREET JOURNAL is a registered trademark of WALL STREET JOURNAL. WALL STREET JOURNAL is a registered trademark of WALL STREET JOURNAL. WALL STREET JOURNAL is a registered trademark of WALL STREET JOURNAL. WALL STREET JOURNAL is a registered trademark of WALL STREET JOURNAL. WALL STREET JOURNAL is a registered trademark of WALL STREET JOURNAL. WALL STREET JOURNAL is a registered trademark of WALL STREET JOURNAL.

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M20 | Friday, August 21, 2026

THE WALL STREET JOURNAL.

PRIVATE PROPERTIES

A Waterfront Home

In Miami Beach Changes Hands

A waterfront home with its own nightclub in Miami Beach, Fla., has sold off market for $51.5 million. The sum is a record for the gated Bibiscus Island, said Denis Simpkalov of Wolters Real Estate, who represented the seller.

Developer Luis Bosch, founder of Luis Bosch Luxury Homes, said that when he bought the roughly half-acre property, there was an

2026

$51.5

MILLION

10,000 sq. ft. 5 bedrooms, fitness centre, nightclub

Incomplete residential structure that he described as a "slick!" In 2023, Bosch bought the

property for $19 million and spent around five years redesigning, re-permitting and building out the home. The cost of construction was around $15 million, he said.

Simpkalov and Bosch declined to name the buyer, but said the

buyer approached them about purchasing the home around March.

The home space roughly 10,000 square feet and has five bed rooms. There is also a fitness center and a private nightclub that has its own entrance, lawn effects and disco balls. Bosch said he has

built several homes with night-clubs because people enjoy hosting large parties in Miami Beach. The previous home-sale record on Bibiscus Island was $40.3 million in 2024, Simpkalov said. Bibiscus Island is accessed by a road that passes through its

neighbor, Palm Island. According to Simpkalov, the home sale also tops the most expensive sale on Palm Island, which is $45 million. —Libertina Brandt

▶ See more photos of suitable homes at WSJ.com/RealEstate.

ADVERTISEMENT

Distinctive Properties

To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds

DISTRICT OF COLUMBIA

203.944.5000

WASHINGTON

HOME PROPERTIES

WEBCOM

BALLANTINE FARM 1234.842.2000 5000 Ballerinae Park Rd. Palo Alto, CA Major Yards 703-963-7363 703-760-0764

LANGLER FOREST 61.446.0000 525 Wilson Ave. Palo Alto, CA Major Yards 703-963-7363 703-760-0764

CLEVELAND PARK 61.446.0000 5000 Orchard St. NW Washington, DC Mangot Wilson 202-549-2100

MASS AVE HEIGHTS 64.200.0000 2900 Broadleaf Dr. NW Washington, DC Cynthia Hower 202-287-6000

PHILLIPS PARK 61.586.0000 2510 Pulaski Rd. NW Washington, DC Daryl Judy 202-380-7210

CLEVELAND PARK 64.200.0000 2002 Howard St. NW Washington, DC Mangot Wilson 202-549-2100

NOTORAC RANCH 64.200.0000 6000 Haslugarh St. Palo Alto, CA Amos Kilburn 301-708-0067

MOLLAN 61.886.0000 7000 River Oaks Dr. Palo Alto, CA Major Yards 703-963-7363 703-760-0764

STOWN/BURLSTN 52.000.0000 3000 7 St. NW Washington, DC Lemore G. Robins 202-262-1261

CONNERY HEIGHTS 52.700.0000 6700 Calvert Ave. Cherry Creek, MO Marilyn Chanly 202-427-7553

KNOWN FOR OUR

LUXURY DOMINANCE

WE REPRESENT ALL PRICE POINTS

SALONIA VILLAGE 63.498.0000 1200 Harry St. Palo Alto, CA Major Yards 703-963-7363 703-760-0764

CLEVELAND PARK 52.085.0000 2401-2263 PLYNE Washington, DC Mangot Wilson 202-549-2100

TRADEJAY/WALDING CLINIC 12450 Oak Rd. North Arkansas, MS Amos Kilburn 301-708-0067

DISTRICT/OWN 52.000.0000 6000 Walnut St. NW #02 Washington, DC Lemore G. Robins 202-262-1261 Daniel Miller 202-669-6476

COUNTRY CLUB 51.385.0000 3000 20th St. N. Washington, DC W. Ted Gossett 703-620-5656

LITTLE FALLS PLACE 51.050.0000 2250 White Ridge Dr. Molinea, MS Cynthia Hower 202-287-6000

CHAMBD OAK ESTATE 51.225.0000 6000 Fairwood Dr. Richmond, MD W. Ted Gossett 703-625-5656

COLUMBIA HEIGHTS 57.000.0000 2500 Euclid St. NW #1 Washington, DC Cathy Monahan 604-674-1847 The WTB Group

MOUNT PLEASANT 57.000.0000 2812 Johnson Rd. NW #107 Washington, DC Lemore G. Robins 202-262-1261 Daniel Miller 202-669-6476

UNIVERSITY PARK 54.49.0000 4200 East Walnut Ave. Highlands, MS Marilyn Chanly 202-427-7553

BRINGING YOU THE FINEST

AGENTS / PROPERTIES / EXPERIENCE

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19003 300-3975 | sales.realestate.com For more information visit wsj.com/classifieds

D | SIDE JOBES

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THE WALL STREET JOURNAL

Friday, August 21, 2020 | M11

NORTH TEXAS' FINEST BROKERAGE, SINCE 1960 AND COUNTING

Find your one of a kind.

What it takes to show a big, big ranch — and why those ranches are such hot commodities

Briggs Freeman

Sotheby's

INTERNATIONAL REALTY

BRIGGSFREEMAN.COM

From the President's P.O.V.

Russ Anderson

President and CEO randerson@briggfreeman.com

Ranches are home than ever — and not just as places to get away for a weekend. Imagine spending all year on one, or half the year in the city and half the year at your ranch. It can really open your mind — and protect your hard-earned cash. Land, you see, is an ultimate investment, as time has proven. To that end, we have an entire division of teams and individuals that specialize in ranches, everything from weekend getaways to working spreads.

Buying and selling these unique places takes a lot of knowledge, access and instincts — and some pretty heroic logistics. A ranch can be thousands of acres of all kinds of ice-

tain, and that takes planning, travel, even special vehicles.

Bellecopters are sometimes used to show very large spreads or areas that are hard to get to. Most often, our experts use a CITY — a utility tank vehicle, also called a sub-dry-ash. These are open-air vehicles that are like build-up golf carts, capable of traversing those streams. Our advisers will rather have them waiting at the property or they'll make them there on the showing day. Soars, yes, if there are lakes to explore.

Tough, all-weather clothing for everyone is a must, and snake-proof boots. (Yes, especially in Texas.)

There's one more thing: A picnic lunch.

That's the opportunity to slow down, enjoy the menu and really get to know everyone, whether they are from Texas or Tokyo.

And that's the best — connecting with people. That's what land can do. It's not just an investment — it's a man.

Come get mentioned at briggfreeman.com/ranch.

THE RANCH RUSH Excuses and investments, right this way.

Cypress Creek Ranch / $18,020,000

Leakey, Texas / Real County / 2,500s acres

14842 Little Bluestern Lane / $2,935,000

Tapestry / Finica, Texas

Tony Graham / $34,000,000 / 1/2,000,000

Adventure. Anywhere.

From Hill Country vistas to East Texas waters, TT Ranch Group connects discerning buyers with some of the most extraordinary land — and the legacies that make it worth owning.

White Rock Ranch / $14,360,000

Palestine, Texas / Anderson County / 944s acres

Eagle Lake Ranch / $9,751,000

Brownsboro, Texas / Henderson County / 501s acres

5417 Huntly Drive / $1,950,000

Rivachilla / Fort Worth, Texas

Raleigh Green / $14,000,000 / 1/2,000,000

2400 Oak Bend Court / $5,265,000

Oak Bend / Southside, Texas

Andrea Miranda / $14,000,000 / 1/2,000,000

Jorge Miranda / $17,000,000 / 1/2,000,000

214-396-9692 • info@ttranchgroup.com • ttranchgroup.com

1747 Leonard Street / Price upon request HALL Arts Residences / Arts District / Dallas, Texas Cecil Caulis / $14,000,000 / 1/2,000,000 Kyle Richards / $14,000,000 / 1/2,000,000

6800 Las Colinas Blvd / Price upon request Academy of Las Colinas / Irving, Texas / Global community Michelle Daniel / $14,000,000 / 1/2,000,000

4423 Cole Avenue / Price upon request Knox Villas / Knox Street area / Dallas, Texas Ali Caulis Bank / $14,000,000 / 1/2,000,000 Cecil Caulis / $14,000,000 / 1/2,000,000

5519 W. Amherst Avenue / Off market sale Decorables / Dallas, Texas Ralph Randall / $14,000,000 / 1/2,000,000

4137 Southwestern Boulevard / Off market sale University Park / Dallas, Texas Lisa Bessner / $14,000,000 / 1/2,000,000

29 Saint Laurent Place / Listed for $1,995,000 Caruth Henneplace / Dallas, Texas Ann Henry / $14,000,000 / 1/2,000,000

214-353-0400

THE CLINIC BELL BELL • BRIGGSFREEMAN AND ASSOCIATIONS

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M52 | Friday, August 21, 2026

THE WALL STREET JOURNAL.

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